And Four Other Things…

BYE BYE, BUHARI

I know this expression is overused, but it felt like yesterday that President Muhammadu Buhari assumed power. After eight years that looked like an eternity, he will bow out tomorrow. Whatever has a beginning must have an end. A lot has been said on his performance. Some say he failed. Some say he did well under the circumstance. We will never come to a consensus. But I would say he did well in improving infrastructure, reforming critical laws (of particular note being CAMA and Petroleum Industry Act) as well as growing agriculture, but he struggled with economic policy and security, which, for all you care, are the most obvious and paramount to most Nigerians. Mixed.

MAY 29 IS HERE!

The journey to May 29, 2023 effectively started in May 2022 when the parties picked their presidential candidates. The victory of Asiwaju Bola Ahmed Tinubu in the February 25 poll is being challenged at the tribunal by his closest rivals, Alhaji Atiku Abubakar and Mr Peter Obi, who both claim to have won. In the absence of any law preventing the candidate declared as winner from being inaugurated while the outcome is still being challenged, Tinubu will be sworn in as the president tomorrow. We had the most toxic electioneering in our history, with some wounds looking like they will never heal. But in all the rancour, Nigerians have remained largely peaceful. Miracle.

DANGLING SUBSIDY

Congratulations to Alhaji Aliko Dangote on the inauguration of his mega refinery after several setbacks amid billions of dollars pumped into the project over the years. All is well that ends well. However, I need to sound a note of caution to Nigerians who expect petrol to be cheaper because we are now refining at “home”. There are many things to factor into our enthusiasm. Will crude oil be sold to the refinery in naira or in dollars? Will it be at the international price? If crude is sold to him at a subsidised price, that means there is still subsidy. Local refining won’t bring an automatic end to subsidy but it can address other problems such as product availability, jobs and FX conservation. Oily.