With considerable justification, Chris Ekpenyong, former Deputy Governor of Akwa Ibom State, would seem to have been reading from the same book as President Bola Ahmed Tinubu when he wrote as follows in December 2022:”Like a patient that has undergone numerous surgeries and rehabilitative procedures under the supervision of surgeons and medical consultants for years, yet with no recovery in sight, but rather deteriorating condition laced with permanent bodily scars as evidence, the economy of Nigeria has always been under the knife. It has been a history of serial diagnosis, proffered solutions and futile actions undertaken by successive administrations.Unfortunately, healing and recovery remain elusive”.
He wrote further:”Economists, geologists and surveyors have long agreed that under the Nigerian soil are wealth and riches untold. But majority of Nigerians are wallowing in poverty.
A NEITI report suggests that there are about 40 different kinds of solid minerals, and precious metals, buried under the Nigerian soil waiting to be exploited with a commercial value estimated to run into trillions of dollars but failure to harness their benefits has been the bane of the nation”.
President Tinubu, however, knows a little more than that. He knows that what is true of solid minerals is no less true of many other resources, all of which also, unfortunately, remain untapped for Nigeria’s economic development and growth.
Like most African countries, Nigeria faces humongous economic and security challenges. Among these are unemployment, huge revenue shortfalls which has led her to increased external borrowings, insecurity arising from massive youth unemployment and rising inflation, among others.
It is, for instance, currently spending about 96.3 percent of her total annual revenue on debt servicing, thus negatively impacting her foreign reserve just as the corrupt management of her foreign exchange by the former CBN governor literally crippled the economy, leaving it with N77Trillion debt.
The new Tinubu government thus had to think out of the box if it is to ever remedy the ugly situation. Hence, an end was put to the subsidy regime on 29 May, 2023 as against the expected 30 June 2023, while the multiple foreign exchange regime was cancelled a little later.
Although the subsequent floating of the Naira so negatively impacted the Naira that prices rose very steeply, it was necessary to allow market forces determine the value of the Naira rather than continue with the CBN’s lecherous practice of gifting Nigeria’s scarce foreign earnings, at preferential rates, to its favoured customers who, in turn, make billions through round tripping.
It took President Tinubu no time to realise that one of his government’s major challenges is the country’s extremely low revenue, analogous to what Lagos state was experiencing when he assumed office as governor in 1999.
Government Revenue has decreased substantially from N1837.52 at the end of the 3rd Quarter to N1502.52 at the end of the 4th Quater of 2022 due largely to a massive reduction in the volume of oil export as a result of corruption, accentuated by massive oil stealing.
For instance, NEITI revealed that the volume of crude oil stolen amounted to over 140 thousand barrels per day and that between 2009 and 2018, the country lost 4.2 billion litres of petroleum products valued at $1.84 billion.
This resulted in Nigeria having to rely, almost entirely, on expensive imports to meet its gasoline needs, despite being Africa’s largest oil and gas producer as
all her four refineries became dilapidated due to corruption and mismanagement.
It thus became a no brainer that revenue generation had to weigh heavily on President Tinubu’s mind.
His first action to remedy the situation was the setting up of a Presidential Tax Reform Committee with the mandate to transform the tax system to a minimum tax to GDP ratio of 18% from 10.9 % by 2026.
It is, obviously, the same reason of driving revenue generation that we see underpinning his allocation of some ministerial portfolios to the named individuals to whom he assigned them.
Topmost among them is the revered economist and investment banker, Olawale Edun, who is the finance minister and coordinating minister for the economy.
A personal friend, and ally of the President going back decades, the President has in him, and a few others, who besides their implicit confidence and trust in him, have unimpeachable belief in his capability as well as an implicit faith in his Renewed Hope Manifesto.
That goes for Dele Alake, Nigeria’s first ever commissioner for ‘Information and strategy’ during Tinubu’s two – term stint as governor of Lagos state, 1999 -2007.
Since that time, Alake had been with the President, through thick and thin, going all over the world together.
Dele will man the very important ministry of Solid Minerals as against that of Information which most Nigerians, yours truly inclusive, had thought he was inexorably heading to.
Ditto the President’s cousin, Adegboyega Oyetola, erstwhile Osun state governor, an Insurance guru with many years experience in the industry as owner of an Insurance Brokerage firm. He is the minister of the brand new Ministry of Marine and Blue Economy.
Barrister Hannatu Musa Musawa is no less well known to the President.
As the Deputy spokesperson of the APC Presidential Campaign Council, she brought panache and a commitment to the presidential campaign. Nor can you forget her incredible documentary on the President in a hurry.
With a degree in Law, and a Master’s in the Legal Aspects of Marine Affairs, it is obvious that her versatility would find a fertile ground in the extremely buoyant creative Arts’ sector of the Nigerian economy as Minister of Art, Culture and the Creative Economy.
To further bolster his overall economic development which will accentuate revenue generation, the President brought on board, two top I.T specialists in Lola Ade – John, who is Minister of Tourism, and Dr Bosun Tijani, as Minister of communications, Innovation and Digital Economy.
Ade – John has/ extensive expertise in designing, integrating, deploying, and overseeing core systems for international banking institutions, and has played a leading role in utilizing technology to enhance strategic business outcomes and optimize operations in diverse working environments, ranging from small businesses to large ones.
Armed with a Master’s degree in Information Systems and Management from Warwick Business School and a PhD in Innovation and Economic Development from the University of Leicester
Tijani’s huge
acceptability comes from his direct and indirect influence in building some of the tech startups that form the pillars of the Nigerian startup sector. This was made largely through CcHub, Nigeria’s first tech hub, founded by him in 2010. The hub is now the largest in Africa with a physical presence in some other African countries.
The duo will bring technology to bear on their respective spheres, and elsewhere, in the government.
As a result of space constraint, this article will not be able to go into details of the wealth inherring in the named ministries, but together with the Petroleum (Oil and gas) industry, are huge revenue sources which, with hard work, commitment and dedication of the assigned ministers, can more than quadruple Nigeria’s present total revenue within the shortest time possible.
