Everyone who supports Bola Tinubu will tell you that he will renew the hopes of Nigerians once he steps in as president.
Bola Tinubu says he has what it takes to bring hope back to Nigerians.
Critics have said that Nigeria is not Lagos, but Tinubu says he is different.
But is everything well for Nigeria from the beginning of Tinubu’s administration? One cannot categorically say yes.
There are reasons.
Do you know that the first few months of the administration of Tinubu will be turbulent, and full of uncertainties in the economy, with recession taking a threatening pose by the corner.
1. Crude Production Drop
Yet, Nigerians are hopeful that a miracle is not impossible even with the Organisation of Petroleum Exporting Country (OPEC) announcing a reduction in the amount of production.
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This development is sure to impact Nigeria’s income generating stance, seeing that the oil-rich nation is more reliant on proceeds from its sweet crude to fund its activities.
What most people have failed to realise is that the incoming administration will have a hard time generating revenue to keep government afloat.
Unfortunately, experts have argued that Nigeria uses ₦93 out of ₦100 generated to service debt.
Adding salt to injury is her inability to sustain the rise in petroleum output which led to a shortfall of about 38,102 barrels of crude daily and 1,181,162 barrels for the month of March.
This decline in oil production, which translates to ₦42.71 billion at the official exchange rate, has dealt a major blow on the economy.
2. Subsidy Removal
Sadly, this is happening at a time discussions about how to implement the Federal Government’s subsidy removal policy is on.
The funny thing is that most people know that subsidy removal is the right thing to do, but then there is the concern for the welfare of people.
There has not been any increment in salary and as a result this policy will negatively impact the pocket of Nigerian workers that is already leaking as a result of high inflation rate.
There are speculations that the price of petrol could go as high as ₦1,000 per litre, while the salaries of the Nigerian workers will remain the same.
Most are uncertain about how they would be able to afford to buy fuel?
And that includes people who are responsible for sourcing power for their businesses to run daily, using generators since the official power supply in the country is never stable.
This simply means most Nigerians will have no choice than to dance to Fela’s “suffering and smiling” tune.
But how long can they cook tamper over the issue? It is very uncertain.
Even under the present subsidy regime, Nigerians are scrambling to get fuel to buy in the face of hoarding and high pump price charge above the official rate where fuel is available.
3. Ill-timed Cashless Policy
With the ill-timed implemented cashless policy of the CBN, Nigerians are more wary of what the future holds for them when subsidy is finally removed.
Will they even be able to afford the product when subsidy is removed.
The $800 million loan the FG obtained from the World Bank is one that most Nigerians are sure will not be judiciously utilised.
Many speculate that it will end up in the pockets of corrupt politicians.
One thing the government is casting its trust on to take the decision is the Dangote refinery that will be commissioned on May 22, by President Muhammadu Buhari.
Is this not a case of “putting all your eggs in one basket”?
There are 4 refineries in Nigeria but none is producing anything. Yet, close to a billion Naira is spent on them yearly.
4. Rise In Price Of Petrol
Meanwhile, it is safe to ask; did Aliko Dangote, Africa’s richest man, at any time sit with Nigeria to say “he is building his refinery for charity sake?”.
Let’s be factual.
It costs between $3-$5 to refine a barrel of Nigeria’s sweet crude.
Will the Dangote refined petrol be sold to Nigerians at the standard rate or will he be a Nigerian at heart?
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Be that as it may, there are expectations that the hopes of Nigerians will not be dashed when things do not go the way they had thought when Tinubu takes over.
At this time, there is need for Nigerians to brace up because hard times are really coming and only the prepared and the brave ones will not be swept away.
There is no denying the fact that economic growth is what leads to success in any nation and that is what Nigeria should be focused on right now.
With a 3% slow economic growth rate as put forward by the World Bank, the most populous black nation is at a point where it must prove that it can rise again.
There is indeed so much for Tinubu to chase once he takes over.
