An attempt within the first 60 days at validating the prospect of what to come out of 1,461 days tenure of an administration may seem far-fetched, but the events during this period may give a clue of what is to come; other things being equal. So, a survey was carried out that asked respondents across Nigeria about their perception of the first 60 days of President Tinubu’s leadership. The survey was carried out by CMC Connect LLP (Perception Consulting) in conjunction with Analysts Data Services and Resources (ADSR). About 62% of the respondents gave a satisfactory nod, while about 38% felt the administration was not on the right track. The 38% figure should worry the administration. One, the figure may increase, that is, of the 62% that gave pass mark may reduce, thereby increasing the number of those that are apprehensive of his leadership.
Let us look at some of the components of the survey. For instance, more Nigerians are satisfied with the suspension of both the governor and chairman of Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC). They are also satisfied with the exchange rate unification and the economic growth target of the administration. More Nigerians approve of the setting up of the Fiscal Reforms and Tax Policy Committee as well as the suspension of the 5% excise duty tax on telecommunication services.
For the advisers and the ministers’ list, more Nigerians are satisfied with the composition of the advisers and less satisfied with the ministers’ list. They are also content with the old naira and redesigned naira being both legal tenders. They are more satisfied with the land borders re-opening but strongly dissatisfied with the N8,000 per household as a palliative to mitigate the effect of the subsidy removal on the premium motor spirit (Petrol) price.
Still on the components of the survey, Nigerians want the administration to be strategic and focused. Hence, they have a gaze on the top ten priority areas and sectors that the Tinubu administration should handle seriously. The sectors are: Agriculture, Power & Energy, Healthcare, Industrialization & Manufacturing, Education, Food Security and Nutrition, Security and Peace Building, Employment Generation, Macroeconomic stability, Business Environment & Competitiveness.
The outcome of this survey, nonetheless, Nigeria macro themes are still weak. The external economic environment is not favourable to both emerging and frontiers markets (EM & FM). Developed countries are reversing their accommodative monetary policy stance, making capital inflow strenuous into EM& FM . The Russia- Ukraine war is still raging, thereby curtailing the food import. There is a growing coup de’tat incidence in the Sahel, and the peculiar domestic economic problems in Nigeria itself. Weak exchange rate that exacerbates the domestic prices of petrol because much of the petrol needed are imported. All these factors require a team that understands the urgency of now. A team that understands time that is running out. A team must draft a map as soon as possible for economic growth and development. Along the same line, a team that must communicate its vision clearly to Nigerians. In fact, Nigerians have never needed unambiguous economic communication than now.
President Tinubu is still lucky as despite the array of harsh but needed policy directions he has taken for the Nigerian economy, about 62% of those surveyed gave him a pass mark. Personally, I believe a 60-day assessment out of the potential 1,461 days is not enough to assign a conclusive verdict. Yet, he must not be deceived. He must understand that the economy is still worsened. Nigerians are waiting for a reversal of the biting economic indices. He needs to move fast and act, or else there may be reverse approval when the next survey is conducted: 62% of the people may disapprove of his performance, while 38% may grudgingly give mere approval.
Click the link below to download the survey
https://drive.google.com/file/d/1cWTlPU0lTU0RZ7IN4z-CBXIa7-JmAs4Y/view?usp=drivesdk
●Shola Ogunniyi, a risk advisor, and THE CONCLAVE analyst.
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