President Tinubu and his renewed hope teamThe Journey So Far

Within his 100 Days in office as the President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu is working the talk in line with his campaign mantra, ‘Renewed Hope’


Unlike former Nigerian Presidents, Asiwaju Bola Ahmed Tinubu, President and Commander-In-Chief of Armed Forces, is perhaps, one Nigerian leader that came to the throne well prepared. He did not pretend about the job he wanted and did not waste any body’s time justifying how he was begged to come to power. The Jagaban of Borgu prepared for power, sought for power and got power which he worked for. He is one president who has agreed that he had deliberately worked and assiduously planned how to occupy Aso Villa. And rightly so, from day one, he hit the ground running with his ideas, policies and hands-on information which he has prepared over the years on how to make his father land better.

Little wonder, he did not waste time unveiling his agenda which was well captured in his manifestoes. Unlike previous administrations, he also unveiled his kitchen cabinet without much ado even as he met the constitutional requirement of forming his cabinet within a record time. His aspiration which came to fruition with the February 25, 2023 presidential election result did not come easy. It was a keenly contested presidential election where the three leading presidential candidates showed enough strength. The trio consists of Bola Ahmed Tinubu of the All Progressives Congress (APC), a former governor of Lagos state and a chieftain of the ruling party at the centre, Atiku Abubakar of the Peoples’ Democratic Party (PDP), a former vice president and Peter Obi of the Labour Party (LP), also a former governor of Anambra state.

The declaration of Tinubu as president and his subsequent inauguration as the 16th president of the Federal Republic of Nigeria on May, 29, 2023 is unique as a king maker who patiently waited at the appropriate time and struck gold the moment he stretched his hands. The election was very challenging especially as the president ran under a muslim-muslim ticket, a decision that met a lot of resistance but he had his eyes on the ball. He prepared his way to the presidential villa when he entered into a merger with Muhammadu Buhari and other opposition parties to wrest power from the then ruling Peoples’ Democratic Party (PDP) with President Goodluck Jonathan in the saddle.

As a political tactician, Tinubu had approached Muhammadu Buhari, former military Head of state who went into politics after retirement. Buhari had contested for the presidency of Nigeria forthree times and lost. He was frustrated and had cried and was ready to quit the scene when the maverick politician approached him to come back and join forces with him and other opposition leaders. Following merger talks, Buhari’s CPC merged with Tinubu’s Action Congress of Nigeria (ACN), the All Nigeria Peoples Party led by Dr Ogbonnaya Onu and a faction from the Peoples’ Democratic Party led by Atiku Abubakar , Bukola Saraki and Chibuike Amaechi and others to form the All Progressive Congress (APC) with Buhari as the presidential candidate for 2015 and Tinubu as the national leader of the party.

The APC won the presidential election in an unprecedented manner where the then incumbent president Jonathan conceded defeat before INEC could officially announce the result. With the scenario so established, Tinubu was in a position to seek for presidential primaries at the fullness of time. That time came in 2023 after Buhari had completed two terms. The way to success as they say is always long and difficult. This saying captures Tinubu ascendancy to the president which he himself had noted as “long life ambition.” The former Lagos State governor had to weather all storms to first cling the ticket of his party in June, 2022 having met stiff opposition from about 23 aspirants jostling for the ticket. That included even his political allies from the south-west zone including Vice President Yemi Osinbajo, Governor Kayode Fayem of Ekiti State, Ajayi Borofice, deputy senate leader, Ibikunle Amosun and Dimeji Bankole, former speaker of the House of Representatives. In the middle of the race came permutations amongst those in the corridors of power in the villa that President Buhari had an anointed candidate for the 2023 presidency and certainly not Tinubu.

This was largely due to the earlier emergence of Atiku as the presidential flagbearer of the main opposition PDP and the need for APC to also field a northern candidate. It was part of the political calculation that led to the sudden pronouncement by Abdullahi Adamu, APC national chairman that Ahmad Lawan, president of the senate was the consensus candidate but that was roundly rejected even by his colleagues in the National Working Committee of the party.

