As Senator Bola Ahmed Tinubu takes the Oath of Office as the 16th democratically elected president on May 29, 2023 at the Eagle Square in Abuja, he will be doing so amidst despair, growing disenchantment, burgeoning public debt, spiraling unemployment and an economy that is wobbling badly.
For clarity, Nigeria’s total public debt stock increased to N46.25 trillion or $103.11 billion as of December 2022, the Debt Management Office, DMO, disclosed March 30, 2023.
According to the DMO, the new figure is made up of the domestic and external total debt stocks of the Federal Government and the sub-national governments (36 state governments and the Federal Capital Territory).
This means that the country’s debt increased by N6.69trn or $7.34bn within one year. The new administration is also coming at a time when fuel subsidy will have expired putting further strain on the lean resources of Nigerians who are already struggling to make ends meet.
It is gratifying that Tinubu is aware of the angst and despair in the country and rightly dubbed his campaign and agenda as ‘Renewed Hope 2023.’
The manifesto contains his resolve to deliver on all fronts: national security, economy, agriculture, power, oil and gas, transportation, education, healthcare, digital economy, sport, entertainment and culture, youth empowerment and entrepreneurship, women empowerment, social programmes, judicial reform, federalism/decentralization of power and foreign policy.
According to him on his acceptance speech, “I will get Nigeria to work by launching a major public works programme, a significant and heavy investment in infrastructure, and value-adding manufacturing and agriculture.
“My administration will build an efficient, fast-growing, and well-diversified emerging economy with a real GDP growth averaging 12% annually for the next four years, translating into millions of new jobs during this period.”
He equally promised to find a “creative means of funding tertiary education by granting universities the financial autonomy to explore new sources of financing through grants, corporate sponsorship, tuition fees etc.” and “devolve more revenues and powers to the states and local governments to bring governance and decision-making closer to the people.”
He has pledged to build a Nigeria that will export more and import less to strengthen the naira and “our way of life,” train and give economic opportunity to the poorest and most vulnerable population “and, most importantly, establish a bold and assertive policy that will create the strong yet adaptive national security architecture and action to obliterate terror, kidnapping, banditry, and all other forms of violent extremism from the face of our nation.”
Mr. President, while all these are beautiful on paper, it is urgent to draw your attention to the fact that your predecessor and a man you helped to power also spoke tough couched in flowery language.
You will do well to go beyond rhetoric and walk the talk.
At present, Nigerians are more divided than at any other time. Owing to the fact that being president has been your lifelong ambition, you will do well to put country and people first above political expediency.
Do not tarry in appointing competent Nigerians to office whether they are politicians or not, or whether they supported you or not. This country needs to experience the urgency of your Renewed Hope.
The country is more than divided with obvious faultlines more entrenched. Help to heal the wounds. Make the country more inclusive and shun provincial proclivities so that this country can work again.
Congratulations!
