President Tinubu’s Speech Over Hunger Protest Didn’t Disappoint Nigerians, says Doyin Okupe

A former presidential Adviser, Dr. Doyin Okupe has said that President Bola Ahmed Tinubu’s Address on the ongoing Hunger Protest in the Country didn’t disappoint Nigeria, however highlights Economic Challenges and Achievements, Calls for Patience and Dialogue.

Dr. Doyin took to X (formerly Twitter) to share his opinion. He wrote:

“In a recent address, President Bola Tinubu has provided a candid overview of the daunting economic conditions inherited by his administration.

The speech has been notable for its transparency regarding the severe financial and economic challenges faced since taking office.

For the first time, President Tinubu explicitly detailed the precarious state of the economy and the urgent reforms undertaken to address these issues.

A key focus of the President’s speech was the significant reduction in the debt servicing ratio, which has been slashed from 97% of earned revenue to 68%.

This reduction is crucial as it alleviates some of the financial pressures that have exacerbated the country’s economic difficulties.

Without this adjustment, the government would have faced an untenable situation, with continued reliance on extensive borrowing to fund national budgets.

The President’s address highlighted several notable achievements of his administration within just 14 months.

These accomplishments include a dramatic increase in the minimum wage, which has been more than doubled from ₦30,000 to ₦70,000 per month.

Additionally, over ₦45 billion has been committed to a student loan scheme, supporting the education sector and fostering future growth.

Another significant achievement mentioned is the increase in national oil production capacity to over 1.6 million barrels per day.

This boost is expected to enhance the country’s revenue from oil, a critical sector for Nigeria’s economy.

The administration has also prioritised the funding of Micro, Small, and Medium Enterprises (MSMEs), recognising their role as the engines of economic growth.

Substantial investments have been made in infrastructure, agriculture, and various youth development programmes.

The President’s speech also addressed the high cost of living and food inflation, announcing measures to mitigate these issues.

Temporary large-scale food imports and reductions in taxes and duties on essential goods, including food, drugs, and medical supplies, are part of the strategy to alleviate current hardships.

In evaluating the administration’s performance, it is evident that the President’s achievements, given the inherited economic conditions, compare favourably with those of previous administrations.

The increased allocation of funds to states and local governments has prompted a call for greater accountability at these levels.

Nigerians are encouraged to scrutinise how sub-national entities manage their revenue from the Federation Account and federal interventions.

The President’s speech also acknowledged the right of Nigerians, particularly the youth, to protest and express their demands. It is reassuring that President Tinubu has heard these demands “loud and clear” and has offered an opportunity for dialogue.

This gesture aims to foster communication and address the concerns raised by protesters.

Dr. Doyin Okupe, a former presidential adviser, expressed support for the President’s address, describing it as a clarifying and reassuring statement.

He believes that the speech has dispelled the notion that President Tinubu is incapable of managing the economic challenges and has renewed hope for a better and more prosperous future for Nigeria.

In conclusion, President Tinubu’s address has been a crucial step in acknowledging the nation’s economic struggles, highlighting achievements, and setting a course for future dialogue and reform.”

The speech serves as a foundation for ongoing efforts to address economic issues and engage with the public’s concerns constructively.