It’s Time For Serious Action, President Tinubu: An Op-Ed By Wole Oni

It’s Time For Serious Action, President Tinubu: An Op-Ed By Wole Oni

As President Tinubu embarks on the challenging phase of his tenure, I extend my best wishes to him. He once mentioned that we should not pity him, for he asked for this job. Now, the time has come for him to engage in the arduous tasks ahead.

President Tinubu must prioritize combating corruption, the root cause of many issues plaguing our nation. The current level of corruption is alarming, and unless addressed, significant progress remains unattainable. Examples like Hong Kong and China illustrate how genuine anti-corruption efforts can transform societies for the better.

Global events such as COVID-19, economic downturns, the war in Ukraine, and the Israel-Hamas conflict have created turbulence worldwide. Nigeria, too, has faced its share of misfortune, exacerbated by poor leadership decisions.

When President Buhari left office in May 2023, petrol sold for N195 per litre, and the exchange rate was N750 to $1. Despite these conditions, many Nigerians celebrated the end of what they perceived as a disastrous administration. Insecurity worsened, inflation soared, and unemployment reached unprecedented levels.

In the past year and a few months of President Tinubu’s tenure, while macroeconomic indicators seem to have improved, the microeconomic reality for most Nigerians has deteriorated. Petrol prices have surged to between N600 and N700 per litre, and the naira has devalued to N1620 per dollar.

These drastic changes stem from the removal of petrol subsidies and the devaluation of the naira, decisions that burden citizens rather than addressing systemic issues. Previous governments avoided such actions due to their impact on the populace.

President Tinubu has resorted to temporary measures like distributing rice and promising loans, but these do not address the core problems. For Nigeria to recover, he must reconsider the timing and implementation of subsidy removal and naira devaluation.

Mr. Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, suggested adopting an exchange rate of N800 per dollar for customs duties. However, this advice remains unheeded, reflecting a preference for easier solutions that burden the masses.

A significant issue is Nigeria’s stagnant oil production, currently at 1.3 to 1.4 million barrels per day, compared to 2.2 million barrels per day under President Jonathan. The deficit, largely due to crude oil theft, costs Nigeria about $2 billion monthly. Tackling this theft requires addressing collaboration with state actors and ensuring accountability.

President Tinubu should prioritize combating oil theft, which involves significant state collusion. Addressing this issue would significantly boost Nigeria’s revenue and reduce economic strain on citizens.

Additionally, the President must tackle insecurity by considering the use of mercenaries alongside the Nigerian military. The prolonged conflict in the North has drained national resources, hindering support for citizens.

Lastly, prioritizing the fight against corruption is crucial. Genuine anti-corruption efforts, as seen in Hong Kong and China, can transform Nigeria and pave the way for progress.

President Tinubu, the time has come to do the heavy lifting and implement these essential changes for the betterment of Nigeria. We do not pity you; we hold you accountable for the tasks you sought to undertake.