• Atiku, LP caucus, others bemoan one year of economic hardship, despair
• Economy experiencing growth, finance minister affirms
• Afenifere leader, Fasoranti lauds Tinubu on policy direction

Today marks one year since President Bola Ahmed Tinubu took the reins of power as Nigeria’s helmsman. Expectedly, the administration is telling whoever cares to listen that the country is a better place than it was 12 months ago. But not everybody agrees.

“Predictably, 12 months on, Tinubu’s pledge of growing the economy and ending misery remains unfulfilled. His actions or inactions have significantly worsened Nigeria’s macro-economic stability. Nigeria remains a struggling economy and is more fragile today than it was a year ago. Indeed, all the economic ills – joblessness, poverty, and misery – which defined the Buhari-led administration have only been exacerbated,” said his closest rival in the 2023 election, former Vice President Atiku Abubakar.

Warning that time is running out for the government, and Tinubu must act fast to save the economy, Atiku, in a statement, said: “Despite deploying various monetary policy tools, inflationary pressure persists, and so does exchange rate volatility. No thanks to Tinubu’s misguided policy, the naira’s value plummeted against the dollar and has since become the worst-performing currency in the world.”

Atiku said it was clear that Tinubu had “an exaggerated understanding of the efficacy of his policies and was not ready for the potential fallouts.” He noted that Tinubu and his team are not exactly sure of where the reform process is and what the next steps are, asking: “Has Nigeria reinstated fuel subsidy? Is the naira on a free or managed float?” According to him, “these trial-and-error policies raise questions about the readiness of the administration and its capacity to restore the economy to a path of sustainable growth.”

The former Vice President blamed the Tinubu administration for “unleashing reforms without sequencing; without any ideas on how to implement them; and without any regard to their potential and real devastating consequences.” He submitted that implementing policies without proper planning and a clear destination is akin to “trial-and-error economics.”

Highlighting areas to underscore the risks involved in Tinubu’s policies, Atiku said Tinubu’s policies do not create prosperity, “instead, they pauperise the poor and bankrupt the rich. They spare no one. Nigerian citizens, the majority of whom are poor, are going through the worst cost-of-living crisis since the infamous Structural Adjustment Programme of the 1980s.”

Unsurprisingly, another knock came for the President from a familiar flank: the Labour Party (LP) caucus in the House of Representatives. The party and its flag bearer in the 2023 polls, Peter Obi, had given Tinubu and the All Progressives Congress (APC) a run for their money.

“After last year’s glitch-determined presidential election, and the legal gymnastics which ratified the indolent behaviour of the electoral umpire, our caucus had taken a backseat, in the patriotic hope that, maybe, just maybe, the beneficiary administration would be able to wrought magic and pull the nation from the precipice of economic annihilation.

“But, as can be obviously felt by the blind, and seen by the deaf, the entire country has, after one year, come to the full and unambiguous understanding of what President Bola Tinubu meant, when he said that his administration would continue with the ‘legacies’ of his predecessor. The current staggering negative economic indices should alarm every Nigerian, as it has left many previous optimists, including ourselves, in glaring shock,” read a statement by caucus leader, Afam Victor Ogene, to mark the first anniversary of the current dispensation.

The caucus noted that President Tinubu’s Renewed Hope Agenda had raised cautious optimism in many because it embodies the concept of utilitarianism – ultimate good to the greatest number. “But now, we hasten to ask, has Nigerians seen any indication of fulfillment of those promises? On the contrary, the ordinary man on the street is weeping and wailing, with pervasive hunger hunting millions of homes. So, what we see, in actual sense, are failed promises.”

It advised: “As the nation begins the journey into the second year of this administration, we call on President Tinubu to, as a matter of urgency, prioritise minimising the suffering of Nigerians by ensuring food security, access to clean water, healthcare and education. Tackling poverty and guaranteeing these necessities are pivotal to the sustenance of peace in the nation.”

The caucus also called on the government to “intensify the fight against corruption, with transparent governance and accountability being paramount.” It warned against “throwing the nation to the whims of foreign financial institutions, whose policies in developing countries are often anti-people.”

