It is important to remember that, much like Rome, economic recovery cannot happen overnight, ... it requires a solid foundation.
Musa Muhammed Tsoken
Since assuming office in May 2023, President Bola Tinubu has initiated several economic reforms aimed at reviving Nigeria’s economy and creating significant opportunities for young Nigerians. These reforms include major policy changes in critical sectors such as energy, agriculture, and education, along with substantial support for manufacturers and Medium, Small, and Micro Enterprises (MSMEs).
Despite these initiatives, questions remain about the necessity of youth agitation. This article explores the impact of Tinubu’s transformation agenda on Nigerian youth and examines whether agitation is justified. If it is, who should be held accountable?
It is important to remember that, much like Rome, economic recovery cannot happen overnight, but it requires a solid foundation. Nigerians will agree that President Tinubu inherited an economy on the brink of collapse, characterized by a high level of indebtedness, with over 90% of revenue mortgaged to both foreign and domestic loans. Despite these challenges, the government, under the banner of Renewed Hope, has implemented measures to reshape the country’s economy since May 2023. These measures are particularly aimed at providing a brighter future for Nigerian youth.
One notable measure is the intervention and capitalization of MSMEs, including a N200 billion fund for various business segments across the country. Specifically, N50 billion in grants have been disbursed to over one million nano businesses, equitably distributed across all local government areas. Additionally, N150 billion in single-digit interest rate loans have been provided to hundreds of thousands of MSMEs nationwide. This initiative emphasises the significant role of state and local government authorities in grassroots development.
Furthermore, N75 billion in loans of up to N1 million each has been distributed, along with another N75 billion allocated to large-scale manufacturers employing up to 1,000 Nigerians per industry. These loans, offered at a single-digit interest rate with a five-year moratorium, are crucial for business intervention and development.
The administration's efforts extend to alleviating the short-term impact of fuel subsidy removal. To mitigate this, the government has invested N100 billion between July 2023 and March 2024 to acquire 3,000 units of 20-seater CNG-fueled buses. These buses will be allocated to major transportation companies based on travel intensity per capita, with participating companies accessing credit at 9% per annum with a 60-month repayment period. This responsibility also falls on state and local governments to ensure citizens benefit directly.
Moreover, the government inaugurated the Presidential Economic Coordination Council (PECC), involving a N2 trillion package with allocations for health and social welfare (N350 billion), agriculture and food security (N500 billion), the energy and power sector (N500 billion), and general business support (N650 billion).
To support indigent youths in tertiary institutions, President Tinubu signed the Access to Higher Education Act, 2023, on June 12, enabling students to access interest-free loans for their education.
Considering these efforts, it is essential to recognize that protests against the President might harm the economy. Instead, youths should focus on holding state governors and local government chairmen accountable for economic failures, as most government policies are implemented through these channels.
The current administration, led by President Tinubu, has provided sufficient funds to state governors to meet their constituents' demands. While the economy struggles, positive efforts by states can reduce the central government’s burden. Notably, the President has:
- Allocated N30 billion to each state to address food scarcity and hardship.
- Provided trailers of rice to each senator for their constituencies.
- Introduced a monthly stipend of N35,000 for federal workers.
- Distributed N430 billion among state governors.
The issue of local government autonomy is crucial to reducing neglect and poor economic management by state governors. While the new minimum wage of N70,000 is a step in the right direction, many states have yet to pay the previous N30,000 minimum wage, and youth protests on this matter have been sparse.
It is disappointing to see governors, who claim to be industrialists fail to manage state investments effectively, leading to over-reliance on FAAC and subsequent bankruptcy. The President has laid a solid foundation for agricultural and electricity sector investments, yet few states have taken advantage of these opportunities. The pressure should not be solely on the President; state and local governments also play a crucial role.
In just one year, President Tinubu has made significant strides. State governors must be held accountable to support his efforts. If they do, Nigeria will undoubtedly improve.
Therefore, Nigerian youths should reconsider the path of agitation. Demand transparency and accountability from influencers and leaders. Opt for dialogue rather than protests. Nigeria’s renewed hope agenda promises a better future for all.
Amb Musa Muhammed Tsoken is National President, APC Initiative For Good Governance
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