Nigeria undeniably faces significant challenges, including economic hardship, rising inflation, insecurity, and widespread poverty.
These issues are complex and multi-faceted, with a mix of historical factors, global influences, and policy decisions contributing to the current situation. Whether these hardships will worsen under President Bola Ahmed Tinubu raises crucial questions and requires a nuanced examination.
Arguments For Potential Worsening:
During his inaugural speech on May 29, 2023, President Tinubu declared that payment of subsidy on Premium Motor Spirit (PMS), better known as fuel or petrol, has come to a stop.
Nigeria has not remained the same since this announcement was made, as the price of commodities has skyrocketed, affecting the general livelihood of the citizens.
Naija News can confirm that the removal of fuel subsidies and ongoing currency devaluation have directly impacted the cost of living and essential goods. Critics argue these policies exacerbate hardship, particularly for vulnerable populations.
It is worth noting that the global economic slowdown, coupled with Nigeria’s internal issues, can create a volatile environment. Continued dependence on oil exports and limited diversification leave the economy susceptible to external shocks.
Nigeria has been at battle against insurgency for years now. Insecurity is seen as one of the factors contributing to the food crisis currently being endured in the country, as peasant farmers can no longer visit their farms freely to cultivate. Most villages now live at the mercy of terrorists.
However, while progress has been made against Boko Haram, the broader security landscape remains volatile. Banditry, kidnapping, and inter-communal clashes continue to displace people and disrupt economic activity.
Experts have pointed out that limited transparency and accountability are deeply eating up the country.
It is, however, key to note that addressing complex problems necessitates transparency and accountability. Concerns linger regarding potential nepotism and corruption, which could hinder effective resource allocation and amplify existing issues.
Focus On Economic Diversification:
The incumbent administration’s stated focus on agriculture, manufacturing, and other sectors beyond oil offers potential for long-term economic growth and job creation, though successful implementation remains crucial.
While initiatives like conditional cash transfers and other targeted programs could mitigate the immediate impact of hardship on vulnerable groups, concerns remain regarding funding and effectiveness.
Collaboration with regional partners and leveraging international support can play a role in tackling security challenges and accessing critical resources.
Nigerians have a proven history of resilience and adapting to challenging circumstances. Harnessing this spirit through community-driven initiatives and entrepreneurship can foster local solutions.
Predicting the future is inherently uncertain, and the trajectory of hardship in Nigeria under President Tinubu cannot be definitively stated.
While there are legitimate concerns about policy choices and existing challenges, dismissing the possibility of positive change would be equally inaccurate.
Ultimately, the outcome will depend on several factors, including the effectiveness of implemented policies, the level of collaboration and transparency within the government, and the continued resilience and agency of the Nigerian people.
Any Comfort In Sight? Or Nigerians Should Prepare For The Worse?
In an exclusive interview with Naija News,popular Nigerian investigative journalist David Hundeyin, shared his thoughts on the current hardship in Nigeria and the hope for the common man.
Hundeyin believed that the presidential administration led by President Bola Ahmed Tinubu had no intention of doing anything differently from the previous government.
According to him, the incumbent government is made up of people who are full of themselves.
Hundeyin said: “The current economic situation in Nigeria is unlikely to improve in the short term. Apart from the fact that there is no sign of any sort of optimism from the foreign investors and global markets that could swing things for Nigeria, the current government itself clearly has no intention of trying to do anything differently, because it is made up of people who honestly believe themselves to be the well-informed subject matter experts that they are not.”
Tinubu Enthroned Buhari
When asked about whether Tinubu or his predecessor, Muhammadu Buhari, should be blamed for the current challenges in the country, Hundeyin said: “Both are to be blamed, but Tinubu must take the majority of the blame because he enthroned Buhari first of all, which means that the decisions resulting from Buhari’s economic illiteracy are also his fault.
“Even worse, his own foray into policymaking has shown him up as visibly shallow and utterly lacking in any depth, which is typified by his decision to blame food inflation on imaginary “hoarders” and deploy the apparatus of the state to attempt to force retailers to sell at a specific price – economic tomfoolery of the sort that not even Buhari in his civilian iteration attempted.”
Yemi Cardoso Has Done Double Of What Made Emefiele Worst CBN Governor
Speaking on whether the incumbent Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, will redeem the value of Nigeria’s currency, the Naira, against the US Dollar in the next two to three years, Hundeyin said: “The current CBN governor, like everyone else in Tinubu’s team, is there to take what he can because it is his turn.
“He has already doubled down on the very things that made Godwin Emefiele the worst CBN governor in the 4th Republic, such as currency manipulation and blaming the resultant exchange rate crisis on imaginary scapegoats while he knows very well who and where the problem originates from.”
Tinubu’s Administration Will Be More Draconian And Repressives Than Buhari’s Govt Ever Was
When asked to speak on Tinubu’s few months in office and whether the incumbent administration will be more liberal than Buhari’s administration? At least comparing his first year in government, Hundeyin asserted that the government in power might likely use every instrument of state to ensure any form of opposition if squashed.
He said: “The Tinubu administration is going to be even more draconian and repressive than the Buhari administration ever was, for the simple reason that they know they lack legitimacy, and even according to what INEC released at the official election result, both opposition candidates scored 60% of the total vote to their alleged 40%.
“They know that very few people who do not directly benefit from them actually want them there in the first place, so they will use every instrument of state available to them to ensure that any possible opposition is squashed, bought over or suppressed.”
Hundeyin, who believed that Nigerians are yet to learn from their past mistakes, said: “I think when Nigerians are tired enough, they will not need me or anyone to tell them what to do.”
