As President Bola Tinubu celebrates his first year in office, it is important to assess his administration’s performance and compare it to the ambitious “Renewed Hope Agenda” he advocated during his campaign.
During his inauguration on May 29, 2023, President Tinubu delivered a speech that outlined his vision and priorities for Nigeria. He emphasised several key areas that his administration would focus on and highlighted the necessity for national unity and a collective effort to overcome the country’s challenges.
A bold and controversial move by the Tinubu administration was the removal of the longstanding fuel subsidy. This decision, although met with mixed reactions, aims to reallocate government funds towards more productive sectors such as healthcare, education, and social welfare. While the immediate impact has seen a rise in fuel prices, the long-term goal is to ensure sustainable economic development by redirecting resources to critical areas that can drive growth and improve living standards. The long-term economic benefits remain to be seen, but the immediate financial strain on citizens is a significant concern that the president has acknowledged.
One of the most notable achievements of President Tinubu‘s administration has been the significant economic reforms aimed at stimulating growth and attracting investments. Key initiatives include the establishment of the Renewed Hope Infrastructure Development Fund, which has mobilised substantial investments for critical infrastructure projects such as roads, airports, and power plants.
In line with his Renewed Hope Agenda, President Tinubu has launched several social welfare programmes to support vulnerable populations and stimulate economic activity. These include the disbursement of nano-grants to small and medium-sized enterprises (SMEs) and the creation of the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CrediCorp), which provide financial support to students and consumers. These initiatives demonstrate a commitment to improving the livelihoods of ordinary Nigerians and fostering economic inclusivity.
Within his first 100 days, Tinubu emerged as the Chairman of the ECOWAS Authority of Heads of State and Government. His regional leadership showcases Nigeria’s influence and commitment to cooperation. His ascension was no mere formality; it signalled Nigeria’s renewed engagement with its West African neighbours.
President Tinubu’s administration has also made significant strides in environmental conservation and promoting climate-smart agriculture. Efforts such as the sustainable management of forestry resources, the recharging of Lake Chad, and collaboration with international partners to meet clean energy objectives highlight a proactive approach to addressing environmental challenges and ensuring food security.
Recognising the critical role of security in national development, Tinubu has prioritised restructuring Nigeria’s security architecture. His administration has focused on enhancing intelligence sharing and operational efficiency among security agencies to stabilise the country and create a safer environment for economic activities. These efforts align with his Renewed Hope Agenda’s goal of fostering a secure and stable Nigeria.
Financial and tax reforms have also been a significant focus of Tinubu’s administration. These reforms are designed to create a more business-friendly environment by reducing the tax burden on businesses and attracting local and foreign investments. Such measures have been essential in revitalising Nigeria’s economy, aligning well with Tinubu’s vision of economic prosperity and stability.
In his first year, the president has made bold and significant strides towards fulfilling his Renewed Hope Agenda. His administration’s economic, social, and security reforms reflect a strong commitment to the promises made during his campaign.
However, while there have been notable successes, particularly in infrastructure development and social welfare programmes, challenges remain, especially regarding the economic impacts of subsidy removal and the overall stability the Nigerian economy.
Has President Tinubu hit the ground running? The evidence suggests a strong start, characterised by ambitious reforms and a clear vision for Nigeria’s future. However, the journey ahead still requires sustained effort, adaptability, and a continued focus on inclusive growth to truly realise the renewed hope for all Nigerians.