A measure of reprieve came the way of Tinubu when APC governors and leaders from the north conceded the contest to the south and one of the aspirants, Governor Abubakar-Badaru of Jigawa withdrew from the race with only Governor Yahaya Bello of Kogi state, Senate President Lawan and Sani Yerima, a former Zamfara governor from the north in the race. The northern APC governors and leaders in their resolution said: “After careful deliberation, we wish to state our firm conviction that after eight years in office of President Muhammadu Buhari, the presidential candidate of the APC for the 2023 elections should be one of our teeming members from the southern states of Nigeria.

“It is a question of honour for the APC, an obligation that is not in any way affected by the decisions taken by another political party. We affirm that upholding this principle is in the interest of building a stronger, more united and more progressive country. “We therefore wish to strongly recommend to President Muhammadu Buhari that the search for a successor as the APC’s presidential candidate be limited to our compatriots from the southern states. We appeal to all aspirants from the northern states to withdraw in the national interest and allow only the aspirants from the south to proceed to the primaries.” After the resolution, Buhari had ordered that a consensus should be reached among the southern aspirants, but all their meeting so far have been deadlocked. Tinubu went to work knowing that his time has come. He won the primaries and contested with Atiku Abubakar, Peter Obi and Rabiu Kwankwaso for the presidency.

At the February 2023 presidential election, he was declared winner by the Independent National Electoral Commission (INEC), and thus, settled down to implement his dreams, policies and ideas. During the early hours of Wednesday, the Independent National Electoral Commission declared the All Progressives Congress presidential candidate, Bola Tinubu, as the President-Elect. Tinubu, a former Lagos State governor, was declared the president-elect after the 70-year-old polled 8,794,726 votes to win the 2023 presidential election. The INEC Chairman, Professor Mahmood Yakubu, announced Tinubu as the winner at the International Collation Centre in Abuja.

However, the three leading presidential candidates won in 12 states each. Aside the eventual winner, other candidates are Atiku Abubakar and Peter Obi of the Peoples’ Democratic Party and Labour party respectively. States won by the Jagaban Borgu are: Niger, Benue, Kogi, Zamfara, Jigawa, Oyo, Rivers, Ogun, Ondo, Kwara, Ekiti and Borno. As an astute political tactician, president Tinubu has shown strength so far in managing Nigerian affairs since after his inauguration and has done one hundred days in office. True to his campaign promises, President Tinubu has kept faith with Nigerians. He made his first appointment few hours after his sworn-in on Monday, May 29, 2023. He named Victor Adeleke, a career diplomat as State Chief of Protocol (SCOP) and later, appointed Senator George Akume as the Secretary to the Government of the Federation (SGF), Hon Femi Gbajabiamila, a former Speaker of the House of Representatives, as his Chief of Staff while he announced Senator Hassan Hadejia, former deputy governor of Jigawa as deputy chief of staff.

He equally appointed new service chiefs and named Nuhu Ribadu, former anti-graft czar as the National Security Adviser (NSA). President Bola Tinubu was not handed Nigeria at its best socio-economic state, and he knows this fact; perhaps, this has informed some of the steps he has taken within the last 13 days since he officially took the reins. Uneasy they say lies the head that wears the crown, and indeed the first few days have not been easy, especially because the new president had to delve headlong into the subsidy quagmire even as his lawyers continue to battle election petitions at the tribunal. There are many who have said that Tinubu has shown some plausible character within these very early days in office and as such we sought to review some moves that the president has made within this short period under review, looking the impact of some of these steps taken, and their benefits to the Nigerian people.

Security is a very crucial need for the country especially if the economy is to be restored back to a level of stability for the citizens. Bearing this in mind, one of the first tasks executed by the president was to meet with the Service Chiefs and the National Security Adviser. At the meeting, Tinubu tasked security and intelligence agencies in the country on the importance of information and intelligence sharing, to obliterate counter productivity of resources in the fight against terrorism. Highlighting the importance of backing their efforts with knowledge, the president underscored that in order to achieve economic revival, prosperity and development, security should be of utmost priority.

