President Bola Ahmed Tinubu's economic policies, including the removal of fuel subsidies and the unification of exchange rates, aim to achieve sustainable growth. However, these reforms have led to rising inflation, increased energy costs, and diminished disposable income, causing public outcry and protests demanding the reinstatement of subsidies.
Since assumption of office on May 29, 2023, President Bola Ahmed Tinubu has introduced several economic policies as part of a broader resolve to reform Nigeria ’s economy for sustainable growth and enduring resilience. Key among these policies is the removal of subsidy on premium motor spirit and the unification of exchange rates .
While it is true that citizens across all economic strata are feeling the pinch of the government’s reforms, the reality is that the Nigerian economy is long over-due for major surgical operations as successive governments at the federal level have lacked either the courage or the conviction to take the difficult decisions that would have positioned the country for sustainable and inclusive economic growth.
In some sense, the Tinubu administration’s inheritance in May 2023 is similar if not worse than what Thatcher inherited. For example, it must be recalled that a year before Tinubu entered office, the National Bureau of Statistics announced that a worrying 63 percent of Nigerians, translating to over 130 million people, are poor. The education was in a comatose situation with government’s inability to meet promises to groups including the Academic Staff Union of Universities .
While Deng’s reforms in China lifted millions out of poverty, they also created stark regional inequalities as coastal areas grew richer faster than inland regions, which led to social tensions. Deng’s reforms allowed economic liberalization, but the Chinese Communist Party maintained strict political control. The challenge was to maintain this balance without encouraging political liberalization.
Economic Reforms Nigeria Fuel Subsidies Exchange Rates Inflation
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