BOLA Tinubu’s focus on the economy and restructuring seems misplaced. The President’s response to the Patriots’ call for constitutional reform prioritized the economy over political reengineering. This sequencing is problematic and could jeopardize the success of his Presidency.
The foundation of economic prosperity lies in the political system. Tinubu’s decision to reorder the system is a critical error.
Nigeria took a detrimental turn after the January 1966 coup that destabilized the First Republic. The country has since been emulating unitary governance, deviating from its pluralistic roots. The lack of deliberate efforts to restore federalism has resulted in severe economic and political consequences.
Since assuming office in May 2023, Tinubu has faced economic challenges. Despite implementing reforms such as canceling subsidies and floating the naira, Nigeria’s economic woes were evident during the #EndBadGovernance protests.
Following Tinubu’s economic initiatives, the currency depreciated significantly by February, losing 68% of its value. Multinational companies are exiting the market, power generation remains low at 5,000 megawatts, and the infrastructure deficit stands at N17 trillion according to the Chartered Institute of Personnel Management of Nigeria.
Shortly after Tinubu’s victory in the 2023 election, Nobel laureate Wole Soyinka warned that without restructuring, Tinubu’s economic agenda is likely to falter.
Nigeria’s challenges precede Tinubu’s administration, exacerbated by the government’s neglect of restructuring. Tinubu’s approach deviates even further by advocating financial autonomy for local governments, undermining the federal structure.
Prior to his presidency, Tinubu advocated for restructuring, demonstrating his commitment through actions like creating local council development authorities during his tenure as Lagos governor (1999-2007). However, his current stance on restructuring contradicts his past convictions.
Relying on the 1999 Constitution alone is insufficient to revive the economy. Kingsley Moghalu, a member of the Patriots, highlighted Nigeria’s lack of direction and purpose, emphasizing the need for a clear national identity.
Nigeria’s increasing division since the Civil War underscores the need for decentralization and fiscal federalism. With an overly powerful Federal Government and limited autonomy for states and local governments, a shift towards true federalism is imperative.
Tinubu must prioritize initiating Nigeria’s restructuring over superficial gestures like granting financial autonomy to local governments.
A return to the principles of the First Republic constitution, with regional autonomy and fair revenue distribution, is necessary. The current system disproportionately favors the central government, leaving states and local governments with inadequate resources.
Without embracing these fundamental changes, Tinubu risks leaving behind a legacy of stagnation.