President Bola Ahmed Tinubu has assured Nigerians that the country is on the path to recovery, declaring that “the worst is behind us” as he marked two years in office. In a national address to commemorate the midpoint of his presidency, Tinubu acknowledged the painful effects of his economic reforms, particularly the removal of the fuel subsidy, but stated that they were necessary steps toward achieving long-term stability.
“Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation,” the president stated.
Upon taking office in May 2023, Tinubu scrapped Nigeria’s long-standing fuel subsidy, a move that caused a sharp increase in fuel and food prices, plunging millions deeper into hardship. The removal sparked nationwide protests, with rising inflation and the cost of living dominating public discourse.
However, Tinubu claimed the economy is now showing signs of recovery. “Despite the bump in the cost of living, we have made undeniable progress. Inflation is easing, with rice prices and other staples declining,” he noted.
According to the National Bureau of Statistics, inflation stood at 24% last month, compared to 22% when Tinubu assumed office, but this marks a significant drop from 34% a year ago. Experts caution that while inflation may be slowing, prices are still rising, just at a reduced rate.
The president defended the subsidy removal, calling it a necessary action against corruption and unsustainable spending. “The subsidy had become a chokehold on our nation’s neck, strangling our future,” he said.
The World Bank projects a 4% GDP growth for Nigeria this year, up from 3% in 2023. Yet unemployment remains high, with many young graduates still struggling to find jobs.
Critics, however, are not convinced. The opposition Peoples Democratic Party (PDP) issued a scathing statement, calling Tinubu’s leadership a “massive disappointment” and accusing him of failing Nigerians over the past two years.
Public affairs analyst Professor Adeosun Olufemi offered a more balanced view, saying some of the blame rests with state governors, not just the federal government. “After the fuel subsidy removal, state allocations increased significantly. So, what have the governors done with the extra funds?” he asked.
President Tinubu, now 73, came to power after winning a fierce three-way race in the 2023 presidential election, securing 37% of the vote against Atiku Abubakar and Peter Obi. As Nigeria looks ahead to 2027, speculation is growing about the possibility of a coalition of opposition parties uniting to challenge Tinubu’s expected re-election bid.
Tinubu’s “Renewed Hope Agenda” promised to tackle insecurity, reform governance, fight corruption, and lift millions out of poverty—an agenda many Nigerians are still hoping will yield meaningful results.
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