BUHARI, I AM SORRY

 BUHARI, I AM SORRY 

Mohammadu Buhari was far more sensible than Bola Ahmed Tinubu. President Buhari refused to remove the subsidies because it would have destroyed the consumer economy that Nigeria is. He was sensible to understand how that would affect us as it is today. Reflecting on the economic policies and governance of Muhammadu Buhari and Bola Ahmed Tinubu reveals a complex narrative of challenges, decisions, and their impacts on Nigerians. While both administrations faced unique circumstances, certain aspects of Buhari's tenure now appear in a different light when compared to Tinubu's approach. Tinubu has failed in every aspect of government, be it economy, human security, constitutionality and accountability. 

The suffering is real: Critics have indeed argued that prioritizing fuel subsidies and naira stabilization might have a more immediate impact on the lives of Nigerians than large-scale infrastructure projects like the N15 trillion Lagos-Calabar Coastal Highway. Subsidies, while costly, provide relief to citizens facing high living costs, and hedging the naira could stabilize the economy amidst inflation and currency devaluation. Bola Tinubu has refused to backpedal on his position: removing the subsidies, gathering more debt, increasing taxes, floating the Naira. Why is this man this recalcitrant? The entire OPEC member countries pay subsidies. America pays subsidies. The UK pays subsidies. South Africa pays fuel subsidy. Saudi Arabia pays fuel subsidy. Russia pays fuel subsidy. 

The removal of subsidies under Tinubu's administration has led to skyrocketing fuel prices, which ripple across the economy, affecting transportation, food costs, and overall living standards. Meanwhile, the naira's devaluation has made imports more expensive, further straining households and businesses. These challenges have fueled skepticism about Tinubu's leadership and his ability to deliver on his 2027 agenda, with some viewing it as overly ambitious or disconnected from the immediate needs of Nigerians.

My argument underscores the importance of balancing long-term infrastructure development with policies that address urgent economic pressures on the masses. Concerns have been raised about President Bola Ahmed Tinubu's N15 trillion Lagos-Calabar Coastal Highway project, particularly regarding its procurement process and alleged ties to Lebanese business associates. Critics, including former Lagos State governorship candidate Funso Doherty, have claimed that the project violated Nigeria's Public Procurement Act and Environmental Impact Assessment Act, as it was awarded without competitive bidding. The contractor, HiTech Construction, is reportedly linked to Gilbert Chagoury, a Nigerian-Lebanese developer and ally of Tinubu. It has been reported that they spend time together in France while insecurity and hunger consume Nigerians. Such a long-term project shouldn’t take precedence over cost of living which fuel subsidy stabilizes. 

While the road infrastructure project aims to revolutionize transportation and bolster economic growth across Nigeria, its execution has sparked debates about accountability, transparency and prioritization. Former President Olusegun Obasanjo has described the project as a "misplaced priority," alleging corruption and questioning its economic viability. These concerns highlight the need for accountability and due diligence in implementing large-scale infrastructure projects.

Currently Nigeria has largely failed Dollar Forex. Under Buhari, the foreign exchange market was tightly controlled, with multiple exchange rates creating inefficiencies but also shielding the naira from extreme volatility. By the end of his tenure, the official exchange rate hovered around ₦415 to $1, while the parallel market rate was significantly higher. Tinubu's administration, however, moved to unify the exchange rates, leading to a sharp devaluation of the naira. While this policy aimed to attract foreign investment and stabilize the market, it has caused immediate hardship for businesses and individuals reliant on imports. The policy has witnessed the exit of over 30 international companies from Nigeria. They cannot afford to trade in Nigeria.

Under Buhari Fuel Prices were lower. Buhari maintained fuel subsidies for most of his administration, keeping fuel prices relatively stable at around ₦165 per liter. This policy provided relief to Nigerians but came at a high fiscal cost, consuming billions of naira annually. Tinubu, on the other hand, removed fuel subsidies shortly after taking office, causing prices to skyrocket to over ₦1090 per liter. While the removal was intended to free up funds for infrastructure and social programs, it has significantly increased the cost of living for ordinary Nigerians. Nigerians have not seen any social programs. To free up funds Bola Tinubu should have not purchased new vehicles and jet; the government should have reduced the cost of governance across the three arms of government. Nigeria pays trillions to elected and appointed government officials annually. 

Under Buhari cost of Rice was below N30,000. During Buhari's tenure, the government implemented policies to boost local rice production, including border closures to curb smuggling. While these measures increased domestic production, they also led to higher prices due to limited supply and inefficiencies in the agricultural sector. Under Tinubu, the cost of rice has continued to rise, exacerbated by inflation and the removal of subsidies on essential goods. For many Nigerians, rice—a staple food—has become increasingly unaffordable. Bola Tinubu; where is your conscience? A bag of rice is now N95,000.

Buhari built infrastructure in the South East and North West. Bola Tinubu has no infrastructure in the Southeast and North West. Buhari's administration invested heavily in infrastructure, with notable projects like the Second Niger Bridge in the South East and the Kano-Maradi railway in the North West. These projects aimed to improve connectivity and stimulate economic growth in underserved regions. Tinubu's government has pledged to continue infrastructure development, but the focus has shifted toward public-private partnerships and leveraging increased tax revenues. The pace and scope of these projects remain to be seen. Bola Tinubu is unstable and unreachable.

Tax Policies of both administration are similar but Buhari is far better. Buhari's government introduced measures to expand the tax base, including the Finance Act, which increased VAT from 5% to 7.5%. While these policies aimed to boost revenue, they were met with resistance from businesses and consumers. Tinubu has further increased taxes, including excise duties on goods and services, to fund his administration's ambitious economic reforms after removing the subsidies. These measures have placed additional burdens on Nigerians already grappling with high inflation and unemployment.

In hindsight, Buhari's policies, though criticized during his tenure, provided a level of stability that many now appreciate in comparison to the rapid and often painful reforms under Tinubu. While both leaders have sought to address Nigeria's economic challenges, their approaches highlight the delicate balance between short-term relief and long-term sustainability. For many Nigerians, the question remains: at what cost should reforms be pursued?

Nigeria’s major challenges are the oil theft, the greed of governors, and the weakness of our people. Tinubu has not addressed any specific problems of accountability and constitutional reforms. The payment political officials receive is huge. The theft happening in states is unprecedented. Unfortunately, Bola Tinubu has been away as hunger and corruption, insecurity and genocide persist in Nigeria.

Buhari, I am sorry!