By Demi Adeniyi
President Bola Tinubu’s Speech has not disappointed Nigerians in his address to the nation on Sunday, where he addressed sundry challenges of the nation’s economy and how his administration is rising to the occasion, former presidential spokesman, Dr Doyin Okupe has said.
In a statement issued on Sunday, Okupe said the President clearly communicated the precarious and daunting economic situation his administration met on ground at inception and also amplified the efforts being made by his government to reduce the prevailing crippling and stagnating debt servicing ratio from 97% of earned revenue to 68%.
In truth, this has been the major cause of our present economic woes and sufferings. It is now self evident that if the fuel subsidy was not removed , it would have been impossible for the government to function and meet its obligations without continuing the profligacy of massive and sustained borrowing to fund the subsequent national budgets
The speech highlighted, to our delight, the giant and commendable strides of achievements already accomplished by this administration within 14 months of its existence, despite the unprecedented inherited financial and social economic calamities.
Some of the most outstanding achievements of this administration as contained in the speech, will include the more than doubling of the minimum wage from N30,000 to N70,000 per month, the implementation and commitment of more than N45 billion to the students loan scheme, the raising of that national oil production capacity to more than 1.6 million barrels per day, the massive funding of the MSMEs, which are the engine of economic growth of any country, the provisions of billions of Naira directly targeted at relieving the current hardship on the poor, the massive funding of various youths developmental programs and projects, and also the huge investment deployed towards infrastructure and Agriculture.
It is also worthy to note from the speech the government’s commitment to reduce the prevailing high cost of living and also bring down the food inflation through the temporary massive importation of foods and reduction of various taxes and duties for foods, drugs and medical supplies e t c.
I personally believe that this administration’s scorecard or performance compares very well if not better than those of many administrations before it.
Lastly, the increased amount of funds that the policies of this administration has directly released to the states and local governments must make Nigerians to now begin to look beyond the federal government and make the sub nationalities to be more accountable for the huge sums of revenue inflow they receive from the federation account and other federal government intervention funds.
It is pertinent that we recognize that federal government revenue is shared with 49% going to the federal government while approximately 48% goes to the states and local governments leaving some 3% for ecological funds and derivation.
It is commendable that the speech also recognized the rights of the Nigerian youths and indeed all citizens in general to protest.
It is also gratifying that the President publicly acknowledged that he has heard their demands “Loud and Clear”.
I will therefore with all humility enjoin our youths and the citizens at large to exercise patience and restraints and embrace the opportunity for dialogue which Mr President has offered.
This speech has cleared the erroneous and mischievous misinformation that President Bola Tinubu is incapable of handling the turbulence in our economy.
This long awaited but endearing speech has rekindled our renewed hope for a brighter, better and prosperous future for all Nigerians.
