President Tinubu should urgently stimulate the economy for the creation of jobs and forget the recent National Bureau of Statistics' reformulation of Nigeria's unemployment figure at 4.4 per cent.
. Its coincidence with the Presidential Election Petition Tribunal's validation of his victory in the 25 February general elections made the milestone all the more remarkable for him. On his first day in office, he took the bull by the horns with a bold statement on his administration's policy trajectory. At home and on the foreign scene, governance moved at a dizzying pace, with a melange of outcomes.
Attempts to reposition the economy inspired the setting up of a Presidential Task Force on Fiscal and Policy and Tax Reforms in August and a forensic scrutiny of the Central Bank of Nigeria activities. Suspended CBN governor, Godwin Emefiele, is now being prosecuted over an N6.9 billion corruption charge; while the equally suspended Chairman of the Economic and Financial Crimes Commission , Abdulrasheed Bawa, has been detained since 14 June.
In response to doubts about the integrity of the National Social Register, which would have been used to share the $800 million subsidy removal palliatives, Tinubu's administration dropped the idea. This was fair enough! Paradoxically, the alternative mode adopted in August by giving N5 billion each to governors of the 36 states, to buy 100,000 bags of rice and 40,000 bags of maize and fertiliser for distribution to the poor is not delivering results either.
Instead of the presumed $37.08 billion reserves, at the end of 2022, JP Morgan said a few weeks ago that the net figure is actually $3 billion. So acute are FX shortages that foreign airlines had $812 million from ticket sales trapped in the country as of the 4th of June. Some of them have temporally stopped their operations as a result. It is the same harrowing experience for other foreign investors and Nigerians with dollar obligations.
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