IMPI evaluates Tinubu’s 8 months in office
The Independent Media and Policy Initiative IMPI, says the President Tinubu led administration has performed creditably well despite the enormous institutional, economic headwinds and domestic challenges it has had to contend with.
The Chairman of the initiative Mr Niyi Akinsiju, stated this during a world press conference in Abuja.
According to him, President Tinubu came into office in the midst of the lingering effects of Post Covid-19 challenges and a global economic downturn exacerbated by the Russia-Ukraine crisis.
In response to this, he said, the President took and deployed policies and related measures, that, in the circumstances, should be described as proactive and courageous in confronting the major socio-political, security and economic issues affecting the nation.
Mr Akinsiju cited an example with the immediate removal of fuel subsidy during the President’s inaugural speech.
“It was a measure to eliminate the long standing subsidy related corruption perpetrated by the cartel of the subsidy regime. From a policy impact point of view, the measure triggered the immediate positive outturn on Premium Motor Spirit (PMS) consumption and related revenue earnings compared to the pre-subsidy removal regime.
“You can all attest to the fact that just about a month after the announcement of the removal of fuel subsidy, national daily fuel consumption fell dramatically from an unexplainable 66.7 million litres a day as of May 2023 to 45 million litres. The consumption size has further reduced and now stabilised at 43.3 million litres a day.
This steep reduction has led to a quantum leap in total gross revenue going into the federation account and subsequent FAAC allocation to the three tiers of government from N786.161bn in May 2023 to a high of N1.1trn in August because NNPCL was no longer resorting to its famed under-recovery.
The IMPI Chairman said they have reviewed the sequence of policy deployments in the aftermath of the fuel subsidy withdrawal and consider the measures taken by the President as reflective of compassion, insightfulness and vision.
On the national inflation rate especially the food inflation, the latest of which the National Bureau of Statistics (NBS) reported to be at 33.93% for December 2023, he observed that the President is doing a lot stemm the tide of rising food prices and ensuring food security by approving the accelerated cultivation of 500,000 hectares of land across the country in collaboration with state governments.
Others according to him, include Resolving the Perennial Conflicts in Tertiary Institutions, Insecurity and the Non-Kinetic Intervention, Completion of Roads and other Infrastructure, The Forex Resolution Game Plan as well as actionable Policy on Corruption.
He added that from the conceptualisation and deployment of policies across multifarious sectors by the federal government, IMPI is convinced that President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development.