In meeting up with the challenges of fuel subsidy removal, the president met with representatives of major oil marketers in Nigeria, charging them to work with his government to be able to meet the needs and demands of Nigerians. As a result of this meeting, the Oil marketers’ association announced their intention to donate between fifty to a hundred ’50-seater’ mass transit buses to help the masses. This they said is expected to cost about a 100 million naira each and 10 billion naira cumulatively, to cushion the effect of the subsidy removal within the next 30 days. The president also met with Exxon Mobil Executives, marking the continuation of his administration’s efforts to secure the collaborations of critical players in the oil sector towards ensuring stability and transparency and fair competition in the sector. Following his meeting with the oil marketers, the president directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on Nigerians. The NEC is to come up with palliative measures to aid Nigerians even as the nation adjust to being without subsidy.

Within the period the president has also met with traditional rulers and in the course of their dialogue he tasked them with supporting the administration’s efforts to ensuring lasting peace and unity by promoting responsible behaviour and patriotism. He also gave them an assurance that his government will support them as they continue in their role as powerful custodians of the nation’s unique cultural values. In a similar fashion, the president was able to broker a deal with the Nigeria Labour Congress (NLC), causing them to also suspend plans to hold a strike and protests over the subsidy removal issue.

According to the authorities the president was able to reach 7 key agreements with the NLC and other labour unions in a bid to abort the strike. The 2023 Electricity Act which is expected to de-monopolise electricity generation, transmission and distribution at the national level was also signed into law by the president within the period under review. In signing the electricity bill into law, Tinubu has now empowered state governments, companies and individuals to generate, distribute and transmit electricity. Similarly, President Tinubu in exercising the powers vested in him under the 1999 Constitution as amended, assented to a fresh amendment of the Constitution of the Federal Republic of Nigeria.

He signed into law the “Constitution of the Federal Republic of Nigeria, 1999 (Fifth Alteration) (No.37), 2023” presented by the outgoing 9th National Assembly. With the signing of the Constitutional amendment Bill, retirement age and pension rights of judicial officers have been effectively brought into uniformity and other related matters. According to president’s spokesman, Abiodun Oladunjoye, while signing the amendment Bill into law, Tinubu pledged his administration’s dedication to strengthening the judiciary, ensuring the rule of law, and empowering judicial officers to execute their responsibilities effectively. Within the time the president has made some declarations that stirred great reactions from the people and one of them is that the country cannot continue feeding smugglers and acting as Father Christmas to neighbouring countries. At the interactive session with the Royal Fathers under the aegis of the National Council of Traditional Rulers of Nigeria (NCTRN), the president said he remains committed to the decisions to remove fuel subsidy, improve security, create jobs, and to sustain the environment.

In staying true to his promise to reach out and accept anyone willing to work with him, President Bola Tinubu met with members of the defunct G-5, including Okezie Ikpeazu (Abia), Ifeanyi Ugwuanyi (Enugu), Samuel Ortom (Benue), Nyesom Wike (Rivers) and current Oyo State governor, Seyi Makinde. While the core reason for the visit is yet to be made known, Governor Makinde told newsmen that the group came to intimate the President on happenings. He said: “Nation building is a very difficult task. You have to keep evaluating…know what you’re doing, where you’re going. So, we have to keep seeing the President, to let him know what is happening. We also came to let the President know what we stood for – fairness, justice and equity.”

On new focus of the G-5, he said: “We are going towards Mr. President, you know, coming with us on the route for fairness, for justice and for equity in Nigeria.” In what some have termed his most striking move, the president suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) governor. This according to the presidency is a sequel to the ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy. Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor, Operations Directorate, Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms. At the eagle square where he was inaugurated, Tinubu courageously announced the removal of fuel subsidy, a big elephant that no previous leader had ever dared. He convinced Nigerians that the monster had to go promising that after the initial pains, there would be gains.

Since then, he has been rolling out measures to cushion the effect of the removal. He has instituted some economic measures to moderate the rising inflation and cost of living. He has approved N5bn to all the 36 states of the federation including the FCT. Grains and fertilizer are also being released to farmers across the country to tackle hunger and ensure food security. Other economic measures aimed at stemming the tide of harsh economy includes opening of borders to facilitate movement of trade between Nigeria and its neighbours. Suspension of the proposed import tax adjustment levy on certain vehicles and the excise tax on telecommunications and other locally manufactured goods, Also, the finance variation order 2023, signed as executive order bill will enable tax payers to adjust to the new provisions in line with the national tax policy.

