FIJ
When President Bola Tinubu took oath of office on May 29, the highlight of it was his going off script with his comment on fuel subsidy: “Fuel subsidy is gone.”
The president had earlier vowed to hit the ground running upon assuming office and “continue running” from day one.
This was the tempo that greeted his first month in office. As the month comes to an end, FIJ takes a look at how the president has fared.
‘FUEL SUBSIDY IS GONE‘
A day after Tinubu announced the discontinuation of subsidies on petrol, long queues sprang up at filling stations nationwide, as people began to panic. Originally, subsidy payments were scheduled to stop on June 30, but the president’s statement led Nigerians to believe the move was immediate.
So brazen was the confusion that Mele Kyari, GCEO of the Nigerian National Petroleum Company (NNPC), asked Nigerians to be calm as subsidy would end on June 30, only to retract days later, increase pump prices on all NNPC filling stations and accuse the government of owing the company subsidy arrears.
With fuel prices going from ₦230 per litre to over ₦500 per litre in one day, cost of living jumped. Food prices went up, transport cost went up and companies began considering hybrid work arrangements.
BAWA AND EMEFIELE’S SUSPENSION AND ARREST
On June 9, the office of the Secretary to the Government of the Federation (SGF) announced that Tinubu had suspended Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).
The move was greeted with mixed reactions. A day after, the Department of State Services (DSS) arrested Emefiele.
On June 14, four days after Emefiele’s arrest, Tinubu suspended Abdulrasheed Bawa, chairman, Economic and Financial Crimes Commission (EFCC).
Hours after, the DSS invited him, and he has been in their custody since.
CBN DECIDES TO FLOAT NAIRA
The CBN, after Emefiele stopped heading it, announced the decision to float the Naira at rates determined by the Investors and Exporters’ Window (I&E Window).
This announcement came on the same day Bawa was arrested. Soon after, a dollar began to trade for over ₦700.
As was the case when the fuel subsidy was lifted, the floating came with a lot of uncertainties, and many wondered what it would mean for business and travel.
For one, it means students seeking to travel abroad to study would need to pay a lot more than they would have had to if they paid in May.
GOVERNMENT APPOINTMENTS, BUT NO MINISTERS YET
On June 6, Tinubu wrote to the Senate to seek approval to appoint 20 special advisers.
The Senate granted this request, and soon after, the president made his appointments.
Nine days after, the President appointed Dele Alake as his special adviser on special duties, communications and strategy, and Yau Darazo as special adviser on political and intergovernmental affairs.
He also appointed Nuhu Ribadu as his special adviser on security, and Wale Edun as special adviser on monetary policies. Tinubu appointed other aides as well.
Tinubu later made Ribadu the National Security Adviser (NSA) after removing Babagana Monguno (retd.) from the office. He also removed and replaced the service chiefs.
