Since his inauguration into Nigeria topmost office on May 29, 2023, President Bola Tinubu has never left anyone in doubt that governance has transmuted into a new realm of urgency, purposefulness, resourcefulness, selflessness, probity, and accountability.
Reminiscent of Jesus Christ in Matthew 15:29-30 who came nigh unto the Sea of Galilee and went up into a mountain where the great multitudes brought unto Him, their lame, blind, mute, maimed and others; and laid them at His feet for healing and He healed them all, the president arrived Aso Villa just a day after his inauguration with grit, determination, resolve and strength of character to confront, superintend and perhaps solve on all challenges constituting cogs in the wheels of the nation’s growth & development, and this he wanted to achieve within a very short time.
Even though, the challenges are daunting and gargantuan following years of decades of maladministration and mismanagement by successive administrations, the steps already taken by the president in almost all facets indicate that the obstacles are not insurmountable.
The president has caused an earthquake in the oil sector through the outright removal of subsidy and marching order given to security chiefs to ensure zero-tolerance of crude oil theft on the deep sea, as well as illegal bunkering within.
He has effected sweeping changes in the nation’s Armed Forces through the comprehensive changes at topmost level and change of guards, as well as in the paramilitary segments, including department of customs and excise.
He has caused very critical changes in the economy with the change of leadership in the hitherto problematic Apex Bank, the unification of exchange rates, as well as the inauguration of the Fiscal Policy and Tax Reforms committee.
He has liberalized and completely broken monopoly in power sector through assenting into law the new Electricity Bill Act that authorizes states, companies and individuals to also generate, transmit and distribute electricity.
The president’s policy initiative that all Directors who have spent 8 years in that capacity must all tender their letters of retirement would surely herald a new federal civil service in a short while.
And, of course, the president has sent an unequivocal message to the West African Coast community, the African Continent and International Community of a new Nigeria that is ready and fully prepared to lead the continent to take her rightful place in the affairs of the global politics and diplomacy.
Were the president not limited by the constitution, the newly inaugurated Ministers wouldn’t have met any significant assignment on the ground to superintend their authority upon.
President Tinubu has indeed raised the standard of governance, as well as increased momentum, the path that the new cabinet members are expected to tread, sustain and improve.
As the president has already created a road-map in the economy and eloquently made clear where he headed, as far as economy rejuvenation is concerned, the nation expect the new Minister of Finance and Co-coordinating Minister of economy to henceforth ensure proper and effective coordination of fiscal and monetary policies. The immediate revamping of the nation economy no doubt is majorly dependent on this. The nation’s several revenues generating agencies and departments must be coordinated under the same umbrella to ensure efficient and effective monitoring. It’s also important to bring to the new Minister consciousness the need to introduce strategic and contemporary initiatives capable of blocking multi-faceted financial loopholes and leakages with a view to ensuring that optimal revenues are continually accruing to FAAC.
The Electricity Bill Act recently assented by the president has expressly designed a road-map for the new Minister of Power. The new act is to ensure that electricity generation & distribution becomes competitive and therefore available and affordable for Nigerian business organizations, SMEs, households and all & sundry. It’s incumbent on the new helmsman at the ministry to bring into all-important sector genuine, credible, and patriotic, as well as committed new investors that would share the vision of the president to drive and transform the industrial, infrastructural and other sectors of Nigeria through efficient and consistent power distribution. This is the practice in other climes; ours shouldn’t be an exception.
The Minister of State, Petroleum Resources in collaboration with the presidency, NNPCL and security agencies is expected to henceforth ensure the regime of zero-tolerance in swindling Nigerian petroleum products. The president had earlier given express mandate to security personnel to bring this to pass, by deploying all resources at their disposal. The colossal theft that has been the trade mark of the sector has consistently frustrated the generation of optimal oil revenues into the FAAC over years. The Minister must also ensure that Port Harcourt and Kaduna Refineries that are presently undergoing massive rehabilitation are delivered by December 2023 as earlier mandated by the president. In the same vein, it’s also within the purview of the Minister to ensure that other two Refineries in Warri and the second one in Port Harcourt are promptly earmarked and scheduled for rehabilitation, as soon as the two being presently rehabilitated are delivered.
