Economists and commentators have written and said much about the positive trajectory and indicators signposting Nigeria’s economic growth.
These indicators indicate that the reforms embarked upon by President Bola Tinubu since assuming office two years ago have begun to engender successful outcomes. The reforms are paving the way for economic recovery.
The facts are self-evident and they speak for themselves too. According to a World Bank report, the Gross Domestic Product GDP grew 3.4 per cent in 2024, the highest in a decade. Inflation is tumbling and is currently at 23.7 per cent. The government is meeting its debt obligations.
After the Central Bank of Nigeria cleared the forex backlog amounting to $10 billion, the debt-service-to-revenue ratio fell from around 100 per cent to below 60 per cent. Foreign reserves, which instil confidence in investors to come in and exit with their profits as they wish, now stand at $38 billion.
Just as remarkable is how national revenues have increased exponentially, resulting in unprecedented increases in allocation to sub-nationals. Such growth has been a significant shot in the arm, giving them the much-needed fiscal impetus to fund projects and cater to the welfare of their people.
The increased revenue also helps partly finance key infrastructure projects such as the Lagos-Calabar Coastal Road and the SokotoBadagry Superhighway. Last week, President Tinubu inaugurated the completed Phase 1, Section 1 (30km by six lanes) of the 750km Lagos-Calabar Coastal Highway.
These strides have been phenomenal. But there is more work for the government to do. The administration also has a few challenges to tackle. The macroeconomic gains highlight the need to impact microeconomics. The positive economic statistics must impact the living standards of the most significant number of our people.
They must affect their living standards, especially the cost of essential goods and services. The government needs to reduce unemployment significantly, just as it needs to make the country much safer. However, as I have often argued, President Tinubu’s achievements in two years are not mere happenstance.
They did not come by wishful thinking. They result from a bold vision outlined in his Renewed Hope Agenda, uncommon courage, and unrelenting hard work. This piece explores just two stories that speak to the courage, audacity and determination of President Tinubu to do things differently.
The first happened a day before President Tinubu’s trip to Rome, Italy, on May 17, for the inauguration of Pope Leo XIV. Invited by the new Pope, the President’s decision to attend the event, accompanied by Catholic bishops, was remarkable in the context of the President’s religion and that of his vice-president.
In the build-up to the 2023 election, the opposition claimed the two leaders would turn the country into an Islamic state. That did not happen. Instead, they are running an administration that is blind to religion. Christians, Muslims, and adherents of other religious leanings get their dues.
I was at the residence to see the President around 2 pm just after he had performed the diplomatic ceremony of receiving letters of credence from some ambassadors. From that period, he was in his home office, working on files and receiving governors, top government functionaries and other guests who had visited till around 11 pm.
Those who visited included Imo State Governor Hope Uzodimma, Secretary to the Government of the Federation Senator George Akume, Attorney-General and Minister of Justice Lateef Fagbemi (SAN), Minister of Solid Minerals Development Mr. Dele Alake, Minister of Marine and Blue Economy and former Osun State governor, Alhaji Adegboyega Oyetola, as well as top businessmen, including Alhaji Samad Rabiu of BUA Group.
In that long period, the only other thing that went into that office was his lunch. It’s not an isolated pattern. The fact deducible from all this is a bewildering work ethic. President Tinubu works unusually long hours.
He devotes virtually all his time to the Nigerian project. So, his success is a product of hard work. His uncommon courage and audacity are well known.
His policy options, particularly removing the unsustainable subsidies on fuel and forex, were things leaders before him found appropriate and desirable if the country must move forward but lacked the courage to implement.
Fuel subsidies were corruption-laden, while the multifarious foreign exchange windows incentivised arbitrage. For instance, between January and June 2023, fuel subsidies alone gulped N3 trillion, and the bulk went into the pockets of the oil cabal.
An important subtext of this story could be glimpsed from Mr. President’s response when I asked him about the influx of governors, lawmakers, and top chieftains of other parties into the All Progressives Congress. He replied: “Yes, they are coming because they have seen the success of our policies.
The economy has virtually rebounded, and the country has turned the corner. Do you think they would defect to our party if I’m not doing well, and the policies have turned awry?”
President Tinubu hardly allows any opportunity to bask in wellearned moments of glory to elude him. He often says, “I have a bragging right here.
It is my turn to brag over this.” The President is, however, not unmindful of the fact that the macroeconomic gains achieved by his administration thus far have not fully impacted the streets and pockets of our people.
He has also spoken of this. At the inauguration of Phase 1 of the Lagos-Calabar Coastal Road referenced earlier, President Tinubu appealed to Nigerians to be patient with him. “I know your expectations are still very high at this stage, and our people are still going through difficult times.
I take this opportunity to appeal to all Nigerians that hope is here, and it is realisable. You would be proud of the benefits; there is light at the end of the tunnel. Inflation is coming down; we have eliminated the corruption in the exchange rate; the corruption in fuel subsidy is now limited to the barest minimum.
“It is all for you, the people; we are reducing the cost of manufacturing and encouraging manufacturing locally. We give all incentives for everyone to abide by the principle. May God bless our country; may God bless Lagos State and keep our fighting soldiers safe,” he said.