Similarly, a rights group, Human Rights Writers Association (HURIWA), said: “The economy is generally not doing well, and has made absolute poverty to balloon out of control. With over 133 million multi-dimensionally poor households in Nigeria, it is safe to say that our democracy is too sick to be taken seriously in the comity of nations.”

It added: “Democracy is very sick at the moment in Nigeria. From the executive arm of government, the legislature and the judiciary, there are clear current and imminent danger to show that one arm of government, the executive, has captured both the legislative and judicial arms, therefore killing off the constitutionally guaranteed separation of powers.”
BUT Minister of Finance and Coordinating Minister of the Economy, Wale Edun, appears to have laid hold on a copy of the optimistic version of the Nigerian economy.

While presenting his ministry’s progress report, yesterday, marking one year under President Bola Tinubu’s administration, Edun disclosed that the economy rebounded with a robust growth rate of 2.99 per cent, exceeding the 2.3 per cent growth observed in Q1 of 2023.

According to the minister, the improvement is evidence of the effectiveness of Tinubu’s economic policy. He also highlighted that agriculture, a pivotal sector, is experiencing modest growth, which is anticipated to contribute significantly to curbing inflation, particularly with a promising wet season harvest expected to stabilise food prices.

“This growth in agriculture provides the monetary authority with the leverage needed to stabilise foreign exchange (FX) rates. By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.”

Again, Edun noted that there have been improvements in revenue collection, allowing the government to meet its debt obligations without turning to the Central Bank’s Ways and Means advances. The finance minister underscored that these favourable economic indicators demonstrate the current administration’s dedication to sustainable economic growth and fiscal prudence.

The Tinubu government also earned a pass mark, yesterday, from Chief Reuben Fasoranti, Leader of Afenifere, the pan-Yoruba socio-cultural and socio-political organisation.

“Before, during and after the presidential election that brought you into the office last year, I gave you some ideas regarding how to tackle some challenges that Nigeria faced – and still faces. We also spoke about some of these issues when I led Afenifere’s delegation to your office in Abuja last month.

“I’m happy to note that, in line with your promises, you are making efforts at implementing policies that will enhance the situation of our dear country and better the lot of the people,” Fasoranti said in a statement released by National Publicity Secretary, Jare Ajayi.

He added: “To institutionalise reforms being made, accelerate development, enhance people’s participation in governance and engender the desired new Nigeria, there is the urgent need to restructure the country. Restructuring will deepen people’s participation in governance, boost the creativity of Nigerians and guarantee the future of the country.”

MEANWHILE, the Presidency last night, said that President Bola Tinubu will not address a joint sitting of the National Assembly tomorrow in commemoration of May 29 and the first anniversary of the administration.

Ajuri Ngelale, Special Adviser to the President, Media & Publicity, made this known in a terse statement issued on Tuesday night. He described the earlier statement that emanated from the presidency as false.

According to him, “In furtherance of his commitment to delivering good governance, President Bola Tinubu has embarked on the inauguration of strategic projects across the country.

“More transformative projects will be inaugurated by President Tinubu’s administration for the benefit of all Nigerians.”

“In view of public commentary concerning the President delivering a speech before a Joint Sitting of the National Assembly tomorrow, May 29, 2024, it is important to state that this information is false and unauthorized as the Office of the President was not involved in the planning of the event,” he added.
It would be recalled that the presidency, through Bayo Onanuga, the Presidential Special Adviser on Information & Strategy, had said that President Bola Ahmed Tinubu would not make a broadcast to the nation on Wednesday to celebrate his first anniversary as the leader of Nigeria.

He said, “Instead, the President will address a joint session of the National Assembly, which has lined up a programme to commemorate 25 years of the nation’s democratic journey at both the executive and legislative levels.

“President Tinubu’s speech will dwell on the achievements of his administration and Nigeria’s democracy since the military ceded power in 1999.

“Former Senate President, Senator David Mark, former speaker of the House of Representatives and now President Tinubu’s Chief of Staff, Rt. Hon. Femi Gbajabiamila are all lined up to address the parliament.

“Also lined up to speak is the former military ruler, General Abdulsalami Abubakar, who handed over power to civilian administration in 1999. “At the end of the speeches, President Tinubu will commission the National Assembly Library and Resource Center, now to be known as Bola