He also unbundled power by removing it from exclusive list thereby unlocking the door for states to run their show. They can generate, distribute, protect and even sale. Nigerians’ expectations in the Senator Bola Ahmed Tinubu Presidency are quite high. This is against the harrowing experiences of many Nigerians whose living standard had decreased as a result of unfavourable government policies under former president, Muhammadu Buhari. No doubt, the social and economic lives of the citizenry have been on the downward fall as inflation has hit the rooftop. Dividends of democracy seems elusive, yet reports have it that corruption in government is on the rise.

Thus, Nigerians look forward to the present administration of Tinubu to turn the hardship around for their economic and social liberation. They have in this report outlined their expectations, with the hope that President Tinubu and his executive will hear and formulate people-oriented policies that will facilitate and open up the business environment for small and medium scale businesses to thrive. Many people have expressed hopes and expectations about what his administration has to offer given the present state of the nation’s economy and infrastructural decay. While many urged the Tinubu led administration to prioritise tackling youth unemployment, education, diversify the economy, others called on him to tackle corruption, revive industries and secure the lives and properties of the people. Tunde Adewale, a 300 level of the University of Abuja called on the government to take the issues of education serious. He said President Tinubu government should not pay lip service to the educational sector.

He said the government should address re-occurring disagreements between it and the Academic Staff Union of Universities (ASUU) that has led to countless strike actions. He advocated that policies and programmes should be focused on advancing the sector. Already, the National President of the ASUU, Professor Emmanuel Osodeke, had asked the present government to set an agenda concerning the nation’s education sector because education remains pivotal to national development and a veritable tool to tackle unemployment, poverty and other social ills that have continued to retard the nation’s progress.

He said the administration should allocate a reasonable percentage of its annual budgets to education and also fix the infrastructural rot, especially libraries, students’ hostels and staff quarters, and equally take the welfare of teachers and other school workers important. A businessman, Chibuzor Okoro said the administration should focus on issues of immediate and critical importance to the business environment and the overall economy. He said efforts should be targeted at efficient generation and distribution of electricity to stimulate the business environment.

A farmer, Elisha urged the Tinubu Presidency to help farmers by subsidizing fertilizer and ensuring its availability and equitable distribution to farmers. He also tasked the government on security of lives, farmlands and property. He said the government should come to their rescue as cattles used to destroy their farmlands. “We are hungry, cattles have been disturbing us, they eat up our crops, we need security. We appeal to President Tinubu to come to our rescue. Let his government tackle the insecurity, herders and their cattles’ attacks on our farmlands,” he stated. A housewife, Mrs. Beatrice Adekunle called on the present government to make life bearable. “I expect President Tinubu to ensure that prices of foodstuffs are reduced. We want him to help us, the cost of living is unbearable. Prices of stable food items are skyrocketing by the day,” she stated.

A taxi driver, James Azeni called on the present government not to hike the price of fuel again. “The subsidy removal has hit us hard. We can hardly make any gain these days. The administration should make sure that Nigerians are not subjected to another fuel increase,” he appealed. For Joseph Ade, the Tinubu government needs to take steps to stabilise the economy and create jobs for the nation’s increasing unemployed population. “President Tinubu government should continue with efforts to revitalise and support the country’s industries to enable them reduce the pressure on the government as per employment opportunities,” he stated. A night club operator, Hassan Tijani said efforts should be made to revamp the social life of Nigerians.

“There is the need for synergy among security agencies within the country for enhanced security and tackle kidnapping, serial killings and destruction of properties across the country. “Nigerians also want quality and affordable healthcare services. President Tinubu should focus on provision of quality healthcare.” President Bola Ahmed Tinubu has, since his assumption of office, enunciated wide-ranging policies in fidelity to the pledge he made to put Nigerians at the centre of government policies and address business unfriendly fiscal and monetary policies, especially multiplicity of taxes. Nobody is in doubt of the president’s preference for market driven economy, especially the growing quest to maximise revenue growth for developmental purposes. Much seem to have been accomplished within a short time in office in terms of reforms, however, what remains conspicuously missing are measures with a direct impact on the populace to significantly ameliorate the consequences of the fuel subsidy removal, which should include the immediate roll-out of palliatives as promised by the government. The president has not left anyone in doubt of the direction of his administration’s economic policy, which revolves on lifting impediments to a friendly business climate, revenue generation, elimination of multiple taxation, monetary policy reforms, ease of doing business, growth of the economy that would engender shared prosperity amongst the populace, etc.

