President Bola Tinubu surprised and pleased reform-minded Nigerians during his inaugural speech in Abuja on May 29th by deviating from his prepared script to announce the end of petroleum product subsidies. This move, which has long drained the country’s treasury, was seen as a positive step forward.
Since then, President Tinubu has continued to shake up the establishment through a series of late-night press statements. These announcements included the dismissal of key figures such as the central bank governor, top army officials, and heads of government agencies including the police, customs service, and financial crimes commission.
Notably, the removal of central banker Godwin Emefiele, who had held the position for nine years, was a significant development. President Tinubu cited the “rotten” state of the financial system under Emefiele’s leadership as the reason for his dismissal. Many Nigerians hold Emefiele accountable for the country’s economic challenges, including two recessions, high inflation, and excessive lending to the government.
Emefiele’s policies, such as the ill-conceived plan to redesign banknotes and manage multiple foreign exchange rates, were seen as failures that hindered economic stability and foreign investment. President Tinubu has ordered the unification of exchange rates to address these issues.
While the legality of Emefiele’s arrest is being questioned, President Tinubu’s swift appointments in the security sector aim to combat terrorism, kidnapping, and violence across the country. The appointment of Nuhu Ribadu, a former police officer and head of the financial crimes commission, as the new security adviser reflects this focus.
President Tinubu has also found time for less urgent matters, renaming 15 airports throughout the country to honor notable Nigerians with local connections. These changes include renaming the main airport in Lagos, where Tinubu made his mark as a governor, after a previous president, General Murtala Muhammed.
Nigerians are hopeful for a more dynamic and safer leadership under President Tinubu.
