Wen dem swear-in Bola Tinubu as di president of Nigeria on 29 May 2023, expectations bin dey high. As ogbonge politician and former govnor of Lagos State, Tinubu bring wealth of experience and a vision for transforming Nigeria.
One year into im presidency na good time to reflect on wetin don happun since im take ova power from ex-president Muhammadu Buhari.
Economic reforms and challenges
President Tinubu tenure begin wit ambitious economic agenda wey aim to improve Nigeria struggling economy.
One of im first major moves na to bring about reforms for di oil and gas sector.
Di implementation of di Petroleum Industry Act (PIA) bin promise to attract foreign investment and promote transparency. Many pipo bin hail dis move as step towards economic stability.
However, di announcement of di removal of fuel subsidies bin spread widespread panic and confusion. Di subsidy removal aim to redirect funds towards infrastructure and social programs. But dis move bin lead to a sharp increase in fuel prices, wey hit ordinary Nigerians hard.
Infrastructure development
Tinubu presidency don dey marked wit significant focus on infrastructure development. Im administration bin launch several high-profile projects, including di rehabilitation of major highways, di expansion of di Lagos-Ibadan Expressway, and di completion of di long-delayed Second Niger Bridge.
On Sunday, 26 May, di president also flag off di construction of di 700km Lagos-Calabar Coastal Highway. All dis projects dey expected to boost trade, reduce travel time, and stimulate economic activities across di regions.
In addition to road infrastructure, Tinubu don prioritise power sector reforms. Efforts to improve electricity generation and distribution don show promise, wit increased investments in renewable energy sources and grid expansion projects. While di initiatives still dey for dia early stages, dem represent important step towards addressing Nigeria ogbonge power shortages.
Security and governance
Security remain one of di most pressing challenges for Nigeria. Di kontri continue to battle wit insurgency for di northeast, banditry for di northwest, and separatist agitations for di southeast.
Di president don increase funding for di armed forces and initiate a series of operations wey aim to dismantle terrorist and bandit networks.
Im goment also seek to address di root causes of insecurity through economic development programs and community engagement initiatives. Di success of dis efforts remain mixed as many Nigerians still dey live in fear of violence.
Free fall of di naira
One of di most significant economic issues since Tinubu take ova na di free fall of di naira. Di situation no improve even wen di administration unify di official and black market exchange rates.
Di president merge di exchange rates in an attempt to create a single, more transparent and market-driven exchange rate system.
However, di unification of dis rates lead to a sharp and rapid depreciation of di naira. Di currency value fall yakata as e adjust to market realities, and reflect di true supply and demand dynamics in di foreign exchange market. While dis move bin aim to stabilise di economy and attract foreign investment by presenting a more realistic financial picture, e get several immediate adverse effects.
Inflation and cost of living
Di fast depreciation of di naira significantly contribute to rising inflation wey currently dey for 33.69%.
As di naira weaken, di cost of importing goods increase, and lead to higher prices for a wide range of products, including essential commodities such as food and fuel.
Dis inflationary pressure seriously impact di cost of living for ordinary Nigerians, wey bin don already dey suffer economic hardship.
President Tinubu still get three years for im administration, and na only time go tell if di president go fall short of all di tins wey im bin promise during im campaign ahead of di 2023 presidential elections.