Tinubu’s Administration Reverses Key Policies of Buhari Era

In a swift departure from the economic policies championed by his predecessor, Muhammadu Buhari, President Bola Tinubu has embarked on a series of reversals in the past six months. Despite their shared political affiliation, the divergence between the two leaders is particularly evident in their economic stances.

Tinubu, the former Governor of Lagos State, aligns with a more liberal economic approach, in stark contrast to Buhari’s protectionist inclinations. The former allies, who once joined forces against former President Goodluck Jonathan in 2013, now showcase significant differences in their governance strategies.

Notable Reversals by President Tinubu:

ASUU Removed from IPPIS:

University lecturers and President Tinubu clashed over the implementation of the Integrated Payroll and Personnel Information System (IPPIS). The long-standing dispute, which led to recurring school shutdowns under Buhari, has seen a new direction under Tinubu’s administration.

Cryptocurrency Ban Lifted:

President Tinubu’s government has reversed the ban on cryptocurrency, a policy instituted by former CBN governor Godwin Emefiele. The recent directive from the new CBN governor, Yemi Cardoso, signals a departure from the previous stance, allowing for the resumption of cryptocurrency transactions within the banking system.

FX Ban on 43 Items Lifted:

Tinubu’s administration has lifted the eight-year ban on 43 items restricted from accessing foreign exchange. This move contrasts sharply with Buhari’s protectionist measures, including the closure of land borders for years to safeguard investments in the agricultural sector.

Extension of Old Naira’s Validity:

The contentious Naira redesigning policy, perceived by many as targeting President Tinubu, led to currency scarcity and significant public hardship. Despite legal challenges, Tinubu’s government announced an indefinite extension of the old currency’s validity, overturning the previous plan for coexistence until December 2023.

40% IGR Deduction Reversed for Schools:

Buhari’s administration, through the Finance Act of 2020, mandated a 40% auto deduction of gross Internally Generated Revenue (IGR) for partially funded agencies, including federal government-owned institutions. However, under pressure from universities, Tinubu’s administration reversed the implementation of this law, easing the financial burden on educational institutions.

President Tinubu’s policy reversals reflect a shift towards a more open economic landscape, distinguishing his leadership from the protectionist strategies of the previous administration. As these changes unfold, their impact on various sectors will be closely monitored.