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Less than a month, Nigerians have already started feeling the impact of President Bola Ahmed Tinubu’s administration which was inaugurated on May 29th.
On inauguration day, Tinubu made the controversial decision to remove fuel subsidy payments, and the price of Premium Motor Spirit (PMS), popularly known as petrol, immediately skyrocketed across the country.
Petrol that hitherto sold between N210 and N220 per litre went as high as N850 per litre in some locations across the country and has remained in the range of N500 and N520 per litre.
While Nigerians were still grappling with the effects of the removal of fuel subsidy payments, the Central Bank of Nigeria (CBN) announced a devaluation of the Naira, aligning with Tinubu’s commitment to a unified exchange rate.
While the intention is to streamline the foreign exchange system, the devaluation has already begun to affect businesses and investors. Industries such as Dangote Group are already feeling the initial repercussions.
These developments have stirred concerns and comparisons to the biblical story of King Rehoboam, raising questions about the future of the Tinubu administration and the welfare of Nigerians.
When Rehoboam was made King, the whole assembly of Israel came to him and said, “your father put a heavy yoke on us but now you should lighten the burden of your father’s service and the heavy yoke he put on us, and we will serve you”.
However, as the popular Bible story goes, Rehoboam answered, “Go away for three days and then return to me”. Then King Rehoboam consulted with the elders who had served his father and the young men who had grown up with him.
While the elders advised Rehoboam to make the yoke of the people lighter, the young men advised him thus: “My little finger is thicker than my father’s waist! Whereas my father burdened you with a heavy yoke, I will add to your yoke. Whereas my father scourged you with whips, I will scourge you with scorpions”.
True to the letters, after three days, when the whole assembly of Israel returned to the King, he answered the people harshly, rejecting the advice of the elders and spoke to the children of Israel as the young men had advised.
When all Israel saw that the King refused to listen to them, they answered the king: “What portion do we have in David, and what inheritance in the son of Jesse? To your tents, O Israel! Look now to your own house, O David!”
When King Rehoboam sent out Adoram, who was in charge of the forced labour imposed on the Israelites, they stoned him to death, leaving the King running for his dear life. Rehoboam’s reign was marked by rebellion against the house of David.
The sudden removal of fuel subsidy payments and the Naira devaluation have already ignited dissatisfaction and unrest among the populace.
The hasty implementation of these measures without adequate consideration for the impact on ordinary citizens raises concerns about the potential consequences and stability of Tinubu’s leadership.
As if these are not enough, there are already indications that the administration will very soon supervise the increment of electricity tariff by the Nigerian Electricity Regulatory Commission.
According to reports, electricity tariffs are set to increase by over 40 per cent in the coming days, a development which may eventually end all forms of energy subsidy in the country. The tariff hike is reportedly due by July 1.
More still, President Tinubu recently signed the Student Loan Bill into law, which many have said will make life miserable for Nigerian students and their parents.
As Nigerians brace themselves for the implications of the policies of the Tinubu administration, the cautionary tale of King Rehoboam serves as a reminder of the perils of disregarding the concerns and well-being of the people.
The response to these initial decisions will shape the course of Tinubu’s presidency, as the fate of his leadership hangs in the balance.
Already, Nigerians have changed the renewed hope slogan of President Tinubu to renewed ‘shege’.
Will Nigerians rally behind him or seek refuge in their own tents, questioning their place under the rule of President Tinubu? Only time will tell.