In a surprising turn of events, President Bola Tinubu has taken decisive action to roll back a series of policies implemented by his predecessor, Muhammadu Buhari, within the past six months. Despite belonging to the same political party, the two leaders exhibit stark contrasts in their economic ideologies, with Tinubu leaning towards liberal economic principles while Buhari, a former military leader, was more inclined towards protectionism.
Key Observations:
1. **ASUU Removed from IPPIS:**
President Tinubu has put an end to the longstanding dispute between university lecturers and the government over the Integrated Payroll and Personnel Information System (IPPIS). The move aims to address the lecturers’ concerns about the platform’s inability to accommodate their specific needs, resulting in prolonged university shutdowns under Buhari’s administration.
2. **Cryptocurrency Ban Reversed:**
Another significant policy reversal involves the ban on cryptocurrency imposed by former CBN governor Godwin Emefiele. Tinubu’s administration, under the guidance of the new CBN governor, Yemi Cardoso, has lifted the ban on cryptocurrency transactions, signaling a departure from the previous administration’s stance.
3. **Lifting the 43 Items FX Ban:**
Tinubu’s government has rescinded the 8-year ban on 43 items restricted from accessing foreign exchange. Buhari’s protectionist policies, which included the ban on items like rice, cement, and poultry from accessing forex, have been reversed, allowing importers to access foreign exchange in the Nigerian Foreign Exchange Market.
4. **Phase-out of Old Naira Extended:**
The controversial Naira redesign policy, initially believed to be targeted at Tinubu, caused currency scarcity and faced legal challenges. Despite a Supreme Court ruling for coexistence until December 2023, Tinubu’s government announced the indefinite extension of the validity of the old currency in November.
5. **40% IGR Deduction Reversed for Schools:**
Tinubu’s administration has revoked the Finance Act of 2020, which mandated a 40% auto deduction of gross Internally Generated Revenue (IGR) for partially funded agencies, including federal government-owned institutions. This decision follows pressure from universities, highlighting the government’s responsiveness to public concerns.
President Tinubu’s swift actions in reversing these key policies underscore a departure from the previous administration’s approach, signaling a shift towards a more liberal economic agenda. The impacts of these policy changes on the nation’s economic landscape remain to be seen as the Tinubu administration continues to assert its vision for Nigeria’s future.
