PETROL SUBSIDY AND THE FX CRISIS ARE ADDRESSED IN TINUBU'S MANIFESTO

If elected President the following year, Bola Tinubu of the All-Progressives Congress (APC) promised to end the contentious gasoline subsidy that eats up trillions of Naira annually and to address the forex crisis that is impeding the economy in his 80-page manifesto, which was unveiled in Abuja yesterday.

Aisha, the wife of President Muhammadu Buhari, stated in a BBC interview yesterday that the governing APC would win the 2023 presidential election and “hand over to another APC government.” This is a related development.

Banquet Hall hosted the unveiling of Tinubu's campaign platform, titled “Renewed hope: Action Plan for a Better Nigeria,” as well as the inauguration of the APC Presidential Campaign Council (PCC) by Buhari.

Aside from phasing out fuel subsidies, Tinubu pledged in his platform to speed up the Petroleum Industry Act's full implementation and to put in policies to entice investment.

“I will fully deregulate the downstream sector and make sure that local refinery capacity will match domestic consumption needs to safeguard the stability of the petroleum product supply,” he declared.

While maintaining the underlying social compact between government and the populace, we will gradually end the fuel subsidy. We achieve this by allocating the funds that would have been used for the subsidy to fund specific infrastructure, agricultural, and social welfare, education and healthcare, the drilling of boreholes, and the construction of roads. The money is used more effectively and immediately to address critical social and economic needs in this way. In addition to reducing the price consequences of deregulation, our planned strategy will lead to a large development of public infrastructure of society. Deregulation and the elimination of subsidies, however, are only a portion of the solution.

Regarding the economy's impact from the FX crisis, the document said: Global supply and production constraints brought on by external variables that are out of our control have been a major influence in the recent decline in our currency rate. The pressure on the naira is increased by our decreased oil production and the limited capacity of our manufacturing sector to increase production. The fact that we are bound to a dysfunctional framework with numerous, somewhat arbitrary currency rates only makes matters worse. This condition gives rise to arbitrage, currency speculation, and financial instability. These actions drain vital cash away from worthwhile projects that may generate thousands of jobs and produce goods that enhance standard living circumstances.

We will engage with the Central Bank and the financial sector to carefully analyze and better optimize the exchange rate regime to ensure that exchange rate policy is in line with our aims of optimal growth and job creation supported by industrial, agricultural, and infrastructure expansion. Our aspiration for a stronger, more stable Naira built upon a thriving and productive real economy shall serve as the basis for our economic policy.

To combat the nation's security issues, Tinubu pledged to form a highly skilled and disciplined anti-terrorist force.

Additionally, he gave the assurance that the Police would be better equipped to carry out its core responsibilities of community policing and upholding law and order through crime suppression and prevention.

To provide them a larger communications and mobility advantage over thieves, robbers, and terrorists, military forces will be better outfitted with tactical communications equipment and modern vehicles.

He said that his government would adopt Critical Infrastructure Protection (CIP) Plan steps to prevent assaults on important national infrastructure.

According to the manifesto, a key component of this effort would be the use of contemporary technologies, methods, and equipment to stop crude oil theft, stop the damage of national assets, and minimize environmental contamination in the Niger Delta.

ready to get things going

When the manifesto was unveiled, Tinubu declared that if elected president of Nigeria, he and his running mate, Senator Kashim Shettima, would be more prepared than ever to get things done right away.

In order to lead the nation through the doors of security, wealth, and glory, Tinubu reiterated that the nation needs a “seasoned torchbearer.”

Therefore, it is appropriate that we are announcing the Tinubu/Shettima Action Plan for a Better Nigeria today, he continued. This Plan serves as a notice to the Nigerian people that, if elected, Senator Shettima and I would work relentlessly to achieve that promised future from the first second of the first day we take office. It is not merely a blueprint to a wealthy future.

The gates of safety, wealth, and greatness are wide open to us. We must pass through these doors with the help of a torchbearer who has the knowledge and fortitude to complete the mission at hand. Nothing less than this will do. I want to lead the Federal Republic of Nigeria as its next president because I am experienced. My prior performance and experience guarantee that. We shall work together, bridge gaps, and realize our vision via national endeavor and collaborative effort.

The candidate for the APC presidential nomination claimed that his campaign platform was developed as a result of conversations with Nigerians from all parts of the nation who expressed their needs and aspirations with him and Senator Shettima while they were touring the nation.