Nigeria: Bola Tinubu elected president; to manage Africa’s biggest economy
Bola Tinubu was declared the winner of Nigeria’s presidential election, a victory that will place him at the helm of Africa’s biggest economy as it confronts a deepening fiscal crisis, acute shortages of local and foreign currency and gasoline, and widespread insecurity.
The ruling party’s candidate won 35.2% of the votes cast on Feb. 25, while Atiku Abubakar of the main opposition Peoples Democratic Party finished runner up with about 28%, official results announced on Wednesday showed. Tinubu will succeed Muhammadu Buhari as president in late May after a three-month transition period.
The ex-governor of Lagos state, Tinubu will inherit a mountain of public debt that’s grown seven-fold to 77 trillion naira ($167 billion) during Buhari’s eight-year tenure and left the government with an interest bill that consumed about four-fifths of its revenue last year. Besides having to get the nation’s finances back on track, he’ll need to quash violence perpetrated by jihadists, secessionists and armed bandits across vast swathes of territory.
Tinubu has pledged to expand the size of the security forces, more than triple crude production, reduce exposure to foreign debt and make it easier for citizens to access financing. He’s also vowed to eliminate gasoline subsidies that cost the government 4.9 trillion naira last year and consumed most of its oil revenue — a move that will push up transport costs and could trigger social unrest.
The 70-year-old Tinubu is used to navigating controversy, having spent decades at the forefront of Nigerian politics. After running the commercial hub of Lagos for eight years until 2007, he remained the most influential politician in southwestern Nigeria, where he played a key role in the selection of state governors.
He has been a leading powerbroker in the ruling All Progressives Congress since its formation in 2013 and saw off challengers including former Transport Minister Rotimi Amaechi and Vice President Yemi Osinbajo to secure the party’s presidential nomination by a landslide in June last year.
Besides receiving the most support nationally, Tinubu crossed a constitutional threshold requiring a successful presidential contender to win more than 25% of the votes cast in two-thirds of Nigeria’s 36 states and the Federal Capital Territory, the Independent National Electoral Commission announced in the capital, Abuja. Kashim Shettima, the 56-year-old former governor of the northeastern Borno state, will serve as his vice president.
The APC, which dislodged the PDP from power in 2015, has now won three consecutive presidential elections. Peter Obi of the Labour Party secured 24.4% of the vote and won 11 states, including the commercial hub of Lagos, and the FCT, making significant inroads in areas long dominated by the two main parties.
Turnout was low, with just 28.6% of the 87.2 million people that registered and collected their voting cards in Africa’s most populous nation casting ballot.
The outcome of the election is likely to be challenged in court, with the PDP, LP and several other opposition parties boycotting the collation process and alleging that the entire contest was flawed — accusations denied by the electoral commission.