Consequently, on his first day in office, just a few minutes after being sworn in as President, Tinubu, swiftly revisited the vexed issue of subsidy and announced its removal from Premium Motor Spirit (PMS), popularly called petrol. This did not go down with many people due to obvious reasons. The effects of the announcement on the economy and the people were spontaneous. As anticipated, immediately, the petroleum products marketers adjusted the pump price of petrol upwards to N540 per litre. Motorists across the country were caught napping as those that could not afford to pay for the new prices park their vehicles. Commuters who were also caught off-guard of the price increase were left with fewer choices of either trekking distances or paying through their noses. In the midst of all this, the masses continue to bear the brunt and move on stoically.

President Tinubu had said, “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions.” Nigerians are still waiting anxiously for the promise to be fulfilled. All along, the petrol subsidy removal has been anticipated to cause a temporary increase in inflation in the upcoming months before contributing to disinflation in the medium term. Also, experts say the price increases resulting from the subsidy removal will impact on prices, primarily affecting petrol purchases for transportation, power generation and other services.

To limit the risk of so-called second-round effects, where one-off price increases trigger more generalised inflation including through wage-price spirals, the Nigeria Development Update (NDU) suggests that it will be important to adopt macro-fiscal policy settings that are conducive to price stability. The NDU report released recently points the way forward by stating that “Compensating transfers will be essential in helping to shield Nigerian households from the initial price impacts of the subsidy reform. Without compensation, many households could be pushed into poverty by higher petrol prices and forced to resort to coping mechanisms with long-term adverse consequences, such as not sending children to school, or not going to health facilities to seek preventative healthcare”.

In addition to providing immediate cash compensation, the report stated that the “Government could also elaborate on the use of the freed-up resources in a new compact with the Nigerian people, outlining support in the immediate as well as medium and long term, at the federal, state, and local government levels. The recent proposal to implement a set of measures to alleviate the impact of the subsidy removal, led by the National Economic Council, should clearly identify priority areas for government investment and effectively communicate these to the public to garner support. A public commitment to identifying development (including infrastructure) spending priorities, pro-poor service delivery, and a role for social protection programmes to help households cope with shocks could guide such a compact. The compact should also be anchored in a clear commitment to fiscal realism, as a large expansion in spending could have fiscal implications, potentially leading to increased fiscal deficits over the medium-term”.

In his quest to remodel the economy to bring about growth and development through job creation, food security and an end to extreme poverty, President Tinubu has charted a course of action targeted at achieving a higher GDP growth, which would in turn enhance significant reduction in unemployment.

This, the President intends to accomplish by budgetary reform to stimulate the economy without engendering inflation, and industrial policy to utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency. Perhaps, recent announcement of presidential interventions to address key concerns of manufacturers and other stakeholders regarding some recent tax changes could be interpreted to make for efforts to redeem his pledge to put the economy in a sound footprint. The then Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake, while briefing State House reporters at the Presidential Villa, Abuja, disclosed that President Tinubu signed four Executive Orders “in fidelity to the pledge to put Nigerians at the centre of government policies and address business unfriendly fiscal policy measures and multiplicity of taxes”.

The first executive order, Mr Alake said is the Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023, to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy. “The second one is The Customs, Excise Tariff (Variation) Amendment Order, 2023 which has also shifted the commencement date of the tax changes from March 27, 2023, to August 1, 2023 and also in line with the National Tax Policy. Thirdly, the President had given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products. The President had also ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles, and the suspension of the Import Tax Adjustment levy on certain vehicles.

