President Bola Tinubu’s inaugural year in office has been marred by escalating economic challenges, with Nigeria facing rising living costs and a significant drop in its economic ranking.
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.
Upon assuming office, President Tinubu promised substantial economic growth, job creation, and improved security.
However, his decision to end a longstanding petrol subsidy led to a rapid doubling of fuel prices, further straining consumers already grappling with high living costs.
Concurrently, under new leadership, 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.
In summary, President Tinubu’s first year has been marked by economic difficulties and ambitious reforms.
Meanwhile, 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.
