Despite odds, Tinubu remains the best man for turn-around, by Kola Amzat

I’m oblivious of the fact that this Piece could attract barrage of attacks, but, I already developed thick skin to withstand whatever comes, as I continue to hold on to my deep conviction that with Nigeria present circumstance, the incumbent president remains the best figure to rescue the country from the pit she’s plunged by successive administrations.

I’m very confident that in the fullest of time, I will be vindicated.

This writer’s conviction anchors on the fact that incumbent president can’t just become a less performer at the federal level, after his awesome and nationally acclaimed eight years (1999-2007) outing as Lagos State Chief Executive, an outstanding performance attested to even by his then governor colleagues, including PDP governors who jointly agreed that his administration was the ‘flagship’ of that era.

For emphasis, Tinubu developed the Blue Print of developments that has completely transformed the former federal capital to a mega city.

Convinced that the state wasn’t achieving its optimal potential with 20 Local Government Councils arrangement, he created 37 LCDAs from those LGCs, a fantastic initiative that has produced several cities from the then Lagos.

Under his watch, the state Internally Generated Revenue exponentially galloped from about ₦600 million to ₦8 billion before he left. Today, the financial model he bequeathed on the state for that purpose is helping to generate about ₦55-60 billion on monthly basis.  

While he was in charge of Lagos, he professionalized the civil service so much that it became so attractive to professionals in all fields, as well as envy of other states across the country. That arm of government has become so responsive, nimble, resourceful and very supportive to successive administrations in their developmental efforts.

In the twilight of his administration, Tinubu mysteriously tamed the hitherto destructive and very disruptive Atlantic Ocean and transformed it to Atlantic City. This awesome developmental initiative has become a reference point across the globe.

The submission of this writer is that, the purposeful, very resourceful, discerning, adventure, creative, productive and result-oriented mind, with divine gift of helicopter view that ensured those unthinkable and unfathomable exploits aforementioned can’t just be suddenly less-functional.

Besides, the president, a generally acclaimed zealot of Project Nigeria, with unrivalled patriotic fervor and nationalistic spirit can’t just play and toss around with the mandate of nation leadership entrusted onto him by Nigerian people.                                      

For the avoidance of doubt, I indeed share the pains and tribulation the generality of Nigerians are going through, on account of the nation’s parlous economy, spiral inflation all over, an ugly development that has significantly made mincemeat of purchasing power so much that millions of households are finding it difficult to put food on their tables, very horrible and pathetic state of electricity supply that has almost extinct the entrepreneurial initiatives at small, medium and even, large scale level and of course, general unemployment rate causing hundreds of the youths to leave the country in quest of survival.

But, it’s instructive to remind the country men and women on the need to reflect back on the commencement point of the Tinubu administration.

President Tinubu assumed office when there were trillions of Naira in circulation largely unbacked with productive activities, following the effrontery and indiscretion of CBN led Godwin Emefiele.

The resultant effect is what has necessitated spiral inflation in all gamut that new administration has been deploying monetary and fiscal policies to combat. But, we must appreciate that the quantum of the currency already in circulation can’t be easily mopped as expected.  

It’s already in the public domain that the new administration inherited ‘FX’ Legacy Backlog of $7 billion. Even though, about $2.4 billion was reported to be invalid, the Central Bank of Nigeria (CBN) recently announced that all valid component of foreign exchange backlogs of $7 billion have now been settled.

The resources deployed to achieve this monumental feat within few months is not from Bar Beach Ocean. The wonderful initiative could only come from an administration that is purposed, intentional and with interest of the country, as well as its citizenry as its centerpiece of developmental agenda.

On a related note, Tinubu regime inherited external debt profile which stood at about $41.69 billion and a domestic debt in the region of ₦65 trillion.

Of this humongous external sum, multilateral lenders accounted for almost half of this figure. Eurobonds accounted for about 38% of Nigeria’s external debt. Exim Bank of China accounted for US$4.3 billion, or 86% of the $5 billion in bilateral debt.

Nigerians need to appreciate that it’s incumbent on the present government to be servicing the debt obligations through the monthly repayment of principal and associated interest elements.

It’s important that the citizenry must comprehend so much resources from the Treasury that the country commit to the necessary obligations on monthly basis.

Meanwhile, fuel subsidy had been an albatross around the neck of successive administrations. Tinubu regime had the options of removing the scam or the subsidy get rid of the nation. The president opted for the former.  

Of course, Tinubu administration discontinued with petroleum subsidy to deal with cancer that had plagued the country finance

For the record, the petroleum subsidy gulped about $84.39 billion in 17 years (2015-2022).

Indeed, Nigerian National Petroleum Company (NNPC) Limited, the sole importer of petrol, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its records.

Even though, the removal of the subsidy still creates challenge till date, the fact remains that it was the appropriate decision to take as the subsidy was just a tool been deployed to scam Nigeria and its people of several billions of naira on monthly basis.

On a related note, the new administration inherited a regime of oil bunkering that had been a way of life in Niger Delta deep shore. This ugly development was an obstacle for the country to meet its OPEC quota of 1.5 million barrels/day.

Asiwaju Tinubu produced solution by mandating Tantita Security outfit to resume at deep shore with a view to be battling the menace of bunkering to standstill.    

The floating of domestic currency is another tough initiative that had to be implemented for the Naira to find its true level, instead of the previous model that involved the government through the CBN managing the currency by subsidizing it on periodic basis with huge sum.

It’s in the public domain that CBN was subsiding Foreign Exchange Market with $1.5 billion on monthly basis.

Although, the necessary initiative has brought untold hardship to the commercial activities in all facets, the fact remains that there would be light at the end of the tunnel.

Nigerians should also recall that Tinubu administration inherited huge security challenge that had almost brought the country to her knees before he ascended.   

There is no gainsaid the fact that, Nigerian people and her territorial integrity almost cave in to the challenge of terrorism, banditry, a farmer-herder crisis, communal conflicts and militancy.

The Military Service Chiefs, alongside a new National Security Adviser and Inspector General of Police appointed by the president some months ago have been collaborating, as well as deploying their professionalism and technical know-how in combating the scourge of criminalities and insurgency that had ravaged the nation in the previous past.

The presidency has committed several billions of naira on acquisition of necessary war equipment, including special made war Aircrafts, Drone etc to assist in combating insecurity challenge.  

Without any iota of doubt, it’s clear that this country wouldn’t have had better president who is obviously nimble, decisive, and supremely confident with unusual independent state of mind, resolute, very resourceful, with uncommon patriotism and strong belief in Nigeria nation.

It’s also to the advantage of the Nigerian people that Tinubu absolutely understand and conversant with Nigeria dynamics.

This writer therefore strongly opined that with him in charge, Nigeria is in good hands. The country men & women only need to exercise patience, as well as repose trust and confidence in him that in no distant time, he has innate capacity to significantly turn our dear country around, and ultimately ignite prosperity in all facets.

He did before and nothing absolutely suggests he can’t do it again.

Kola AMZAT (FCA, FCIB),

Lagos Based Financial & Management Consultant,

0907750934.