Prior to this, President Tinubu had assented to the bill which empowers the sub-nationals to generate their electricity in order to become more accessible and affordable to businesses and homes alike, a move intended to make power generation nearly double and improve the transmission and distribution networks. States are encouraged to develop their local sources as well. The administration has also touched on the monetary policy reforms, which led to the Central Bank Bank (CBN) discarding the multiple foreign exchange FX rates it had hitherto maintained in favour of a unified exchange rate. The aim is to divert funds from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy. This is in addition to allowing the redesigned Naira and the old denominations to run both as legal tenders.

However, interest rates have not been reduced as intended in order to increase investment and consumer purchasing power in ways that sustain the economy at a higher level; rather, the economy is witnessing a spike in inflation rate. Uchenna Uwaleke, Professor of Finance and Capital market at Nasarawa State University said in his reaction: “The recently signed Executive Orders represent a welcome development as they will no doubt enhance the business environment and consequently improve the country’s ranking in the Ease of Doing Business.

“The suspension of the proposed import tax adjustment levy on certain vehicles and the Excise tax on telecommunications and other locally manufactured products will help to moderate the rising inflation and increase productivity. “Also, the Finance Act Variation Order 2023 is equally in order to enable taxpayers to adjust to the new provisions in line with the National Tax Policy. “Much as these developments will help moderate the rising inflation, more measures with direct impact on the population need to be put in place in order to significantly ameliorate the adverse consequences of the fuel subsidy removal. These should include the immediate rollout of palliatives promised by the government.”

Experts are unanimous in their views that the various economic policies of President Tinubu are critical steps to address long-standing macroeconomic imbalances and have the potential to establish a solid foundation for sustainable and inclusive growth. They affirmed that Nigeria can seize this window of opportunity to further implement a comprehensive reform that encompasses a range of complementary fiscal, monetary, trade, and structural policy measures to maximise on growth, job creation, and poverty reduction.

The Federal Government’s recent introduction of a yearly vehicle ownership verification fee of N1,000 for all categories of motorists across the country is another economic policy of the administration that does not go down well with some Nigerians. But the government insists that the fee known as the Proof of Ownership Certificate (POC), aims at tracking the real-time status and integrity of all vehicles registered on the National Vehicle and Identification Scheme (NVIS) database.

The recent approval by the president of the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms to remove all barriers impeding business growth in Nigeria may help resolve the issue of multiple taxation, especially those with a stranglehold on Nigerians like the N1,000 annual renewal fees for vehicles proof of ownership. The committee, which will be chaired by Fiscal Policy Partner and Africa Tax Leader at Price Waterhouse Coopers (PwC), Mr Taiwo Oyedele, will comprise experts from both the private and public sectors and who will have responsibility for the various aspects of tax law reform, fiscal policy design and coordination, harmonisation of taxes, and revenue administration.

It is consoling to note that Mr. Adelabu Zacch Adedeji, Special Adviser to the President on Revenue explained that President Tinubu recognises the importance of a sound fiscal policy environment and an effective taxation system for the functioning of government and economy. According to him, ‘’Nigeria ranks very low on the global ease of paying taxes while the country’s Tax to GDP ratio is one of the lowest in the world and well below the African average. This has led to an overreliance on borrowing to finance public spending which in turn limits the fiscal space as debt service costs consume a greater portion of government revenue annually resulting in a vicious cycle of inadequate funding for socio-economic development. While some incremental progress has been recorded over the years, the outcomes have not been transformative enough to change the narrative.”

More heart-warming is Adedeji’s acknowledgement of the key challenges in Nigeria’s tax system, which includes multiple taxes and revenue collection agencies, fragmented and complex tax system, low tax morale, high prevalence of tax evasion, high cost of revenue administration, lack of coordination between fiscal and economic policies, and poor accountability in the utilisation of tax revenue.

The SA on Revenue further explained ‘’Our aim is to transform the tax system to support sustainable development and achieve a minimum of 18 percent Tax to GDP ratio within the next three years without stifling investment or economic growth. It should be noted that this committee will not only advise the government on necessary reforms but will also drive the implementation of such recommendations in support of the comprehensive fiscal policy and tax reform agenda of the current administration”.

