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Key highlights
- Nigeria has many pressing issues that should be addressed as a consequence of its rising inhabitants and the mind drain.
- To be a profitable president, Bola Tinubu must prioritize fixing the mentioned issues.
- These issues are mentioned under.
On Saturday, February 25, 2023, Nigerians trooped to the polls to elect completely different people into numerous positions of nationwide management, together with a brand new President.
Bola Ahmed Tinubu of the All Progressives Congress (APC) emerged winner of the fiercely contested presidential election after acquiring the very best vote and the share required throughout all states, in keeping with the structure.
After his swearing into workplace come Might, he might be face the duty of overseeing the affairs of Africa’s most populous nation and largest economic system. His job is, certainly, minimize out for him as a result of Nigeria has many issues that should be addressed urgently.
Why it’s crucial to handle Nigeria’s issues
Nigeria’s many issues should be addressed urgently for numerous causes. The inhabitants of the nation is rising and based mostly on projections, it’s anticipated to be the third most populated nation on this planet by 2050. Additionally, the nation is witnessing a mind drain as a consequence of residents leaving the nation for socioeconomic causes, amongst others.
With a constitutional time period of a most of 4 years (and a second time period if re-elected), these are what the president-elect can do upon assumption of workplace on Might 29.
Clear up Nigeria’s safety points
The Nigerian safety issues are multifaceted and these points are at present threatening the safety structure of the nation. The nation’s six geopolitical zones are at present confronted with a number of types of insecurity from banditry, kidnapping, separatist agitations, assassinations, farmer-herder clashes, and communal clashes, coupled with over a decade-long battle towards Boko Haram terrorists.
In accordance with a report seen by Nairametrics, at the very least 7,222 Nigerians have been killed and three,823 kidnapped from 2,840 violent accidents within the first half of 2022. In June 2022, the nation witnessed a lethal assault on a Catholic church in Owo, Ondo State, leaving over 40 lifeless and a number of other others injured.
The president should make safety a high precedence. Securing lives and properties is vital to any socioeconomic insurance policies that is perhaps carried out. The president has to formally evaluation the safety structure of the nation with service chiefs and related our bodies.
The safety challenges of the nation in recent times have modified and as such, a contemporary and efficient method must be employed to counter them. Additionally, safety reforms like an excellent prison justice system, strengthening of borders and a verify on the proliferation of arms within the nation must be enacted.
Sort out Nigeria’s excessive inflation
When the common citizen doesn’t have the buying energy to purchase meals gadgets, it turns into an issue to operate optimally and leaves room for different vices. Most residents are both battling a stagnant wage, low wage, or no wage (for months) amidst rising meals costs.
In accordance with a number of reviews, the meals inflation within the nation is at an all-time excessive with 24.23% as of January 2023, and the costs of some foodstuffs rising as excessive as 54% in two months within the final months of 2022. The president ought to appoint an efficient financial workforce to fight the nation’s rising inflation.
Present fundamental facilities
The president ought to be sure that the availability of fundamental facilities like electrical energy, good roads, and an excellent healthcare system is prioritized. The president upon assumption of workplace ought to evaluation present energy challenge offers to make sure completion on the agreed date and capability. This may enhance the economic system enormously because the nation’s economic system is power dependent like all economies of the world.
A very good street system which can enable motion of not individuals, however items and companies from the agricultural to city areas must be constructed.
Take away petrol subsidies
The continual cost of subsidies on petroleum merchandise has created an enormous drawback for the Nigerian economic system. In 2022, the subsidy cost was initially at N4 trillion however as a result of risky nature of oil costs, it enhance by nearly 50%. President Buhari in keeping with reviews has improved June 2023 to cease cost of subsidy. Bola Tinubu throughout his campaigns has made guarantees to take away subsidies.
Upon assumption of workplace, he mustn’t renege on his promise. Nonetheless, a transparent plan on what the cash can be used for must be made identified to residents, and efficient social welfare applications which can alleviate the results of elimination must be created.
Enhance Nigeria’s income
Rising the income of the nation is essential to decreasing the nation’s finances deficits and in addition an enormous nationwide debt which is about to hit N77 trillion. Revenues from oil usually are not sufficient to steer the nation to an amazing peak. The president ought to discover different technique of income era and in addition discover taxation as a method. Nairametrics earlier reported on how taxes generally is a income.
Cease frivolous spending
The nation is at present utilizing its funds on moribund infrastructures or services which has continued to value the nation no income. Within the first 6 months of 2022, N54.6 billion was spent on Nigeria’s Cash gulping refineries which have did not refine gasoline. Additionally, President Buhari 2022 introduced his authorities spent $400m on Ajaokuta metal. The president should both get them working or promote them off.
Make investments to guard the setting
In accordance with the NBS, the nation at present has an unemployment charge of 33.3%, a 22.8% underemployment charge, and a 42.5% youth employment charge. Asides from the financial increase an excellent funding setting affords, it additionally helps within the provision of jobs throughout completely different sectors within the nation. A very good funding setting will entice foreigners to spend money on the nation.
A very good and steady change charge can be essential for companies to thrive within the nation. The president ought to endeavour to create an excellent financial coverage and in addition a single rate of interest. A step in the fitting course will assist the nation overcome its multifaceted issues.
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