Tinubu
Nigerians under hardships in Tinubu’s first year, econimy drops to fourth largest in Africa
The first year of President Bola Tinubu in office is beset with escalating economic challenges, with Nigerians facing rising living costs and a significant drop in their livelihood.
Indeed, on the first anniversary of Tinubu’s presidency, the International Monetary Fund (IMF) reported that Nigeria had slipped to fourth place among Africa’s largest economies, highlighting the country’s economic struggles.
A year ago when he assumed office, President Tinubu had promised substantial economic growth, job creation, and improved security.
But, it would appear that removal of petrol subsidy and the merger of the exchange rates have combined to put strains on consumers already grappling with high living costs.
With all the tough measures, the Central Bank of Nigeria (CBN) raised the lending rate by 7.5 points in an attempt to curb inflation, adding to the financial burden on businesses and individuals.
The economic strain has been palpable on the streets of Nigeria. The Nigeria Labour Congress has called for a tripling of the minimum wage to combat rising living costs, but this demand remains unmet by the government.
Critics acknowledge that President Tinubu has managed the country’s crises slightly better than his predecessor but argue that he has not achieved major economic breakthroughs.
The reinstatement of substantial subsidies, such as the N90 billion allocated for the Islamic pilgrimage, has drawn criticism for prioritizing political favouritism over economic prudence.
On the international stage, the Tinubu administration has struggled to communicate its economic strategies, leading to scepticism among global observers.
The CBN’s efforts to stabilize the naira have also been undermined by inconsistent policies in other key sectors, further complicating the economic outlook.
There is hardly any doubt that President Tinubu’s first year has been marked by economic difficulties and ambitious reforms.
Critics of government policies have condemned the hardships on Nigerians. The Socio-Economic Rights and Accountability Project (SERAP) has called on President Tinubu to commemorate his first year in office by publicly releasing his asset declaration form.
SERAP also urged the President to encourage Vice-President Kashim Shettima, ministers, and state governors to follow suit.
In an open letter dated May 25, 2024, and signed by SERAP Deputy Director Kolawole Oluwadare, the organization emphasized the importance of such a move in promoting public trust and establishing a transparent governance system.