Tough time indeed! but, Tinubu remains the only viable option, by Kola Amzat
For millions of Nigerians who have been part & parcel of Nigeria chequered history, at least in the last five decades, it would have been a mystery if the country had escaped from the rough path she’s presently passing through.
So much have gone wrong and awry, since the turn of Independence in 1960!
Nigeria is a prodigiously blessed country, with endowment of crude oil of about 37.5 billion deposits, as the most prized natural resource.
Indeed, Nigeria ranks about 5th in the world as far as crude oil endowment is concerned.
In addition with the above are industrial minerals, such as barite, kaolin, gypsum, feldspar and limestone; energy minerals, such as bitumen, lignite and uranium; metallic ore minerals, such as gold, cassiterite, columbite, iron ore, lead-zinc and copper; construction minerals, such as granite, gravel, laterite, amongst others, buried in Nigerian soil across the country.
The 2014 petroleum statistics on crude oil production and oil refining reflected that a total 32.70bn barrel of crude oil valued at N118.49trn has been produced from 1960-2013
The years after the above data and statistics further showed a breakdown that oil revenue was $34.21 billion in 2019, $32.62 billion in 2018, and $20.98 in 2017. In 2016, the country recorded the lowest revenue in the 10-year period, at $17 billion. In 2015, it was N24.79 billion, $54.55 billion in 2014, $58 billion in 2013, and $62.84 billion in 2012.
Besides the fact that the larger proportion of solid minerals revenues continually find its way into the accounts of privileged Nigerians-Retired Military Generals, Emirs and their foreign collaborators and agents, the humongous resources from crude oil chronicled above is enough to completely transform a country to an industrial and infrastructural nation.
But, what do we have over the last 40 or 50 years?
The country has been treated to regimes of maladministration and mismanagement.
Twenty seven (27) years intervention of military regimes in the nation polity remained the most gruesome and horrendous in the country’s annals.
The military failed woefully to build enduring institutions for the country. In rails, roads, water, airways, health and other infrastructural facilities and construction, they were largely found wanting.
For the records, Nigeria as a country has the largest assemblage of billionaires retired generals in the globe, with fortunes they’d looted from the nation’s Treasury sufficient enough for their 2nd, 3rd and even, 4th generations to continually live life of splendor.
The democratic governments of PDP weren’t a shade better. For 16 years that PDP were at the helm of the nation affairs, they stumbled from one scandal to another.
PDP squandered $16 billion meant repositioning and re-fixing power supply in the country.
Former CBN governor, Lamido Sanusi also alleged the administration of failure to remit sum of $20 billion oil proceeds to the Federation Account between January 2012 and July 2013.
There was Malabu exploration oil scandal of $1.1billion meant for the Federation Account which was shared by Goodluck Jonathan’s top government officials.
PDP regime also got enmeshed in Pension Administration Fund of ₦195 billion mopped up from banks by the regime’s top official and diverted into his private accounts.
Madueke Diezani’s swindling of nation several billions of Naira continue to make headlines.
Buhari administration, an APC regime equally failed to cover itself in glory as the regime bungled ample opportunity to redress the regime of rot that had plagued the nation before its inauguration.
The retired general practically abdicated his responsibility for cabals, with his indifference to the nation affairs eventually culminated in making tin god out of disgraced CBN governor, Godwin Emefiele who was printing and releasing trillion of naira on monthly basis into the economy without productive capacity to back up.
Meanwhile, the combination of military and political mis-adventures were what Tinubu administration inherited when it was inaugurated in May 2023.
It’s also instructive to note that of the three frontline presidential candidates who contested, Tinubu remained the most equipped- mentally, emotionally and psychologically.
It’s also important to submit that, the quantum of rot the regime inherited is what they’re planning to redress, through re-engineering, repositioning, restructuring and refocusing all facets of national life-rails, roads, airways, education and medical facility infrastructures, as well as economy and socio-political.
Of course, it would be out of place for Nigerians to expect the regime to completely turn the tide within 14 or 15 months of the life administration.
Remarkably, giant steps have been taken to stabilize the economy with key policy measures taken by Ministry of Finance and CBN, and more importantly with the synergetic effects of monetary and fiscal policies.
It’s also gladdening to submit that Apex Bank has discharged the payment obligations of inherited $7 billion forex transactions that could indeed constitutes cog in the nation drive for foreign investments in the months/years ahead.
Minister Wike Nyesom has been a delight in this administration, with his drive in completely turning around FCT, Abuja, with respect to his developmental strides in rail, roads, medical and housing infrastructures.
Ministry of works impact is been felt all around the country with respect to roads construction linking the nooks & crannies together.
Appreciable steps have been taken in the electricity supply to make life more meaningful and abundant for the populace.
Electricity Act 2023 that president recently assented is purposed to end the monopoly of Nigerian Electricity Regulation Commission (NERC) in electricity administration, granting States, Companies and Private Individual’s ample opportunity to participate in the investment in power sector with the latitude to generate, market and transmit electricity with the main purpose of making power supply affordable to millions of Nigerians. Federal government also achieved the delineation of electricity system into categories-Band A, Band B, Band C etc, an initiative that has significantly relieved the downtrodden of huge tariffs payment on monthly basis
The government approval of more than 133% increase on the minimum wage is a fantastic initiative of this government to provide succor for workers all around the country. .
The administration commencement of Student’s Loan scheme that gives Nigerian Indigent students in Tertiary Institutions access to Interest-free facility to fund their educational pursuits is an awesome initiative that would ensure educational dreams of indigent students would not end in flame.
The recent AUTONOMY granted to Local Government Councils through the pronouncement of Apex Court purposed to ensure huge resources are made available to local government authority on monthly basis across the country for developmental and infrastructural and other developments is a direct initiative of this government.
The significant reduction of tax payments from 52 to 10, a fantastic initiative that purposed to end the regime of multiple taxation is also an awesome and strategic initiative of Tinubu administration.
There are also several social scheme interventions meant for downtrodden across Nigerians purposed to upgrade their life, as well as myriads of financial aids and grants interventions for businesses-small and medium scale businesses to re-launch them into entrepreneurial initiatives.
In recent years, this is the first time this country have in charge a president who is in firm control of the government.
He takes decisions that he has deep conviction. He’s not subject to whims and caprices of cabal.
It’s also important that President Tinubu has knowledge of economy, oil & gas sector, socio-cultural happenings around the country, as well as political intrigues.
He coordinates and organizes the affairs of the government with admirable candor, efficiency and patriotism.
More importantly, he’s conversant with dynamics, diversity and nuances of the nation.
The best we could do as a people is to support and collaborate with him so to that he could execute and implement his programs and policies which no doubt will surely ensure a prosperous and development nation on the long run.
Kola AMZAT (FCA, FCIB)
Lagos based Financial & Management Consultants,
09077509348.
