The Achievements of President Bola Ahmed Tinubu So Far: The Perspective of a Diasporan
By Seyi Akinsola
President Bola Ahmed Tinubu
On this Father’s Day, let me turn my attention to the achievements of a modern day father of the nation. As a Nigerian living in the diaspora, I have the unique advantage of viewing developments in Nigeria from two lenses, both lived experiences. On one hand, I remain emotionally, psychologically and financially invested in the country of my birth. On the other, living abroad allows me to compare Nigeria’s challenges and progress under President Tinubu with other nations. Let me declare that I visit Nigeria at least twice a year, sometimes up to four times, when I have projects.
My perspectives do not make me blind to the hardships many Nigerians currently face. Insecurity, inflation, the rising cost of living, and economic uncertainty are real concerns affecting millions of households. However, it is also important to objectively assess what has been achieved since President Bola Ahmed Tinubu assumed office in May 2023. We will be uncharitable and hypocritical to say absolutely nothing has been achieved in these three years
Posterity and history will ultimately judge this administration, but even at this stage, certain developments deserve recognition. In my opinion, the following deserve a mention in the grand scheme of things
- Tackling Long-Standing Economic Distortions
(a) Without a shadow of doubt in my mind, the most significant decision of the Tinubu administration was the removal of fuel subsidy. For decades, successive administrations acknowledged that the subsidy regime was unsustainable, yet none of them, without exception, were willing to confront it. When the administration of President Goodluck attempted to remove it, he backed down at the slightest resistance
Seyi Akinsola
The subsidy consumed trillions of naira annually, enriched a small network of rent seekers, encouraged smuggling to neighbouring countries, and deprived critical sectors of funding. The immediate consequences of that have been painful and hurtful to our economy. Not only do progressive economies not subsidise fuel, they tax it. Please Google “North Sea” oil reserve before you say the UK is not an oil-producing country
(b) Similarly, the unification of foreign exchange windows ended a system that had encouraged arbitrage and created multiple exchange rates for the same currency. As a diasporan, I know how terrible this was. It was a fact that people who live in the UK will book hotels in New York as Nigerians, sent money to Nigeria at the black market rate (which was a lot more substantial than the official rate), and pay for their hotel in New York at the official rate. Guess who was paying the balance? Your guess is as good as mine. And that’s completely legal. Of course, they also suffered the consequences of unification. All their investments in Nigeria tanked.
One of the less discussed outcomes of recent reforms has been the significant increase in allocations to state governments through the Federation Account Allocation Committee (FAAC).
Many states that previously struggled to pay salaries and fund infrastructure now receive substantially higher revenues. When last did you hear a government worker say they have not been paid? While the effectiveness of spending varies from state to state, the increased fiscal capacity is undeniable. Mr. Alex Otti and Mr. Seyi Makinde are good examples of governors who have been sensible and brought development to their states. Ask your governors what they are doing with their allocations. Mr. President has done his part
- Renewed Investor Confidence
From the perspective of international investors, policy consistency matters. Since assuming office, the administration has taken steps to reassure foreign investors that Nigeria is serious about economic reform. While investment flows have not yet reached desired levels, Nigeria is increasingly being viewed as a country attempting to confront difficult economic realities rather than avoiding them. President Tinubu is the best thing that has happened to Nigeria since Baba Obasanjo.
Shell and its partners are considering a potential $20 billion foreign direct investment in Nigeria’s deep-water Bonga South West project. The proposed capital will be split evenly between capital expenditures and operational expenses, with a final investment decision (FID) targeted for 2027. Accor is pattnering with Shoreline Group in a $300 million initiative to establish Nigeria’s first national hotel platform. The project plans to develop 10 hotels across eight cities by 2030, adding over 1,200 rooms to mention just two Infrastructure Continuity
One recurring weakness in Nigerian governance has been the tendency for incoming administrations to abandon projects initiated by their predecessors.
The Tinubu administration has largely continued major infrastructure projects, including roads, rail development, and ongoing investments in ports and logistics. This continuity sends a positive signal that national development should transcend political transitions. I don’t need to mention the major new ones being constructed from Lagos to various parts of the countryStudent Loan Initiative (I love this so very much)
For decades, access to higher education has remained a major challenge for some Nigerians. We all know education is a leveller and tertiary education should be encouraged for social mobility.
The rollout of the student loan scheme represents an attempt to expand access to tertiary education, particularly for students from lower-income backgrounds. The programme remains a work in progress, but it reflects an effort to address a longstanding gap in educational financing. While the government was subsidising the children of the rich to get foreign degrees (subsidised dollars), the children of the have-nots have been largely shut outImproved Oil Production
Nigeria’s oil production, which had been severely affected by theft, vandalism, and underinvestment, has shown signs of recovery under the current administration. Although challenges remain, increased production levels contribute directly to government revenue and foreign exchange earnings.
I agree none of these achievements erase the realities facing ordinary Nigerians. Food prices remain high. Many families are struggling. Businesses face increased operating costs. Unemployment and underemployment continue to be serious concerns.
I do not make to dismiss or diminish these hardships
However, it is also possible to acknowledge both realities simultaneously. Many Nigerians are suffering today, but the reforms being implemented will lay the foundation for a more sustainable and prosperous future.
As a Nigerian in the diaspora, I do not have to queue for fuel, navigate unreliable electricity, or experience every daily challenge confronting citizens at home. For that reason, humility is necessary when assessing government performance. However, my recent trip (two weeks ago) signify there has been some significant progress in many areas. I stayed in Lagos and my home town. At both locations, I had light for 20 hours per day. The 25 litre fuel I bought was hardly touched. I know 20 hours per day is not the standard we want, but it’s a significant imporvement
I know security is a touchy issue, but I felt safer than I felt during the previous administration. That’s my lived experience. Go and ask how business is from the sellers along the express way from Lagos to Ibadan and from Ibadan to Ilesha. During the last administration, I dared not stop to buy or even take a leak along Lagos/Ibadan Express Way. Same Ibadan/Ilesha. During the last trips, I stopped to buy meat and some other stuffs.
This verdict remains unfinished. But it would be difficult to argue that this administration has not altered the trajectory of policy discussions and economic reform in Nigeria.
Some people see our cup as half empty and I see it as half full.
Happy Fathers’ Day to our president and to all the fathers working hard to make Nigeria better