President Tinubu opted to carve out Ministry of Gas from Petroleum Resources Ministry perhaps to reposition, reengineer and recreate the ministry for the purpose of making it also a major contributor to the FAAC in terms of revenue generation, as well as making it a cornerstone in Nigerian quest to ensure that power sector remains the engine-room of the nation’s industrial and infrastructural sector. It’s therefore expedient for the new Minister to be conscious of this lofty expectation and align with vision of the president.
The president has already rejig the security architecture with reference to sweeping change of guards at the topmost level of Armed Forces. Therefore, the new helmsmen at the Ministry of Defense have their jobs properly defined and cut out. They’re expected to root out bandits in all the nooks & crannies. They must smoke out and extinct criminalities-insurgents, kidnappers, armed robbers, fundamentalists anywhere they are in the country. It’s important for them to swiftly achieve this to ensure that the nation territorial integrity is not only free from all attacks, but, also for the nation to be the preferred destination for foreign and even, local investors.
The new Minister of Communications, Innovations and Digital Economy is expected to open up Nigerian digital space, as well as carry out strategic digital initiatives capable of providing platform for entrepreneurial opportunity for the teeming Nigerian youths. If the Americans and other developed climes could be constantly producing multi-Billionaire Digital Entrepreneurs like Bills Gates, Mark Zuckerberg, Elton Musk etc, why must Nigeria be an exception.
In the same vein, the new Minister of Marine and Blue Economy has enormous responsibility thrusted on his path. Besides NIMASA and NPA that are presently contributing their small quotas to FAAC and nation development, the new helmsman is expected to develop the Nigerian Blue Economy in the mold of what’s obtained in other climes where oceans and water resources are indeed their mainstay of the economy. It’s therefore instructive for the Minister to appreciate the expectation of Nigerians and therefore make valiant efforts to assemble a purposeful and result-reoriented team that would navigate him through this new economic phase for the betterment and advancement of our dear nation.
Hajia Mussawa, the new Minister of Culture and Creative Economy also have huge task thrusted on her path. She’s expected to transform that ministry so much as to be one of the vehicles for huge revenue generating ministry of the government. Nigerian have bubbling, blossoming and thriving creative sector with some of the nation’s actor & actresses, as well as music stars rated as amongst the best in the globe in their crafts. With these array of talents, why is Nigerian foreign reserves not significantly benefiting from the supposed accruing foreign currency and ultimately, the Nation’s Treasury? This is the enormous task that the new helmsman is henceforth expected to navigate through.
In the new FEC composition, the president has opted to allow Steel and Mines development to stand alone. The logic behind this is for the new Minister to develop the Ajaokuta Steel Industry, as well as other Steel and Mines related industry in other locations, with a view to supporting the nation’s drive towards industrial and technological development.
Over the years, the Nigeria successive administrations have made spirited efforts to ensure diversification of the nation economy from oil resources. The two areas that have been in constant focus are solid minerals and agricultural sectors. Sadly, very insignificant have been the contributions of these sectors to the nation’s FAAC. The new Minister is expected to deploy strategic initiatives that will change this paradigm, as well as battling to submission the cabals across the country that have been holding the sector by the jugular, through cornering the huge resources from the sector and ultimately frustrating the vision of the government from achieving diversification objective.
The president has brought these illustrious men and women on board to help and collaborate with him in navigating the ship of the nation through this difficult and very critical time in the existence of the country. We must commend and applaud him for painstakingly and studiously fishing out some of them who have been very resourceful and distinguished in the public and private offices they’d previously served.
The expectant nation therefore expect the new members of Federal Executive Committee to swiftly key and align with vision of the president in ensuring dividends of democracy are promptly delivered for the stakeholders-Corporate community, SMEs, Households, Market Women, Teeming Youths, Farmers, Religious Organizations etc. This is the only way to sustain the partnership between the leaders of the government and the governed.
Kola AMZAT (FCA),
Lagos Based Financial Consultant,