Economic experts have said the inaugural speech of Nigeria’s President, Bola Ahmed Tinunu, to Nigerians on Monday, has shown that he is ready for governance.

The kudos come amid reactions from different quarters on the inauguration of Tinubu as Nigeria’s President.

Tinubu had carefully outlined that he would transform the country’s economic fortunes for good through budgetary reforms, viable industrial and fiscal measures, accessible electricity, ensuring a single foreign exchange market and removal of multiple taxation.

Reacting to Tinubu’s economic footprints during an Interview on Channels Television monitored by reporters on Monday, the Director General of the Manufacturers Association of Nigeria, MAN, Segun Ajayi-Kadir, said members were excited.

Ajayi-Kadir stated that Tinubu’s economic agenda was encouraging and would benefit Nigeria’s productive sector.

He noted that provided all things were equal, Tinubu could achieve his primary economic objective listed during the inaugural speech in his first 100 days in office.

He added that the President expects manufacturers to hit the ground running, resolving the issues affecting the sector.

“It is a thing of joy that at the inauguration, the President spoke directly to some key issues. Chief among it is that we needed to address the multiplicity of taxes and levies which have negatively affected manufacturing.

“He also spoke about a united exchange rate we have always called for. He indicated he would promote local manufacturing against importation, which takes away local jobs.

“He also spoke about fiscal policy that supports productivity. It is along those lines that one thinks the speech is encouraging.

“We look forward to him hitting the ground immediately because he understands the issues.

“We are looking forward to the latest unwarranted escalation of excise duties on alcoholic beverages and tobacco, which run against the government’s three-year roadmap.

“I think he is hitting the ground running. Most of the issues he mentioned are achievable in the first 100 days in office. For instance, reversing some of the policies that we have stated.

“The cost of energy is between 35 to 42 per cent depending on how Power intensive your operation is. You would imagine the President on his first day in office promising to lift that burden; most Manufacturers will be excited today.”

Taiwo Oyedele, the Fiscal Policy Partner and Africa Tax Leader at PwC said President Tinubu had started well by saying the right things about Nigeria’s economy and ways to solve its challenges.

Oyedele is optimistic that Tinubu can address this in the first 100 days in office.

“Before the swearing-in, many people knew our new President to be a revenue person. The President has been consistent. In the sense that we need to raise revenue, nobody is debating because it is like day and night.

“But then, to raise revenue does not mean that you need to start introducing so many new taxes, which is what the past administration of Muhammadu Buhari did, yet they were not collecting the revenue they wanted.

“It is not a low-hanging foot; most of the issues the President has experienced can be achieved in the first 100 days in office because it is mainly administratively driven.

“The President has started well by saying the right things, but like it is said, the devil is in the details. We need to move ahead very quickly but deliberately with implementation in the best way”.

Fuel Subsidy

Oyedele said Tinubu must quickly provide content to his announcement of fuel subsidy removal to curb panic buying.

“It was because Tinubu was very clear during his campaign that he would remove fuel subsidies that started the panic buying.

“The President needs to quickly provide content to the announcement that the subsidy will be done in a controllable manner and that there would be sufficient supply.”