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Marking his second year in office on Thursday, Nigerian President Bola Ahmed Tinubu defended his sweeping economic reforms, insisting they are beginning to yield results despite triggering the country’s worst cost-of-living crisis.
Since taking office in May 2023, Tinubu has implemented a series of bold policy changes aimed at stabilising the economy. Both his administration and international financial institutions have described the reforms as essential for fixing Nigeria’s strained public finances.
However, the short-term effects have been painful for many Nigerians. The naira has sharply depreciated, while fuel prices in Africa’s largest oil-producing nation have surged by more than five times, intensifying economic hardship for millions.
“Today, I proudly affirm that our economic reforms are working,” Tinubu said in a statement.
“Despite the bump in the cost of living, we have made undeniable progress,” he said, adding: “We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks”.
Inflation in Nigeria soared to 34 percent last year, and the World Bank recently described it as remaining “high and sticky.” President Bola Tinubu, however, has claimed that inflation is beginning to “ease.”
The government’s economic overhaul — including the removal of fuel subsidies and the liberalisation of the struggling naira — has taken a heavy toll on ordinary Nigerians. While officials argue these steps were necessary to stabilise the economy, they have pushed millions into deeper financial hardship.
As purchasing power continues to decline, everyday living costs have surged. The World Bank estimates that nearly half of Nigeria’s population lived in poverty in 2024, as citizens struggle with the most severe cost-of-living crisis the country has faced in decades.
