There has always been a consensus among opinion leaders and economic experts that subsidy removal was a bitter pill that Nigerians must swallow as a cure for the country’s economic malaise. The real challenge has always been who would be courageous enough to bell the cat.
Amplifying the call for subsidy removal, in June 2010, the then Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, launched a ferocious call for the removal of fuel subsidy. He argued that the subsidy regime was not beneficial to the ordinary Nigerians. Rather, it was only enriching the rich. His call at the time followed a revelation by the then minister of Trade and Industry, Olusegun Aganga, that Nigeria’s external debt profile has risen to $4. 3 billion, warning against unnecessary borrowing by government at all levels.
After the feeble attempt by former President Goodluck Jonathan in 2012, it took another 11 years for a daring President Bola Ahmed Tinubu to take the bull by the horn. This is to the extent that, globally, Tinubu has been acknowledged as a leader with guts. Where others chicken out, he dared and achieved a milestone.
Nigerians, the World Bank, Africa Development Bank and other multilateral institutions have roundly applauded the Nigerian president for a result-oriented reforms. Can we deny today that the hitherto chaotic energy sector is beginning to normalise? Of course, we can’t deny the fact that our abandoned refineries (Port Harcourt and Warri) are back in operation, while ongoing on Kaduna plant. Today, market forces are controlling the price of petrol, not arbitrariness of government or cabals.
In the banking sector, all men are playing safe because of Tinubu’s hammer. There are no more sacred cows in financial transactions. Now, it is strictly, “if you do anyhow, you see anyhow.” The days of round tripping by banks is gone. The era when powerful and connected individuals go to the CBN to buy dollars at official rate and head to zone 4 (den of currency black market) is also gone. The single exchange window is paying off massively.
The long abandoned capital projects are receiving lifeline once again, thanks to the removal of fuel subsidy which has freed resources for beneficial projects. There’s now surplus cash available to government at the three levels of our federation to execute life-changing project, just because one man dared to do the right thing.
It is therefore surprising to hear a prominent former traditional ruler in Nigeria criticising the Tinubu administration in the light of the ongoing reforms. If you ask me, this is nothing but ‘Ketekete’ syndrome. Those who have chosen not to like you, no matter what you do, will still criticise you.
Curiously, it was in the domain of this former monarch that shops and other valuable places were destroyed in a manner that can only be seen in a Banana Republic. This wanton destruction of property worth billions of naira led to absolute poverty and rapid increase of crime rate that can only be imagined in a ‘Banana Kingdom.’
Yet, he remained silent, even though everyone know were he cast his vote during the 2023 presidential election. We are all aware that this same former monarch was at the forefront, championing fuel subsidy removal in 2012. Such ‘ketekete’ syndrome from a king should be well monitored by the country’s intelligence community to avoid crises. It amounts to manufacturing empty lies against the Nigerian Government under the leadership of President Tinubu just to undermine the administration.
The evergreen juju music maestro, Ebenezer Obey, aka Commander, in his album, “The Horse, The Man & The Son,” illustrated the ‘ketekete’ syndrome with the story of a man and his son, who embarked on a journey on a donkey. The old man got on the donkey since he was older and weaker, and they began their journey, with the son walking beside him. They were suddenly accosted by someone who said to the father, “Lazy old man! How dare you allow a little boy to walk under the blazing heat of the sun?”
The old man got off and put his son on the donkey. As they continued their journey, a passerby said loudly: “What a foolish old man! Do you want to die in the heat while your son who is youthful and stronger rides on the donkey?” So the father got on the donkey as well.
As they rode through a village, they saw a crowd of people who yelled at them saying, “Those two heartless riders are trying to kill that poor donkey just because it is a beast of burden.” So, they both got off, and walked alongside the donkey and continued their journey. Soon, they met other passers-by, who called them fools for walking alongside the donkey on which they’re supposed to ride. With this experience, the old man concluded that “in life, do your best and leave the rest to God because no matter what you do, you can’t satisfy people.”
There’s no doubt that the Tinubu administration has been working tirelessly to implement reforms that would stimulate economic growth and development in Nigeria. And it seems like their efforts are finally paying off. According to recent reports, foreign investor demand for Nigerian assets has surged, with foreign portfolio investor asset purchases exceeding $1 billion in February.
This significant influx of foreign investment is a clear indication that President Tinubu’s reforms are yielding positive results. The reforms have created a favorable business environment, making Nigeria an attractive destination for foreign investors. As a result, the country is experiencing a surge in economic activities, which is expected to have a positive impact on the lives of Nigerians.
The increase in foreign investment is also being driven by the growing confidence of Nigerians living abroad in the country’s economic prospects. Remittances from Nigerians abroad have been increasing, providing a significant boost to the country’s foreign exchange earnings.
President Tinubu’s reforms have also led to an improvement in the country’s business environment. The government has implemented policies aimed at reducing bureaucratic bottlenecks and improving the ease of doing business in Nigeria.
The recent criticism of President Tinubu’s reforms by the former traditional ruler is coming to many Nigerians as a surprise, with many speculating that the traditional ruler’s motives, which is akin to a king of a Banana Republic may not be entirely pure. It appears that the traditional ruler’s criticism may have been motivated by a personal vendetta rather than a genuine concern for the welfare of the people.
This is not an uncommon phenomenon in Nigerian politics, where personal interests and scores are often settled under the guise of public service. It’s a shame, really, because it undermines the credibility of the traditional institution and the trust that people have in their leaders.
The traditional ruler’s criticism of Tinubu’s reforms was not based on any objective analysis of the policies, but rather on a personal agenda. This kind of behaviour is not only unbecoming of a traditional ruler, but it’s also damaging to the country’s progress.
One would expect traditional rulers to be above petty politics and personal vendetta, and instead focus on promoting the welfare and development of their people. Unfortunately, this is not always the case, and it’s up to the people to hold their leaders accountable for their actions.
In this case, it’s clear that the former traditional ruler’s criticism of Tinubu’s reforms was not motivated by a desire to serve the public interest, but to settle personal scores. This is a disservice to the people and a betrayal of the trust that they have placed in their traditional leaders.
It’s time for traditional rulers to take a step back and reflect on their role in society. They should be promoting the welfare and development of their people, not using their positions to settle personal vendetta. The people deserve better, and it’s up to their leaders to deliver.
Traditional thrones are indeed institutions that command respect and dignity. The occupants of these thrones are expected to conduct themselves in a manner that is befitting of their status and position.
Reckless statements and unstatesmanly behaviour are not only unbecoming of traditional rulers, but they also undermine the dignity and respect that these institutions embody. Traditional rulers are expected to be custodians of culture, tradition, and values, and their words and actions should reflect this.
In recent times, it has been disappointing to see some traditional leaders to engage in behaviour that is not only unbecoming but also divisive. The use of inflammatory language and the promotion of sectarian interests are not only harmful to the community but also erode the credibility and respect that traditional thrones deserve.
In conclusion, let it be known that President Tinubu’s reforms are starting to pay off, and the results are evident in the surge in foreign investment and remittances from Nigerians abroad. As the government continues to implement policies aimed at improving the business environment and attracting foreign investment, Nigerians can expect to see significant improvements in their economic prospects.