Nigerian President Bola Tinubu declared on Wednesday that the “worst is over” after a series of painful economic reforms that have left millions of citizens grappling with soaring costs and deepening poverty.
In a national broadcast marking Nigeria’s 65th Independence Day, Tinubu defended his administration’s decision to scrap fuel subsidies and unify the foreign exchange rate, moves that triggered inflation and widespread anger but, he argued, were necessary to “reset” the economy.
“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” Tinubu said.
He pointed to second-quarter GDP growth of 4.23%, the fastest in four years, alongside a decline in inflation to 20.12% in August, the lowest level in three years.
The president also highlighted five consecutive quarters of trade surpluses, a rebound in oil production to 1.68 million barrels per day, and an increase in external reserves to $42.03 billion, the highest since 2019.
He added that the government had disbursed 330 billion naira ($222.90 million) to eight million vulnerable households through its social investment programme, while expanding infrastructure across rail, roads, airports, and seaports.
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Critics, however, have questioned the transparency of the cash transfer scheme.
Two weeks earlier, the finance minister announced the disbursement, sparking calls for a public register of beneficiaries.
Despite Tinubu’s upbeat tone, the International Monetary Fund’s latest Article IV assessment warned of persistently high inflation and worsening poverty.
More than 129 million Nigerians, over half the population, live below the poverty line, while cuts in donor funding have forced the World Food Programme to shut down 150 nutrition centres in the conflict-ravaged northeast.
“We are racing against time,” Tinubu acknowledged, even as opposition voices, including Labour Party leader Peter Obi, argued that his spending priorities fall short of addressing Nigeria’s severe humanitarian and economic challenges.
The president’s address came amid growing labour unrest over the dismissal of 800 workers at the privately owned Dangote Oil Refinery for unionising.
The dispute has disrupted power supply and threatens to undermine the oil production gains Tinubu cited as evidence of recovery.
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Image Credit: 21st Century Chronicle
