Key highlights
- Nigeria has many urgent problems that need to be addressed due to its growing population and the brain drain.
- To be a successful president, Bola Tinubu needs to prioritize solving the said problems.
- These problems are discussed below.
On Saturday, February 25, 2023, Nigerians trooped to the polls to elect different individuals into various positions of national leadership, including a new President.
Bola Ahmed Tinubu of the All Progressives Congress (APC) emerged winner of the fiercely contested presidential election after obtaining the highest vote and the percentage required across all states, according to the constitution.
After his swearing into office come May, he will be face the task of overseeing the affairs of Africa’s most populous country and largest economy. His job is, indeed, cut out for him because Nigeria has many problems that need to be addressed urgently.
Why it’s imperative to address Nigeria’s problems
Nigeria’s many problems need to be addressed urgently for various reasons. The population of the country is growing and based on projections, it’s expected to be the third most populated country in the world by 2050. Also, the country is witnessing a brain drain due to citizens leaving the country for socioeconomic reasons, among others.
With a constitutional term of a maximum of four years (and a second term if re-elected), these are what the president-elect can do upon assumption of office on May 29.
Solve Nigeria’s security issues
The Nigerian security problems are multifaceted and these issues are currently threatening the security architecture of the country. The country’s six geopolitical zones are currently faced with one or more forms of insecurity from banditry, kidnapping, separatist agitations, assassinations, farmer-herder clashes, and communal clashes, coupled with over a decade-long fight against Boko Haram terrorists.
According to a report seen by Nairametrics, at least 7,222 Nigerians were killed and 3,823 abducted from 2,840 violent accidents in the first half of 2022. In June 2022, the country witnessed a deadly attack on a Catholic church in Owo, Ondo State, leaving over 40 dead and several others injured.
The president must make security a top priority. Securing lives and properties is important to any socioeconomic policies that might be implemented. The president has to formally review the security architecture of the country with service chiefs and relevant bodies.
The security challenges of the country in recent years have changed and as such, a modern and effective approach should be employed to counter them. Also, security reforms like a good criminal justice system, strengthening of borders and a check on the proliferation of arms in the country should be enacted.
Tackle Nigeria’s high inflation
When the average citizen does not have the purchasing power to buy food items, it becomes a problem to function optimally and leaves room for other vices. Most citizens are either struggling with a stagnant salary, low salary, or no salary (for months) amidst rising food prices.
According to several reports, the food inflation in the country is at an all-time high with 24.23% as of January 2023, and the prices of some foodstuffs rising as high as 54% in two months in the last months of 2022. The president should appoint an effective economic team to combat the country’s rising inflation.
Provide basic amenities
The president should ensure that the provision of basic amenities like electricity, good roads, and a good healthcare system is prioritized. The president upon assumption of office should review existing power project deals to ensure completion at the agreed date and capacity. This will improve the economy greatly as the country’s economy is energy dependent like all economies of the world.
A good road system which will allow movement of not people, but goods and services from the rural to urban areas should be constructed.
Remove petrol subsidies
The continuous payment of subsidies on petroleum products has created a huge problem for the Nigerian economy. In 2022, the subsidy payment was initially at N4 trillion but due to the volatile nature of oil prices, it increase by almost 50%. President Buhari according to reports has improved June 2023 to stop payment of subsidy. Bola Tinubu during his campaigns has made promises to remove subsidies.
Upon assumption of office, he should not renege on his promise. However, a clear plan on what the money would be used for should be made known to citizens, and effective social welfare programs which will alleviate the effects of removal should be created.
Increase Nigeria’s revenue
Increasing the revenue of the country is crucial to reducing the country’s budget deficits and also a huge national debt which is set to hit N77 trillion. Revenues from oil are not enough to steer the country to a great height. The president should explore other means of revenue generation and also explore taxation as a means. Nairametrics earlier reported on how taxes can be a source of revenue.
Stop frivolous spending
The country is currently using its funds on moribund infrastructures or facilities which has continued to cost the country no revenue. In the first 6 months of 2022, N54.6 billion was spent on Nigeria’s Money gulping refineries which have failed to refine fuel. Also, President Buhari 2022 announced his government spent $400m on Ajaokuta steel. The president must either get them working or sell them off.
Invest to protect the environment
According to the NBS, the country currently has an unemployment rate of 33.3%, a 22.8% underemployment rate, and a 42.5% youth employment rate. Asides from the economic boost a good investment environment offers, it also helps in the provision of jobs across different sectors in the country. A good investment environment will attract foreigners to invest in the country.
A good and stable exchange rate is also crucial for businesses to thrive in the country. The president should endeavour to create a good monetary policy and also a single interest rate. A step in the right direction will help the country overcome its multifaceted problems.