NIGERIA’S President Bola Tinubu’s nationwide broadcast on Sunday, concerning #EndbadGovernance protests on August 4, has raised further questions about his grasp of the issues that spurred the protest.

For most Nigerians, the speech is hollow and fails to address the hardship and poverty among Nigerians which triggered the protest.

Consequently, there were notable omissions as the President failed to provide answers to the free fall of naira which has daring consequences on the purchasing power of Nigerians and the overall economy.

Despite speaking up on some measures embarked upon by his administration to restore the fragile economy, the speech was silent about the negative impact of his policies on the weak purchasing power of Nigerians, following the naira devaluation.

Another grave omission by the president was on the constant shifting of “goal post” by the Nigerian National Petroleum Company Limited-(NNPCL) about Nigeria’s moribund refineries’ rehabilitation, despite the recent allegation by Africa’s richest man, Aliko Dangote that some senior NNPCL officials own blending plant in Malta.

Industry analysts, said, the President’s silence on these allegations raises further questions about his administration’s resolve to end gasoline importation into the country

Economic watchers also believe the President’s speech showed a disconnect on some of the burning issues and points to a poor feedback mechanism from the President’s management team.

“People are looking more at the results, the President’s team must know that people are expecting results, rather than we will,” a financial expert and economic expert, Gbolahan Olojede.

“People want to see prices of food go down in the market, people need to see the refineries working after several times of shifting the goal post by the GMD of the National Oil Company,” he added.

Other analysts, queried why Tinubu’s doesn’t have an” “economic road map” tied to Nigeria’s medium-term expenditure framework to enable proper tracking of its economic policies instead of an interventionist program.

“The speech spoke about numerous interventions of the president but was silent on key concerns. Recently, the senate raised the ways and means from 5 to 15 per cent. No one is giving us a response to the allegations raised by Dangote about a blending plant in Malta. The naira is on a free fall with inflation diminishing the purchasing power. He needs to address these issues,” a development economist, Celestine Okeke, told The ICIR.

What did Tinubu’s Speech say about the economy?

In his widely expected speech on Sunday, Tinubu detailed measures he took to stabilise the economy, such as removing fuel subsidies and unifying foreign exchange systems, which he said were important to stop mismanagement that his administration inherited.

According to the President, within the past 14 months, his administration has made significant strides in rebuilding the foundation of our economy to carry us into a future of plenty and abundance.

On the fiscal side, he noted that aggregate government revenues have more than doubled, hitting over N9.1 trillion in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people.

“Productivity is gradually increasing in the n-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambiance
My dear brothers and sisters, we have come this far,” Tinubu said in his nationwide project.

The President also said debt servicing has been reduced in the last 13 months to 68 per cent from the previous 97 per cent of spent revenue.

He also disclosed that  legitimate outstanding foreign exchange obligations of about $ 5 billion have been cleared, without any adverse impact on the government’s programmes.

He said the development has given Nigeria more financial freedom and the room to spend more money on citizens to fund essential social services like education and healthcare. It has also led to our State, and local governments receiving the highest allocations ever in our country’s history from the Federation Account.

“Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed off over half a billion dollars since then,” Tinubu said in his nationwide address.

The president also enumerated successes in Nigeria’s oil sector which had led to appreciations in crude oil production, and priority investments in the Compressed Natural Gas Initiative(CNG) to provide alternatives to the economy and bring down costs.

The President also highlighted the efforts of his administration on consumer credit.

“We established the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions. This week, I ordered the release of an additional N50 billion Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC,” he added.

The President also spoke on interventions in housing and other aspects of the economy.

The president was also largely silent on the high cost of living and free fall of the naira which was a key component demand from the #EndBadgovernance policy.

Notably, Nigeria’s naira has been on free fall since its devaluation which triggered a free flow of the currency-a key policy of the Bola Tinubu administration.

The other key policy of the administration that has caused hardship for Nigerians is the removal of fuel subsidies, which saw the price rise above 200 percent.

According to the National Bureau of Statistics- NBS, energy prices have been a major cause of rising inflation with insecurity also affecting Nigeria’s food belt a major component of food inflation.

Inflation rise

Core inflation increased from 15.7per cent in June 2022 to 27.4 per cent in 2024. Food Inflation also increased from 20.6 per cents to 40.87 per cent in the same period.

This significant rise in both core and food inflation has severely affected the purchasing power of Nigerians, with many average ​​households struggling to afford food and essential goods.

In a country where 40.1 per cent of the population lives below $2.15 per day, an increase in the inflation rate further deepens deprivations of quality healthcare, education, and housing.

The inflation rate during Tinubu’s administration is the highest in the past 25 years.

Besides, all forms of inflation rose the most during the Tinubu administration’s first year in office compared to the first year of previous administrations since 2007.

Concerns

Earlier before the protest, some groups of protesters, comprising nine different organisations, accused the President Bola Ahmed Tinubu-led administration of implementing anti-poor policies supported by the International Monetary Fund(IMF) which has impoverished Nigerians more.

The groups, which comprised a coalition of youths, civil societies, and socialists on the planned ‘EndBadGovernanceinNigeriaprotest’ made their position known in a communique issued on Wednesday, July 31.

Commenting further on the nationwide broadcast in an X post on Sunday, Ezekwesili said, Tinubu’s speech was a monumental missed opportunity to placate citizens with sound answers and an outline of convincing evidence-based actions.

The former minister added that the speech failed to connect to what the protesters were protesting about, adding that it was written out of a mindset that was focused on “getting back at our enemies.”

She wrote, “@officialABAT, As one of the millions of Nigerians who were at church when you delivered your late-in-coming speech to Citizens on the #EndBadGovernancelnNigeria protests, let me loudly say it was underwhelming to read.

“Your speech reads like a page from your party manifesto and failed to connect to what our citizens on the streets are angry and protesting about.

“Your speech is quite a monumental missed opportunity to placate citizens with sound answers and outline of convincing evidence-based actions that you and your @NigeriaGov will immediately take to address the priority #BadGovernance concerns,” the former minister added.

Previous President’s promise unfulfilled

Notably, on a previous nationwide broadcast on July 31, 2023, the Nigerian President said he would provide N200 billion to strengthen the country’s manufacturing and Micro Small and Medium Enterprises (MSMEs).

The promise came following manufacturers’ public outcry over the impacts of fuel subsidy removal and the foreign exchange unification he doggedly introduced.

Upon assuming office on May 29, 2023, Tinubu said fuel subsidy was gone, and the Central Bank of Nigeria (CBN), under his watch, floated the exchange rate in July.

The twin reforms have suffocated business operations and made the business environment difficult for manufacturers and Micro Small and Medium Enterprises.

The palliatives were meant to provide N75 billion to manufacturers and N125 billion to MSMEs and be executed between July 2023 and March 2024.

“To strengthen the manufacturing sector, increase its capacity to expand, and create good paying jobs, we will spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.

“Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” he said in the earlier speech.

Following this earlier promise, the director-general of the Manufacturers Association of Nigeria (MAN) Segun Kadir-Ajayi told The ICIR that members are yet to access the fund almost a year after the President’s speech.

Harrison EDEH

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Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.