Tinubu's Bold Move: A Step Towards Economic Liberation Says Ogunyinka

Tinubu's Bold Move: A Step Towards Economic Liberation  Says Ogunyinka

By Idris Alooma

President Tinubu's Executive Order 9 (EO9) has sparked a heated debate in Nigeria, with some critics questioning the timing and approach. However, Mr. Festus Ogunyinka, Deputy Director of Corporate Affairs at the University of Ilorin and former General Manager, UNILORIN Press, a unionist and Public Affairs Analyst, believes that EO9 is a crucial step towards addressing the country's energy crisis and economic challenges.

The removal of subsidies is not a new concept in Nigeria, as the previous administration under President Buhari had technically removed the subsidy a few months before Tinubu's inauguration. However, the negative effects on the largely poor Nigerians were exacerbated by the simultaneous floating of the naira. Ogunyinka argues that EO9 is a chance to correct this mistake and bring about much-needed reforms.

One of the primary benefits of EO9 is the removal of NNPCL's control over funds meant for the Federation. This, Ogunyinka believes, will reduce revenue shortfalls and excessive borrowing, allowing the government to focus on more pressing issues like healthcare and education. The NNPCL, as a registered company, should not be allowed to control funds meant for the Federation, nor should it be allowed to lord over Dangote Refinery, its supposed competitor.

Some critics, including some Yoruba Senior Advocates of Nigeria, have led the charge against EO9, arguing that it is unconstitutional. However, Ogunyinka questions their stance, asking if they were ignorant of the true constitutional issues surrounding the petroleum industry bill, now a fraudulent Act. He believes that their opposition is misguided and prioritizes short-term gains over long-term benefits.

Festus Osifo of PENGASSAN has also argued that EO9 will lead to job losses, citing the 4,000 Nigerians who will be affected. Ogunyinka finds this argument laughable, stating that it is irresponsible to prioritize the jobs of 4,000 people over the destiny of 200 million Nigerians. He believes that the benefits of EO9 far outweigh the costs.

Ogunyinka is confident that EO9 will lead to a stronger naira, improved revenue, and reduced dependence on borrowing. He predicts that the cost of imported goods will reduce drastically, and workers will be better paid with improved revenue. The Tokunbo vehicle importers, he warns, should take note and adjust their business strategies accordingly.

The NNPCL, Ogunyinka argues, should be handed over to responsible investors, as it cannot be a regulator and competitor simultaneously. This, he believes, will bring about much-needed transparency and accountability in the oil sector. President Tinubu's EO9, he concludes, is a bold move in the right direction.

In conclusion, Ogunyinka urges all responsible Nigerians to rally behind President Tinubu and support EO9. He believes that with this bold move, Nigeria can overcome its economic challenges and chart a new course for growth and development. As he puts it, "Responsible Nigerians are behind him, and very soon, we will see the naira bouncing back powerfully as a result of a very strong Foreign Reserve."