Tinubu100: Strong Start, Stronger Challenges
Here are 25 key performance indicators as guide
Today makes it exactly 100 days since President Bola Tinubu was inaugurated as the 16th president of Nigeria.
Interestingly, it is the same day that the Presidential Election Petitions Tribunal is scheduled to deliver judgement in the petitions challenging Tinubu’s election as president.
Indeed, it has been a momentous 100 days marked by deliberately proactive initiatives and reset policies, as well as a few policy missteps, which have been trailed by both commendation and controversy.
Tinubu's first 100 days in office has been tensionsoaked and action-packed, with wide lamentations among the citizenry due to the fallout of some key policies.
The controversial policy of subsidy removal threw the country into instant suffering and lamentation from day one, worsened by the subsequent decision to restore democratic order in Niger Republic.
The threat of military alliance between Mali, Bukina Faso, Guinea Bissau and Niger, and the wider implication of a proxy war by western powers, Russia and China brought the sudden reality of a military confrontation at the doorstep of the nation. This was, especially, given the complicated relationship between the people of Niger and seven contiguous northern states of Nigeria in just three months of Tinubu's ascension to power.
However, there was excitement following the appointment of ministers, heads of parastatals and other controversial decisions, including the suspension from office and subsequent arrest and detention of Governor of the Central Bank (CBN), Godwin Emefiele, and the sacking of Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa. Both men are still languishing in detention. Several court orders to release Emefiele have been defied by Tinubu's government. While no explanation has been given for the detention of the former EFCC Chairman.
Below are some of the major developments that have watermarked the first 100 days of the Tinubu administration.
1. FUEL SUBSIDY REMOVAL
In his May 29 inauguration speech, Bola Tinubu announced an end to petrol subsidy, resulting in a sharp increase in the price of the product. Tinubu said the policy was a burden on the country’s scarce resources.
While the action was commended by stakeholders and analysts, including the international creditors, the lack of concrete planning and palliatives that ought to have been provided immediately subsidy was removed led to increased hardship, hunger and poverty in the land, with agitations from the organised labour.
2. FOREX UNIFICATION
On June 13, at the behest of Tinubu, the Central Bank of Nigeria (CBN) announced the abolishment of segmentation in the foreign exchange (forex) market and collapsed all rates into the Investors and Exporters (I&E) window. The move put an end to the multiple exchange system, leading to the floating of the naira.
In one fell swoop, the apex bank also announced the re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window as well as the cessation of the RT200 Rebate and Naira4Dollar Remittance Schemes, with effect from June 30. They had argued that the operation of different exchange rates was a great disincentive to local and foreign investors.