In the last six months, President Bola Tinubu has been reversing several policies introduced by his predecessor, Muhammadu Buhari, despite both belonging to the same political party. Notably, their economic approaches exhibit significant differences, with Tinubu leaning towards a more liberal stance as a former Governor of Lagos State, while Buhari, a former military leader, embraced a protectionist outlook. In 2013, they collaborated against former President Goodluck Jonathan.
During Buhari’s eight-year tenure, Tinubu refrained from commenting on government policies unless they directly affected him during elections. However, he openly opposed the former administration’s Naira redesigning policy. Since assuming office, Tinubu has been dismantling various Buhari-era policies. Here are six key reversals:
- ASUU’s Removal from IPPIS:
- Under Buhari, a prolonged disagreement with university lecturers over the implementation of the IPPIS platform led to frequent school shutdowns. Tinubu reversed this policy, addressing lecturers’ concerns about allowances and benefits.
- Cryptocurrency Ban:
- Tinubu’s government overturned the ban on cryptocurrency imposed by former CBN governor Godwin Emefiele. The directive to close accounts involved in cryptocurrency transactions was rescinded, allowing for a more open approach.
- FX Ban on 43 Items:
- The ban on 43 items from accessing foreign exchange, which was a cornerstone of Buhari’s protectionist policies, was lifted by Tinubu’s administration. Importers of these items are now permitted to purchase foreign exchange in the Nigerian market.
- Phase Out of Old Naira:
- Tinubu extended the validity of the old currency indefinitely, contrary to the previous plan to redesign the Naira. This move alleviated the scarcity of the Naira, which had caused hardships during Buhari’s tenure.
- 40% IGR Deduction for Schools:
- The Finance Act of 2020, implemented during Buhari’s term, mandated a 40% auto deduction of gross IGR for partially funded agencies, including federal government-owned institutions. However, Tinubu’s government yielded to pressure from universities and abandoned the enforcement of this law.
President Tinubu’s administration appears to be steering away from the protectionist policies of his predecessor, embracing a more open economic approach.