New Telegraph

President Tinubu’s One Year In Office…a Review

It has been almost a year since President Bola Tinubu assumed the role of President of the Federal Republic of Nigeria. “Renewed hope” was his promise, and he made good on it by swiftly taking the necessary steps towards success. Upon taking office, it was evident that the President had inherited a significant economic crisis.

Those familiar with his leadership style recognised his propensity for implementing bold reforms that would ultimately lead to success in the near future. Therefore, it was no surprise when he announced the elimination of fuel subsidies in his inaugural speech.

This decision was a rational response to widespread corruption and mismanagement of funds by a few individuals seeking to deplete the nation’s resources. While these economic reforms, affecting the country’s main revenue source and beyond, were welcomed by experts, they had far-reaching consequences on the economy.

Fluctuating foreign exchange rates and rising petroleum prices led to increased costs of goods and services, subsequently driving up inflation rates, as evidenced by available data. It was anticipated that such extensive reforms would initially result in setbacks; however, the situation is no longer as bleak as before, as the benefits of these proactive and decisive measures are now beginning to manifest across all sectors of the nation’s economy.

The President’s unwavering determination and courage, combined with the expertise of qualified economic advisors who implemented suitable fiscal and monetary policies, are gradually but steadily reversing the negative economic trajectory inherited from the previous administration.

The funds saved from paying petroleum subsidy and by effect saved from the theft and corruption that had engulfed the process in the past has now been put into good use. The first roll out of saved funds from subsidy removal to the tune of N2 billion was released to the governments of the 36 states and the FCT.

This fund was aimed at providing relief to the people as they faced the impact of economic reforms. The President had also advised that state governments use this allocated funds to ensure workers welfare by giving out salary padding and awards. These interventions show a President that is not just willing to take the hardest decisions but also to cope with and manage the risks involved.

Numerous state governments have seen wisdom in the presidential recommendations and have since reacted affirmatively and are intensifying their endeavours to implement relief measures to assist their citizens in vital sectors including agriculture, food accessibility, education, and healthcare, among others.

The reception, acknowledgement and subsequent utilisation of these funds further aided the debunking of the ideas peddled in some quarters that petroleum subsidy had not been removed. Policy and infrastructural reforms in the oil and gas sector are being implemented.

President Tinubu has inaugurated three major gas infrastructure projects: The AHL Gas Processing Plant 2 (GPP – 2), which can process 200 million standard cubic feet per day. It will support industrial development in Nigeria. The ANOH Gas Processing Plant (AGPC) which can process 300 million standard cubic feet per day.

It is under construction in Imo State and the ANOH-OB3 CTMS Gas Pipeline Project which involves designing and building a 23.3km pipeline. It will produce 600 million standard cubic feet of gas per day. The gas infrastructure initiatives are integral to the enhancement of gas processing capability, addressing the escalating gas requirements, and elevating the energy industry in Nigeria.

The establishment of the three gas projects represents a pivotal stride towards attaining energy stability, bolstering industrial expansion, and fulfilling the gas demands of the local market. These projects are strategically positioned to optimise gas processing and transportation, ensuring the efficient conveyance of premium gas to consumers.

The participation of NNPC Limited, Seplat Energy Plc., and other collaborators underscores the collective endeavours in propelling the gas sector forward and fostering sustainable development in Nigeria.

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