Success-Oloyede-2.

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The recent year has been an eventful one.
From the removal of fuel subsidy, to
government intervention in the parallel foreign
exchange market, insurgency and
farmer-herder clashes, halting of the naira
redesigned policy, turning-around
tem
enmeyyot
ontion of digital technol
ernment
inistries and agencies, s
federal
treasury account and government barn or
importation of certain items, to mention a few.
On May 29, 2023, when the administration of
president Bola Ahmed Tinubu came on board,
the president took the bold step to put an end
to the subsidization of imported fuel prices.
He argued tnat subsIay nas become avend
national wealth. He said the practice was no
longer sustainable, as it has plunged the
country into indebtedness and untold
economic crisis. The remarkable impact of
the fuel subsidy removal can't be paralleled as
it leads to inflation, a general sharp increase
in the prices of goods and services all over
the nation. For instance, the drastic increase
in petrol price, owing to the high cost of
importation of refined petroleum products.
It also led to the giving of more lisences to
oil-importing companies to promote
competition and consequently lead to a fall in
price. Also, the activities of NNPC and her
subsidiaries were subjected to investigation
to correct the wrath in the system.
The current administration wasn't
comfortable with the dual exchange rate
system that existed in the country, namely, the
official market and the parallel market. The
gap between the official market and the
parallel market is to wide, thus, producing a
lazy economy and enriching the players in the
parallel market. Getting foreign currencies
(e.g Dollars) by genuine companies for their
legitimate importation business was difficult.
The government, through the CBN has to
intervene to ensure that genuine importers
have access to foreign currencies for their
business for the benefit of the country
The taking-up of arms against the state by
aggrieved groups has become a common
The
pnenoiellon Ngee
Of Piafra,
anated
Rdi otivitioe checkmated. Also. the
Niger-Delta millitants and other groups
involved in oil hunkering are not spared. The
government took drastic steps to reduce
oil-theft across the country, especially in the
Niger-Delta region.
The farmer-herder clashes being witnessed
all over the nation is no other thing than
terrorism. Many farmers were unable to go to
their farms due to fear. The result of this is a
sharp reduction on non-oil produce or
agricultural crops. The major solution to this
is that the government should put a barn on
open-grazing, cattle ranches should be
established and punishment for these farm-
worm people. The nation is still mourning the
recent attacks on the Borno State
communities on Christmas Eve, December 24,
2023, in which more than one thousand
farmers lost their lives and two hundred and
fifty houses were burned.
The aim of the government for imposing the
barn on the Importation of certain items was
to encourage local production and protect
domestic industries. Also, to prevent the
Importation of ammunitions into the country
by unauthorized persons. Rather than
achieving these aims, the barn has
encouraged smuggling for example, rice. Cost
of barn steeple foods has increased sharply
and the cost of a bag of rice rose from
twenty-two naira on May 29 to fifty thousand
naira in the market as at now.
The FGN has declared that all government
ies andn
istrie
uict ne
generated revenue into the national treasury.
This has helped to reduce corruption,
encouraged accountability and transparency.
All unspent budgetary allocations has to be
refunded to the national treasury on the
expiration of the fiscal year.
The government has discovered that the
manual handling of the of the process of
revenue generation by government ministries
is encouraging corruption. The government
has therefore mandated her ministries to
digitalize. This has helped to reduce
corruption, increased generated revenue and
promote quick and efficient service delivery.
Due to the failure of past administration,
Nigerians seems to be losing hope in the
government. Therefore, the herculaneum task
before the President Bola Ahmed Tinubu-led
administration is to win over the trust of
Nigerians to her by ensuring true dividends of
democracy is not by mere worth, providing the
basic economic needs to the average
Nigerians, free Health-Care services, good
road networking, reduction in the price of fuel
and other goods. Also, the government will do
well by ensuring that these aren't priced
beyond the reach of the average Nigerians,
otherwise, the government will lose her
popularity.
From mny TECNO