Tinubu’s Reversal of Buhari’s Policies Raises Questions on Governance Approach

President Bola Tinubu has been implementing a series of policy reversals in the six months since assuming office, undoing several initiatives introduced by his predecessor, Muhammadu Buhari. Despite belonging to the same political party, notable differences in their economic policies have become evident, with Tinubu leaning towards a more liberal economic stance compared to Buhari’s protectionist approach. The two leaders had previously joined forces against former President Goodluck Jonathan in 2013.

During Buhari’s tenure, Tinubu remained relatively quiet on government policies, only speaking out when he felt personally targeted, particularly during elections. He openly disagreed with the former administration on the implementation of the Naira redesigning policy. Since assuming office, Tinubu has continued to reverse some of the policies put in place by Buhari.

One of the policies reversed by President Tinubu is the removal of the Academic Staff Union of Universities (ASUU) from the Integrated Payroll and Personnel Information System (IPPIS). This move aims to address the prolonged disputes between university lecturers and the government over the IPPIS platform, which the lecturers argued was unsuitable for their needs, leading to frequent shutdowns of universities.

Another significant reversal is the lifting of the ban on cryptocurrency transactions imposed by former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Tinubu’s administration has also lifted the eight-year ban on 43 items previously restricted from accessing foreign exchange from the official market, a policy that had been a cornerstone of Buhari’s protectionist agenda.

Additionally, the phase-out of the old Naira, which had caused currency scarcity and hardship, has been reversed by Tinubu’s government. The extension of the validity of the old currency has been announced indefinitely, overturning the previous plan to co-exist with the new currency until December 2023.

Lastly, the government has revised the Finance Act of 2020, which mandated a 40 per cent auto-deduction of the gross Internally Generated Revenue (IGR) of partially funded federal government-owned institutions. This move followed pressure from universities, resulting in a reversal of the initial plan to implement the law in October.

Source: Daily Post