In a strategic departure from his predecessor, President Bola Tinubu has swiftly reversed key policies, showcasing a marked shift in economic strategies within the same political party.
Notably, Tinubu’s liberal economic approach contrasts sharply with the protectionist stance adopted by former President Muhammadu Buhari, signaling a significant realignment.
1. Old Naira Phase-out: Alleviating Hardship Amidst Economic Controversy
Tinubu tackled the contentious issue of Naira redesigning, a policy perceived by many as targeted at him. The indefinite extension of the old currency’s validity reversed the scarcity of Naira, providing relief to individuals grappling with difficulties in basic transactions.
2. Cryptocurrency Ban Lifted: Embracing Financial Innovation
A noteworthy reversal under Tinubu’s administration involves the lifting of the cryptocurrency ban imposed by former CBN governor, Godwin Emefiele. The directive to close accounts associated with cryptocurrency transactions has been overturned, indicating a more open stance towards financial innovation.
3. Foreign Exchange Policy Overhaul: 43 Items Rescued from Forex Restrictions
Breaking away from the protectionist policies of the past, President Tinubu’s administration lifted the 8-year ban on 43 items, including rice, cement, and poultry, allowing them access to foreign exchange in the Nigerian market. This decision marks a departure from the previous administration’s stringent measures aimed at safeguarding investments in the agricultural sector.
4. University Payroll Platform: ASUU Removed from IPPIS
In a bid to address prolonged disputes, President Tinubu’s Federal Executive Council approved the removal of university staff, particularly members of the Academic Staff Union of Universities (ASUU), from the Integrated Personnel and Payroll Information System (IPPIS). This move signals a departure from the prolonged shutdowns of universities during Buhari’s presidency and demonstrates a commitment to resolving disputes surrounding the unique circumstances of university lecturers.
President Bola Tinubu’s decisive policy reversals underscore a dynamic approach to governance, reflecting a commitment to economic flexibility and innovation.
