Abody of independent policy analysts under the aegis of the Independent Media and Policy Initiative (IMPI) has rated President Bola Ahmed Tinubu’s performance in office in the last eight months high.
The group maintained that against all odds, the All Progressives Congress (APC)-led administration has performed creditably well.
The group’s National Chairman, Chief Niyi Akinsiju told reporters in Abuja that the group over the last eight months independently studied and analyzed the prevailing situation in the country under the administration of President Tinubu.
Giving the group’s verdict, Akinsiju said: “From our review of President Tinubu’s policies in the last eight months, we can objectively submit that the administration has performed creditably well despite the enormous institutional, economic headwinds and domestic challenges it has had to contend with.
“From the conceptualisation and deployment of policies across multifarious sectors by the Federal Government, we are convinced that President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development.”
The group noted that despite coming into office amid the lingering effects of Post Covid-19 challenges and a global economic downturn exacerbated by the Russia-Ukraine crisis, President Tinubu proactively deployed courageous policies and measures in addressing the major socio-political, security and economic issues affecting the nation.
He said the group reviewed policy applications by the Federal Government and the Central Bank working together in the management of foreign exchange, adding that the policy outcomes of the collaboration had positive consequential effects on the value of the Naira.
“Currently the Nigerian Stock market takes pride of place as the number one stock exchange globally, principally driven by domestic investors, which as of 2023, accounted for 88.52% of total market value.
“This is a confirmation of the existence of a conducive environment for foreign investors to invest across the Nigerian investment ecosystem.”
Acknowledging the adverse effect of the removal of fuel subsidy on Premium Motor Spirit (PMS) consumption and related revenue earnings compared to the pre-subsidy removal regime, the group noted that Tinubu’s action was not only commendable but saved the country from the debilitating impact on its sustainability and threat to the quality of life of the generality of Nigerians.
He said: “While taking cognizance of the associated economic challenges that households are grappling with, it is our considered opinion that the decision by the President to announce the removal of fuel subsidy is not only courageous but commendable.
“More importantly, it was a measure to eliminate the long-standing subsidy-related corruption perpetrated by the cartel of the subsidy regime.
“From a policy impact point of view, the measure triggered the immediate positive outturn on Premium Motor Spirit (PMS) consumption and related revenue earnings compared to the pre-subsidy removal regime.”
“You can all attest to the fact that just about a month after the announcement of the removal of fuel subsidy, national daily fuel consumption fell dramatically from an unexplainable 66.7 million litres a day as of May 2023 to 45 million litres. The consumption size has further reduced and now stabilised at 43.3 million litres a day.
“This steep reduction has led to a quantum leap in total gross revenue going into the Federation Account and subsequent FAAC allocation to the three tiers of government from N786.161billion in May 2023 to a high of N1.1trillion in August because NNPCL was no longer resorting to its famed under-recovery.
“And for the first time in the history of FAAC, the Federal Government started cultivating the culture of savings from revenue accruals beginning from the over N700billion that was saved in July last year when the FAAC received N1.959 trillion.
“This has marked a turning point in Federation accruals and revenue generation with implications for budget performance.”
On the concerns over food inflation and its remedies, the group said its findings have shown a commitment by the President to stemming the tide of rising food prices and ensuring food security by approving the accelerated cultivation of 500,000 hectares of land across the country in collaboration with state governments.
“This, in itself, is a commendable model of cooperation between the Federal Government and the sub-nationals. We are certain that in a short while, Nigerians will start receiving the products of the federal and sub-national governments working together.
“To crystallise the policy, the administration has introduced an irrigation programme to facilitate and guarantee all-year-round farming. Our investigation within the general purview of agriculture implicates the deployment of several policies including waivers on the importation of tractors and farm implements, the recent launch of dry season farming in Jigawa State and the allocation of N102billion to the National Agricultural Development Fund (NADFUND) to mention just a few.
“It is our view that these measures will guarantee adequate food supply in the shortest possible time.”
In the fight against corruption by the Tinubu’s administration, the group urged the President not to bow to pressure, but to ensure that the report of the investigation and those of other government officials under investigation be made public in the spirit of transparency.
“However, we take notice of the President’s swift response to corruption allegations against a member of his cabinet, Dr. Betta Edu, by suspending and ordering her investigation.
“Without prejudice to the outcome of the ongoing investigation, we urge the President to not bow to pressure but ensure that the report of that investigation and those of other government officials under investigation be made public in the spirit of transparency.
“This will go a long way to sending clear signals to local and international audiences about the Tinubu administration’s seriousness to tackle the scourge of corruption as recently observed by the US Secretary of State, Anthony Blinken during a recent visit to Nigeria.”
