Fatshimetrie discusses the news surrounding Nigeria’s President, Bola Tinubu, and the impacts of his economic decisions on the population. In his first year in office, Tinubu took bold steps to turn around Nigeria’s economy, inheriting a fragile economic situation from his predecessor. Faced with an economy weakened by excessive fuel subsidies and an overvalued currency, Tinubu made difficult decisions to put the country back on the path to growth.
By announcing the reduction of fuel subsidies upon taking office, Tinubu showed his determination to end the costly economic practices of his predecessors. The move helped reduce government spending and encourage foreign investment. Additionally, by floating the national currency, the naira, Tinubu allowed the market to determine its value, which led to an appreciation against the US dollar. Nigeria’s economic growth forecasts have improved, drawing approval from macroeconomists and international institutions such as the International Monetary Fund.
However, despite this progress on the macroeconomic level, Tinubu’s decisions have had negative repercussions on the population, particularly the poorest. Rising fuel and food prices have led to rising living costs, making it difficult for many Nigerians to meet their daily needs. Famine protests and acts of desperation, such as the looting of food trucks and warehouses, have become commonplace across the country.
Ordinary citizens like Titilayo Owolabi and Adeleye Adeoye have seen their standard of living fall precipitously, struggling to make ends meet in an increasingly difficult economic environment. The social protection programs put in place by the government appear insufficient to alleviate the suffering of the vulnerable population, leaving many of them at the mercy of providence.
Ultimately, Tinubu’s economic decisions reflect a complex dilemma between the need to reform Nigeria’s economy and the social consequences of such reforms. While the economic outlook may improve, it is essential that the government ensures that the social impact of its policies is taken into account to ensure a more just and equitable future for all Nigerians.