A major economic challenge for President Bola Tinubu is to provide an enabling environment for businesses to thrive in the country. By promising to take up the gauntlet, in his various meetings with local and international industrialists and businessmen, the president obviously is appreciative of this task. He, however, must walk his talk to stamp authority on his pledges; and to sustain the goodwill being expressed by investors.

Since his inauguration as President of the Federal Republic of Nigeria on May 29, 2023, Tinubu has received in audience various eminent personalities in a series of courtesy calls on his assumption of office at the helm of affairs in the nation. Though this is not unexpected as it is the usual pattern for new administrations, such occasions afford the President the opportunity to make various commitments on his plans to revamp the economy and move the nation forward. This is so because people are expecting a new lease of life, especially given that the nation is currently traumatised with the largely non-performance of the Buhari administration and where the number of people living below the poverty line has been increasing by the day.

Among others, some of the courtesy calls elicit public attention. These include those of the founder and Global Chairman of Bharti Airtel, Sunil Bharti Mittal, in the company of the Africa Group Chief Executive, Segun Ogunsanya, and their team at the State House, Abuja as well as that of the co-founder of Bill and Melinda Gates Foundation, Mr. Bill Gates, and the President of Aliko Dangote Foundation, Aliko Dangote. In the course of these visits, Tinubu made his commitment to ensure that prospective investors in Nigeria, under his watch, would have a better business environment for them to thrive. Also, the President made promises to Bill Gates and Aliko Dangote that his administration will give priority to the health and safety of Nigerians.

Though these can be regarded as good commitments, the critical issue here is that such sweet talks by newly inaugurated Presidents are not strange to Nigerians. Such are usually dished out whenever a new administration comes on board in Nigeria. Many would not forget in a hurry the numerous promises made by the out-gone President Muhammadu Buhari when he came into office in 2015, with virtually most of those promises found to be empty. Consequently, Nigerians would not find it difficult to say to Tinubu that Sir, “we have heard these before.”

That is a challenge to Tinubu to ensure that it should no longer be business as usual and that this time around, the administration means business to ensure that its promises are kept, to a large extent. Nigerians are watching as many people nationwide are suffering, especially from the newly imposed burden of the new administration’s policies and thus groaning under the weight of these developments on the watch of Tinubu. The commitments made on these occasions make it imperative for the new administration to focus on the critical sectors of the Nigerian economy in the interest of the vast majority of the people. As much as many Nigerians appear to be in support of the new policy reforms as already churned out by the administration, the side effects are still biting, and would most probably remain so for quite some time.

Though the Global Chairman of Bharti Airtel, Sunil Bharti Mittal, commended Tinubu on the removal of fuel subsidy as well as the “fixing of the foreign exchange market,” the administration should not lose sight of the downside risks of the policy reforms. For example, the fuel subsidy removal has had serious effects on the transportation multiplier and on virtually all prices in the economy. Hence, the full benefits of the reform will not be realised when workers nominal incomes have not been given a boost, particularly that of fixed-income earners.

Real incomes have thus fallen for the average Nigerian worker since May 29, 2023. The harmonisation of the foreign exchange market, though quite welcome, has further exacerbated the inflationary effects of the fuel subsidy removal. Hence, the Presidency would need to weigh properly the consequences of the promises being made at these courtesy calls and make sure that they are kept on the front burner for adequate implementation at the proper time.

The channelling of the policy reform benefits, especially the fuel subsidy removal to the social sectors of health, education, and public infrastructure as well as the enhancement of the real incomes of the fixed income earners cannot be overemphasised. Inasmuch as the liberalisation of the operating environment to enhance inflow of foreign capital is desirable, the enhancement of the living standards of the ordinary Nigerian should not be overlooked. According to the recently released World Bank Development Report on Nigeria, presented to the public in June 2023, if the government does not provide sufficient cushion for the recent policy reforms, more Nigerians will be pushed into the poverty bracket immediately.

Hence, the Tinubu administration should waste no time and avoid holding endless meetings before some form of succour is provided to enhance the living standards of average Nigerians. As Tinubu has been recorded as saying, “let the poor breathe, don’t suffocate them.” Nigerians would be on the watch to see how the Tinubu administration would work to protect the interests of the poor so that they would be able to breathe and not suffocate to death. Despite their understanding of the current unstable economy inherited by Tinubu, and their appreciation of the huge sacrifices they are being called upon to make, Nigerians are restless and impatient. They want concrete respite now. Tinubu must provide this quickly.