Asiwaju Bola Ahmed Tinubu was inaugurated as the 16th President of Nigeria on May 29 and, since his inauguration, has made significant calls that surprised Nigerians.
It is already over four weeks since his assumption of office, and there have been a couple of critical decisions made by the President, some of which have raised specks of dust and stirred reactions from the public.
Here are some of the steps taken by the President.
1) Fuel Subsidy Removal
In his first speech as President, Bola Tinubu declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.
He said that “subsidy is gone” and that funds for subsidies would be diverted to other things such as public infrastructure, education, health care and jobs.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime, which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources,” he said in part.
2) Suspension, arrest of CBN Governor, Emefiele
Days after assuming office as President, Tinubu suspended the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, from office with immediate effect.
The suspension came into effect as part of an investigation of Emefiele’s office and the planned reforms in the economy’s financial sector.
3) Suspension of Abdulrasheed Bawa
Also, in his first 16 days in office, Tinubu ordered the suspension of the chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa.
The President suspended Bawa over “weighty allegations of abuse of office levelled against him.”
4) Naira floating, unification
Following Tinubu’s promise to ensure a single exchange rate for Nigeria, the CBN floated naira, making the exchange rate to be determined by market forces.
The central bank abolished its hitherto multiple exchange rate windows and collapsed them into the business-based Investors and Exporters (I&E) window.
5) Retirement and Appointment of Service Chiefs
On June 19, the President approved the immediate retirement of all service chiefs and the Inspector-General of Police, Advisers, and Comptroller-General of Customs from Service with immediate effect.
