₦airaland Forum

5 Major Economic Challenges Bola Tinubu Would Face upon Resumption of office after May 29 2023.

Watch video

https://www.youtube.com/watch?v=Pc9Cycf3Vnc

5 Major Economic Challenges Bola Tinubu Would Face upon Resumption of office after May 29 2023.

Watch video

https://www.youtube.com/watch?v=Pc9Cycf3Vnc

Nigeria elections has come and gone and May 29 is just around the corner, where President Buhari will be handling power over to the newly elected president Bola almed Tinubu who was been announced as the winner of the February 25th presidential election.

The incoming administration will be facing a lot of challenges that defied
solutions under President Buhari’s administration.

In less than one months, May 29 precisely Bola Tinubu will be sworn in as the President of the Federal Republic of Nigeria.

Nigeria has been faced with lots of economic challenges ranging from
loans, inflation, unemployment, poverty, insecurity, among others.

A report by the United Nations, UN, had claimed that Nigeria’s economy
under Buhari is worse than 10 years ago.

1. The New Design Money Policy
About a few Months ago to presidential election, the Central Bank of Nigeria, CBN, had
announced the redesign of some denominations of the naira notes. The CBN redesigned the N200, N500, and N1000 notes, a situation that brought about so much pain and hardship to Nigerians

The policy almost brought Nigeria’s economy to a standstill as citizens found
it difficult to have access to their money, thereby, making it hard to perform
transactions.

During his campaign, Tinubu had accused some elements in the corridors of
power of using the naira redesign and fuel scarcity to frustrate his
presidential ambition.
It is left to be seen how the incoming Bola Tinubu government would tackle the money redesign policy.

2. Loans
Despite Nigeria’s debt profile currently standing at 44.25 trillion, the Federal
Government few weeks ago says that it had secured $800 million loan from
the World Bank to be used as palliatives for post-fuel subsidy removal in
June 2023.

Apart from the World Bank loan, the Debt Management Office said as at
March 31, 2020, the Total Borrowing by Nigeria from China was $3.121 billion,
This is worrisome and is one major issue that the newly elected president Bola Tinubu would face in office after sworning in on May 29

3. Insecurity

One of the tasks Tinubu would face upon resumption of office is that
of insecurity across the country.
While Insecurity is taking over the Northern part of the country, unknown gunmen are taking over the
Southeast. The activities of these gunmen had widely affected Nigeria’s
economy under President Buhari, hence Tinubu’s administration would have to face this upon resuming of office comes may 29 2023

4. Unemployment
KPMG has stated that the Nigerian unemployment rate had increased to
37.7per cent in 2022 and will further rise to 40.6per cent, due to the
continuing inflow of job seekers into the job market.
The multinational consulting firm, in a newly released report states that unemployment will continue to
be a challenge due to the slower economic growth and the inability of the economy to absorb the 4-5 million new Job seekers into the Nigerian job market every year.

“Unemployment is expected to continue to be a major challenge in 2023 due
to the limited investment by the private sector, low industrialization and Tinubu’s administration would have to face this starting from May 29 2023

5. Fuel Subsidy
Few months to the end of Buhari’s tenure, plans have been concluded for
the removal of petrol subsidy in Nigeria.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had
Said that fuel subsidy will be remove before by June 2023.
In the last few years, Nigeria spent over N3.27 trillion in subsidising petrol,
equaling an average of N272 billion monthly.

Removing fuel subsidy will another serious economic chalenge Bola Tinubu administration will be facing upon resuming office.

5 Major Economic Challenges Bola Tinubu Would Face upon Resumption of office after May 29 2023.

Watch video

https://www.youtube.com/watch?v=Pc9Cycf3Vnc

5 Major Economic Challenges Bola Tinubu Would Face upon Resumption of office after May 29 2023.

Watch video

https://www.youtube.com/watch?v=Pc9Cycf3Vnc

5 State Governors That will be Retiring into Lives of Luxury After May 29, 2023

Watch video

https://www.youtube.com/watch?v=YzD9P2S-97o

About Seventeen state governors will hand over to their successors on May 29, 2023 and retire into lives of luxury with generous benefits for their services to their respective states even as Nigeria is faced with economic crises, massive debt, unhappy and underpaid workers and pensioners.

Some of the outgoing governors, most of who will be completing two terms of eight years in office on May 28, will be entitled to generous monetary pensions, mansions to be built in locations of their choice, luxury vehicles and as well as security aides, among others, based on laws passed by their respective state houses of assembly.

1. Governor Nyesom Wike of Rivers State
Governor Wike and his deputy, will enjoy generous benefits after leaving office as provided in the Rivers State Pensions for Governor and Deputy Governor Law, in 2012.

The law provides that three new vehicles should be purchased for former governors, and the vehicles are to be changed every four years. This is in addition to the payment of 100 per cent of their basic salaries, 300 per cent of their annual basic salary for furniture, free medical services and provision for entertainment. Same with their deputies.

The pension law for former governors and their deputies was signed by the former governor Rotimi Amaechi and made other provisions such as two choice houses in any area of their choice in Rivers State and Abuja and three cars replaceable every three years for the governor.

So Governor Wike will be entitled to all these except he decides otherwise.

2. Governor Ifeanyi Okowa of Delta State
Governor Ifeanyi Okowa is entitled to a furnished duplex in Delta State or any other state in the country; medical treatment for him and members of his immediate family; two vehicles, including a utility vehicle every two years. two armed policemen and one DSS officer; 15 days’ annual vacation in any place of his choice and other benefits. The deputy governor is also entitled to similar package.

The law makes provision for ex-governors to be paid allowances and other benefits pegged at N50m yearly.

The Delta State Governor and Deputy Governor Pension Rights and other Benefits Law, 2005 was signed into law by former governor James Ibori, who ruled the state between 1999 and 2007

3. Governor Udom Emmanuel of Akwa Ibom State
Akwa Ibom reportedly spends an average of N267.78m yearly on ex-governors and their deputies and Governor Emmanuel and his deputy are expected to enjoy the same as the state’s Pension Act, signed in 2014.

They are also entitled to the replacement of official and utility vehicles every four years and N100m as medical allowance as provided for in the law.

The Governor Pension Rights and other Benefits Law was signed into law by former governor of the state, Godswill Akpabio.

4. Governor Ganduje of Kano State
Governor Ganduje and his deputy are entitled to 100 per cent of their basic salaries, six-bedroom house and free medical treatment for them and members of their families upon handover on May 29, 2023.

The law guiding pension rights for former governors and deputy governors also states that they will get well equipped offices.

5. Governor Okezie Ikpeazu of Abia State
Governor Ikpeazu is entitled to 100 per cent of his salary and official vehicles worth N20m to be replaced every four years, two operatives of the DSS, two policemen for the security of his house, as well as allowances for cooks, stewards, driver and gardener, while his deputy will enjoy similar benefits.

The law also made provision for medical attention for the former governors, their families and their deputies.

The Pension Law for former governors and deputy governors of the state also provides that former governors are entitled to pensions, allowances and privileges in accordance with the State law.

5 State Governors That will be Retiring into Lives of Luxury After May 29, 2023

Watch video

https://www.youtube.com/watch?v=YzD9P2S-97o