THE WORLD NEWS
As the president-elect, Bola Tinubu, gears up to take the reins from President Muhammadu Buhari, he’s about to inherit a truckload of problems that could make even the most seasoned politician break into a cold sweat.
From the never-ending labour strikes to a debt burden that could sink a battleship, join us on this rollercoaster ride of challenges that Tinubu will be oh-so-lucky to inherit.
ASUU: Broken promises and lingering agreements
For over two decades, the Academic Staff Union of Universities (ASUU) has been locked in a perpetual battle with successive Nigerian governments. The primary bone of contention has been the government’s consistent failure to fulfil its agreements.
In 2009, a new agreement was reached, promising funds for university revitalisation and the payment of earned academic allowances. Regrettably, these commitments remain largely unfulfilled, with only a fraction of the promised funds disbursed and the unpaid allowances.
The renegotiation of the 2009 agreement and the adoption of ASUU’s University Transparency and Accountability Solution (UTAS) instead of the Integrated Payroll and Personnel Information System (IPPIS) still need to be solved.
Adding to the list of complaints, the government has neglected its statutory duty to conduct timely visitations to universities, as mandated by the law. Thus, as President Buhari inherited these mounting issues, they will inevitably pass on to Tinubu as he steps into the presidential office.
Debt: A burden passed down the line
During Olusegun Obasanjo’s presidency, Nigeria managed to alleviate a significant portion of its external debt through debt relief programmes. However, the nation’s debt has again ballooned through the roof since then.
Muhammadu Buhari’s administration, which commenced in 2015, inherited a colossal liability of ₦12.1 trillion in public debt and raised it to ₦46.3 trillion, as of December 2022.
And now, projections by the Debt Management Office (DMO) indicate that Tinubu will bear the weight of an estimated ₦77 trillion in debt by the time Buhari leaves on May 29. This mountainous burden poses a significant challenge for the incoming president, potentially hindering development and stifling the nation’s progress.
All-time high unemployment rate
Unemployment rate under President Muhammadu Buhari Pulse Nigeria
In the year 2014, the unemployment rate in Nigeria reached a distressing level of 9.7%, marking an unprecedented “all-time high” in the nation’s history. Alas, the subsequent trajectory of Buhari’s administration suggests that this record was child’s play.
Notably, a sharp and disheartening escalation in the unemployment rate occurred from 18.8% in 2017 to a staggering 23.1% merely a year later. The NBS reported that by the end of 2020, in the wake of the global pandemic, the unemployment rate surged to 33.3% from the 27.1% recorded in the second quarter of the same year. This disconcerting statistic indicates that a staggering number of approximately 23.2 million Nigerians find themselves without gainful employment.
To compound the already troubling situation, esteemed global audit and tax advisory firm, KPMG, has projected Nigeria’s unemployment rate to rise further to an alarming 40.6% in the year 2023, surpassing the already disheartening estimated figure of 37.7% in 2022…
