Nigerian President Bola Tinubu marked his second year in office on Wednesday, touting economic reforms that he claims are steering Africa’s most populous nation toward greater stability. However, widespread hardship, persistent inflation, and insecurity continue to challenge his administration.
Tinubu pointed to a sharp reduction in Nigeria’s fiscal deficit from 5.4% of GDP in 2023 to 3.0% in 2024—as evidence that reforms are paying off. He credited this to improved revenue collection and difficult policy decisions, including the removal of fuel and electricity subsidies and multiple devaluations of the naira. These moves were aimed at averting what he described as a looming fiscal disaster that could have triggered “runaway inflation, external debt default, and an economy in free fall.”
“Our economic reforms are working. We are on course to building a greater, more economically stable nation,” Tinubu said in a statement.
Yet the toll on ordinary Nigerians has been immense. Inflation has hovered above 23%, the highest in two decades, sparking the worst cost-of-living crisis in a generation. While Tinubu claimed inflation is beginning to ease, economists have attributed this in part to a statistical rebasing of the inflation index rather than actual price reductions.
The World Bank has acknowledged Nigeria’s improved fiscal outlook but warned that elevated inflation and poverty continue to drag on economic recovery.
On the security front, Tinubu stated that banditry in the northwest has been curbed and farmers are returning to their lands. However, human rights groups, including Amnesty International, paint a grimmer picture. The organization reported that at least 10,217 people have been killed in attacks by armed groups since Tinubu assumed office in May 2023. Kidnappings, rural violence, and insurgent activity remain widespread.
Despite these challenges, the ruling All Progressives Congress (APC) has endorsed Tinubu for a second and final term, with the next general election expected in early 2027. Whether his reform agenda will translate into broad-based recovery or deepen discontent remains to be seen as Nigeria struggles with inflation, insecurity, and growing public frustration.
