Tinubu reverses Buhari's policies, including cryptocurrency and the redesign of old Naira notes.

 

President Bola Tinubu has, over the past six months, rolled back several policies initiated by his predecessor, Muhammadu Buhari. Despite both being members of the same political party, there are notable differences between them, particularly in economic policy.

Tinubu, a former Governor of Lagos State, leans towards a more liberal economic stance, in contrast to Buhari, a former military leader, who tends to be more protectionist. In 2013, they joined forces against former President Goodluck Jonathan.

During his eight-year silence on government policies, Tinubu spoke out only when a policy seemed targeted at him during elections. He openly disagreed with the former administration on the Naira redesigning policy.

Since taking office, President Tinubu has continued to overturn some of the policies implemented by former President Buhari. Notably, he reversed the decision to remove ASUU from IPPIS, a longstanding issue between university lecturers and the government.  

The lecturers contended that IPPIS didn't President Bola Tinubu has, over the past six months, rolled back several policies initiated by his predecessor, Muhammadu Buhari. Despite both being members of the same political party, there are notable differences between them, particularly in economic policy.

Tinubu, a former Governor of Lagos State, leans towards a more liberal economic stance, in contrast to Buhari, a former military leader, who tends to be more protectionist. In 2013, they joined forces against former President Goodluck Jonathan.

During his eight-year silence on government policies, Tinubu spoke out only when a policy seemed targeted at him during elections. He openly disagreed with the former administration on the Naira redesigning policy.

Since taking office, President Tinubu has continued to overturn some of the policies implemented by former President Buhari. Notably, he reversed the decision to remove ASUU from IPPIS, a longstanding issue between university lecturers and the government. 

The lecturers contended that IPPIS didn't accommodate their unique circumstances, leading to disruptions in academic activities.

Universities experienced a prolonged shutdown lasting 1,086 days. ASUU proposed UTAS as an alternative, but the Buhari administration rejected it, leading to an extended period of students being kept away from academic activities.

Another significant policy of this government was the cryptocurrency ban imposed by former CBN governor, Godwin Emefiele.

 On February 5, the CBN, under Emefiele, directed banks to close accounts involved in cryptocurrency transactions. Recently, the new CBN governor, Yemi Cardoso, reversed this policy, lifting the cryptocurrency ban.

On October 12, the CBN lifted the 8-year ban on 43 items restricted from accessing foreign exchange in the official market. In 2015, the CBN banned items such as rice, cement, and poultry from accessing forex. 

Importers of these items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

It is worth noting that protectionist policies were a cornerstone of the Buhari administration.

The former President closed land borders for years to safeguard investments in the agricultural sector, especially rice production. Emefiele, through the anchor borrowers program, injected funds into the rice production sector.

The Naira redesign sparked controversy during the election, with many believing it targeted President Tinubu. This policy caused Naira scarcity, leading to hardships as people struggled to access cash for basic transactions.

 Some state governments challenged the policy in the Supreme Court, which ruled for coexistence of the two currencies until December 2023. However, in November, the government announced indefinite extension of the old currency's validity.

Under the Finance Act of 2020, the Buhari administration mandated a 40% auto deduction of gross IGR for partially funded agencies, including federal government-owned institutions.

 The current administration initially moved to implement the law in October but later yielded to pressure from universities.accommodatesities.accommodate their unique circumstances, leading to disruptions in academic activities.

Universities experienced a prolonged shutdown lasting 1,086 days. ASUU proposed UTAS as an alternative, but the Buhari administration rejected it, leading to an extended period of students being kept away from academic activities.

Another significant policy of this government was the cryptocurrency ban imposed by former CBN governor, Godwin Emefiele.

 On February 5, the CBN, under Emefiele, directed banks to close accounts involved in cryptocurrency transactions. Recently, the new CBN governor, Yemi Cardoso, reversed this policy, lifting the cryptocurrency ban.

On October 12, the CBN lifted the 8-year ban on 43 items restricted from accessing foreign exchange in the official market.

 In 2015, the CBN banned items such as rice, cement, and poultry from accessing forex. Importers of these items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

It is worth noting that protectionist policies were a cornerstone of the Buhari administration.

The former President closed land borders for years to safeguard investments in the agricultural sector, especially rice production. Emefiele, through the anchor borrowers program, injected funds into the rice production sector.

The Naira redesign sparked controversy during the election, with many believing it targeted President Tinubu. This policy caused Naira scarcity, leading to hardships as people struggled to access cash for basic transactions.

 Some state governments challenged the policy in the Supreme Court, which ruled for coexistence of the two currencies until December 2023. However, in November, the government announced indefinite extension of the old currency's validity.

Under the Finance Act of 2020, the Buhari administration mandated a 40% auto deduction of gross IGR for partially funded agencies, including federal government-owned institutions.

 The current administration initially moved to implement the law in October but later yielded to pressure from universities.