TINUBU100: STRONG START, STRONGER CHALLENGES

7. SIGNING OF ELECTRICITY BILL INTO LAW

In June, Tinubu assented to the electricity bill, which, among others, authorised states, companies and individuals to generate, transmit and distribute electricity. The new electricity law repealed the Electric Power Sector Reform Act (EPSRA), which was signed into law by former President Olusegun Obasanjo in 2005 and provided the legal, regulatory and governance frameworks underpinning the sector. It also consolidated all legislations dealing with the electricity supply industry to provide an omnibus and ideal institutional framework to guide the postprivatisation phase and attract investment.

According to the new law, states would be able to issue licenses to private investors with the ability to operate mini-grids and power plants. But the law said such state licenses were not to extend to inter-state or transnational distribution of electricity.

8. ASSENT TO STUDENTS’ LOAN LAW

Tinubu, within his first 100 days in power, signed the students’ loan bill into law, being one of his campaign promises, to liberalise funding of education in the country. The federal government stated that the idea behind the law was to help indigent students and other interested parties, to be able to obtain education in the country.

The government explained, “So this is a boom to our youths, to our students nationwide...there are committees to be set up, the members of committees are drawn from various bodies to superintend over the efficient and proficient disbursement of this facility.”

9. APPOINTMENT OF 45 MINISTERS

After a long wait, Tinubu released a full list of ministers who would assist him in delivering on his electoral promises. The ministers had since taken the oath of office, and had been assigned portfolios and resumed at their respective ministries.

10. INAUGURATION OF COMMITTEE ON FISCAL POLICY AND TAX REFORMS

On August 8, the president inaugurated the presidential committee on fiscal policy and tax reforms at State House, Abuja. The Taiwo Oyedele-led committee, comprising experts from both the private and public sectors, was saddled with the responsibility of reworking various aspects of the tax law, fiscal policy design and coordination, as well as harmonisation of taxes and revenue administration.

11. RECALL OF AMBASSADORS

The federal government recently recalled all career and non-career ambassadors. Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said the ambassadors, as representatives of the country, served at the behest of the president. He said the president could either send or recall them from any country. The ambassadors, who had been appointed by former President Muhammadu Buhari in 2021, were expected to commence the winding down of their affairs in their countries of deployment, take formal leave of the host governments within 60 days, and return to Nigeria by October 31, 2023, at the latest.

12. FIRST NATIONAL BROADCAST

To explain to Nigerians his effort to ameliorate the harsh effect of his petrol subsidy removal policy, Tinubu, in his first national broadcast, said his administration had made provisions to invest N100 billion between now and March 2024 in the acquisition of 3,000 units of 20-seater buses powered by compressed natural gas (CNG).

Tinubu added that his administration placed a high priority on enhancing citizens’ welfare and living conditions, stressing that the move would boost mass transportation. He said a new infrastructure fund would further enable states to intervene and invest in critical areas and bring relief to many Nigerians, as well as revamp the country’s decaying healthcare and educational infrastructure.

The president stated, “The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.”

13. EXTENSION OF POST-SUBSIDY PALLIATIVES TO STATES

The federal government also approved N5 billion for each state and the Federal Capital Territory (FCT) to enable them to procure food items for distribution to the poor in their respective states. The governors confirmed receiving N2 billion as first tranche. It came in the wake of the hike in the cost of food items, and petroleum owing to the removal of subsidy on the commodity.

The federal government also announced the release of five trucks of rice each to the 36 state governors. According to the government, 52 per cent of the funds are given to the state governments as grants, with 48 per cent as loans.

14. NNPC SECURES $3BN FROM AFREXIMBANK

The Nigerian National Petroleum Company Limited (NNPC) secured a $3 billion emergency crude repayment loan to support the naira and stabilise the foreign exchange market. The federal government