As laudable as the policy may be, efforts should be made at ensuring that it addresses the challenges it was established to tackle, in order to bring about transformative reforms in fiscal policy and taxation. The committee should focus on its primary objective to enhance revenue collection efficiency, ensure transparent reporting and promote the effective utilisation of tax and other revenues to boost citizens’ tax morale, foster a healthy tax culture and drive voluntary compliance, as these efforts will not only improve Nigeria’s revenue profile but also create a more conducive and internationally-competitive business environment.

President Tinubu’s economic policies that have been unveiled so far have received commendations from experts, just as they have given suggestions on the way forward. However, Nigerians are waiting and hoping to witness the much-expected economic turn-around that would herald an improved standard of living for all and inclusive growth. The government should not stop at giving requisite stimulus by way of friendly policies to allow businesses to flourish in the country; it must not only issue orders to ameliorate the negative impacts of the tax adjustments on businesses, but it should also equally evolve policies to unshackle the chokehold on households across affected sectors, and not exacerbate the plight of Nigerians.

Tinubu’s 45-man squad
The Presidency has since unveiled the designation of the ministers that will work with President Bola Tinubu. Indeed, the federal executive council (FEC) has been put in place with inaugural meeting held. The ministers have since settled down to duty at the posts.
1. Minister of Communications, Innovation and Digital Economy, Bosun Tijani
2. Minister of State, Environment and Ecological Management, Ishak Salaco
3. Minister of Finance and Coordinating Minister of the Economy Wale Edun
4. Minister of Marine and Blue Economy, Bunmi Tunji
5. Minister of Power, Adedayo Adelabu
6. Minister of State, Health and Social Welfare, Tunisia Alausa
7. Minister of Solid Minerals Development, Dele Alake
8. Minister of Tourism, Lola Ade-John
9. Minister of Transportation, Adegboyega Oyetola
10. Minister of Industry, Trade and Investment, Doris Anite
11. Minister of Innovation Science and Technology, Uche Nnaji
12. Minister of State, Labour and Employment, Nkiruka Onyejeocha
13. Minister of Women Affairs, Uju Kennedy
14. Minister of Works, David Umahi
15. Minister of Aviation and Aerospace Development, Festus Keyamo
16. Minister of Youth, Abubakar Momoh
17. Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu
18. Minister of State, Gas Resources, Ekperikpe Ekpo
19. Minister of State, Petroleum Resources, Heineken Lokpobiri
20. Minister of Sports Development, John Enoh
21. Minister of Federal Capital Territory, Nyesom Wike
22. Minister of Art, Culture and the Creative Economy, Hannatu Musawa
23. Minister of Defence, Mohammed Badaru
24. Minister of State Defence, Bello Matawalle
25. Minister of State Education, Yusuf T. Sunumu
26. Minister of Housing and Urban Development, Ahmed M. Dangiwa
27. Minister of State, Housing and Urban Development, Abdullah T. Gwarzo
28. Minister of Budget and Economic Planning, Atiku Bagudu
29. Minister of State, Federal Capital Territory, Mairiga Mahmud
30. Minister of State, Water Resources and Sanitation, Bello M. Goronyo
31. Minister of Agriculture and Food Security, Abubakar Kyar
32. Minister of Education, Tahir Maman
33. Minister of Interior, Sa’Idu A. Alkali
34. Minister of Foreign Affairs, Yusuf M. Tuggar
35. Coordinating Minister of Health and Social Welfare, Ali Pate
36. Minister of Police Affairs, Ibrahim Geidam
37. Minister of State, Steel Development, U. Maigari Ahmadu
38. Minister of Steel Development, Shuaibu A. Audu
39. Minister of Information and National Orientation, Muhammed Idris
40. Attorney General of the Federation and Minister of Justice, Lateef Fagbemi
41. Minister of Labour and Employment, Simon B. Lalong
42. Minister of State, Police Affairs, Imaan Sulaiman-Ibrahim
43. Minister of Special Duties and Inter-Govermental Affairs, Zephaniah Jisalo
44. Minister of Water Resources and Sanitation, Joseph Utsev
45. Minister of State, Agriculture and Food Security, Aliyu Sabi Abdullahi