First and foremost, allow me to extend my congratulations to our newly elected president, President Bola Ahmed Tinubu, GCFR. It is good that he is alive to witness this day. It has been a long-time ambition that he has worked tirelessly for. This marks the beginning of a new era, and we must see the renewed hope he promised for Nigeria come into full operation.

His inaugural speech was highly reassuring, providing millions of Nigerians, including some who did not support him, with a sense of optimism. In his speech, he made several pertinent promises that can only be fulfilled by a courageous leader. Based on his track record, I believe he possesses the capacity and courage to fulfill them.

One key issue highlighted is the need for the Central Bank to work towards a unified exchange rate. Additionally, the interest rate must be lowered as it is currently excessively high, which adversely affects both people and businesses. President Tinubu has expressed his commitment to address these concerns.

Regarding the fuel subsidy, President Tinubu firmly stated that it is no longer justifiable. He intends to redirect the funds previously allocated to the subsidy toward education and healthcare, which are areas in need of significant investments. This decision represents a necessary step forward for Nigeria.

Furthermore, the president emphasized that his administration will review all complaints regarding multiple taxes, sending a message to both foreign and local investors. This demonstrates his dedication to creating a favorable investment climate and ensuring fairness for all.

He also pledged to prioritize the inclusion of women and youth in his administration, recognizing their importance in shaping the nation’s future.

While I am optimistic about these proposed changes, I am concerned that Nigeria’s elite may resort to their usual tactics of blackmail and manipulation to impede the implementation of these bold decisions, which are essential for moving our country forward. We must remain united and resist any attempts to derail progress.

I would particularly like to highlight the president’s emphasis on the removal of the fuel subsidy and the fact that it is no longer sustainable. This long-overdue action must be taken to break the cycle. The elite, who directly benefit from this policy, have falsely portrayed the removal of the subsidy as an anti-masses initiative. Unfortunately, many of the poor masses have naively supported these promoters without fully examining the issue in its proper context. The funds currently allocated to subsidizing petrol can be better utilized to benefit the common Nigerian, rather than a subsidy that primarily benefits a few Nigerians and the petroleum importation cartel, who profit immensely from it, as well as the middle class who rely on fuel for their vehicles.

Similarly, other subsidies must be discontinued for Nigeria to progress. Examples include Personal Travel Allowance (PTA), international medical bills, school fees abroad, and subsidized pilgrimages to Mecca and Israel. These policies primarily benefit the elite, both in the private sector and within the government, and utilize public funds, including the wealth of future generations, to sustain their extravagant lifestyles. Traveling, medical expenses, and education are personal needs that should not be funded by the public. Imagine the number of hospitals and schools we could build across the country by redirecting funds from these frivolous expenditures of the middle class.

Also important to his recovery plan is the necessity to increase internally generated revenue (IGR), and one way is to tap into the increasing luxury lifestyle of the elite. Most elite, who benefit from various forms of government subsidy, have luxurious properties that are hardly being taxed. Abandoned or unused houses, luxurious cars, private jets, etc. should be another avenue for the government to generate revenue. In simple terms, let there be an effective application of luxury tax.

The last administration attempted to improve “the ease of doing business in Nigeria”. Much as it tried, a lot still needed to be achieved. Some of the factors that will affect this has partly been enumerated earlier. So, Asiwaju’s tenure should go some steps further. For instance, the bottlenecks prevalent at the ports are having a toll on businesses in the country. Effectively digitizing the operations of the ports and clearing system will go a long way in creating positive energy for businesses to thrive. President Tinubu’s speech represents a step in the right direction. To ensure a better future for all Nigerians, it is imperative that both the elite and the general public support these policies.

Abiodun is a multi-award-winning serial entrepreneur who pioneered the business of corporate telecoms brokerage in Nigeria. He is the Joint Venture Partner of ZKTeco for West Africa, a global leading Biometrics and Security Equipment manufacturer with operations in over 75 countries. He is also the convener and host of Nigeria’s Employee of the Year Awards & Summit (NEYA).