President Bola Tinubu will celebrate the end of his first year in office in a few days. Still, a retrospective of his administration reveals a time of many difficulties and few achievements.
Even with his audacious pledges and lofty hopes, Tinubu’s rule has been marked by popular unrest, security concerns, and economic hardships thus far.
Debt growth and economic instability
Nigeria’s economic instability has been one of the most urgent problems under Tinubu’s leadership in his first year. The National Bureau of Statistics (NBS) has released new numbers showing that inflation has continued to skyrocket, rising from 21.91% in February to 22.04% in March 2024. The ongoing inflation has reduced Nigerians’ purchasing power, making poverty and hardship more widespread throughout the country.
The way in which Tinubu’s administration handled the national debt was also criticised. The Central Bank of Nigeria (CBN) provided an additional N3.8 trillion in Ways and Means Advances to the government in the second half of 2023, since it has been primarily financing its activities through borrowing. These numbers appear to contradict the initial remarks made by Finance Minister Wale Edun, who stated that borrowing from the CBN would not be continued. Concerns have been raised over the long-term fiscal viability of the nation due to this borrowing binge.
Unresolved Conflicts and Insecurity
For the Tinubu administration, security is still a major concern. Kidnapping, insurgency, and banditry incidents have continued, especially in Nigeria’s northern areas. Over 2,500 people have died as a result of violent attacks and disputes in the last year, according to data from the Council on Foreign Relations. The government’s reaction has frequently been deemed insufficient and lacking in a clear strategic direction.
Internal conflicts and a lack of a unified policy have hindered efforts to address these security concerns. Although there was some hope for change with the appointment of new military leaders early in Tinubu’s term, significant changes in security conditions have not yet occurred. The public’s trust in the government’s ability to safeguard its citizens is being eroded by the continuation of these problems.
Minimal Achievements Despite High Expectations
Notwithstanding these difficulties, a few notable successes have been made. The energy sector has seen several advancements. To increase investment and output in Nigeria’s vital oil and gas industry, the Tinubu administration successfully negotiated new terms with foreign oil firms. Long-term economic growth is anticipated to be supported by this action and revenue generation will be improved.
The government has also advanced the development of infrastructure to some extent. Improvements to the electricity supply and transportation networks have been the subject of started projects, many of which are still in the early phases and have not yet shown the public any real benefits. For example, the Lagos-Ibadan Motorway made great strides but is still a long way from being finished.
Public Discontent and Demands for Accountability
There is a clear public unhappiness with Tinubu’s performance. Increased taxes, a perceived lack of openness in government operations, and increases in fuel prices have all sparked protests and strikes. For many Nigerians, the administration’s inability to successfully combat corruption has also been a bone of contention. The public has learned of mismanagement and corruption in a number of government agencies, which has further damaged confidence in Tinubu’s leadership.
In order to address these urgent challenges, the media and civil society organisations have demanded stronger accountability and more comprehensive solutions. Reforms that can fully handle security and economic issues are becoming more and more in demand.
In summary
President Bola Tinubu’s administration has left a mixed bag of unmet expectations and emerging accomplishments as his one-year anniversary of taking office draws near. The tremendous obstacles that remain are highlighted by the ongoing economic struggles, societal discontent, and continuing insecurity. Even while there have been some encouraging developments, especially in the infrastructure and energy sectors, much more work needs to be done to live up to Nigerians’ aspirations.
In the upcoming years, Tinubu’s capacity to handle these intricate problems and put into place sensible policies will be essential. The next few years will determine whether his administration can turn the tide and achieve the progress that Nigeria so desperately needs.
