In the first half of Tinubu’s administration, Nigeria’s economic landscape presents a striking paradox: while government statistics tout impressive growth figures and macroeconomic stability, the reality on ground tells a different story.
As Nigeria hurtles towards the 2027 elections, the fate of President Bola Tinubu’s reelection bid hangs precariously in the balance. With economic realities biting harder than ever, voters are unlikely to be swayed by flashy campaign promises or divisive rhetoric. Instead, they’ll be looking for tangible signs of growth, job opportunities, and a leader who can restore peace and stability to a nation beleaguered by banditry and insecurity. The question on everyone’s mind is: can Tinubu deliver on these pressing needs, or will the frustrations of a populace worn down by falling real incomes, growing debts, and social divisions prove too great to overcome?
With the 2027 elections just two years away, the clock is ticking for President Bola Tinubu to prove his leadership mettle by putting Nigeria back on the path to prosperity and peace. Nigerians are eagerly waiting for him to live up to these expectations, and he has only two years to determine his own fate.
A pressing question on everyone’s mind is whether President Tinubu’s economic reforms will yield a different and expected outcome that will make him electable for a second term. The answer to this question hinges on the effectiveness of two key aspects of his reforms: the removal of fuel subsidies and unification of exchange rates.
These policies aim to tackle wastage and inefficiencies in the economy, and their success will be crucial in determining Tinubu’s chances of re-election. If the reforms lead to improved economic stability, increased economic opportunities, and a better standard of living for Nigerians, they may boost Tinubu’s electability. However, if they exacerbate economic hardship, as currently seen, it may be challenging for him to win a second term.
Analysts believe that the removal of fuel subsidies and unification of exchange rates are bold moves, but their implementation and outcomes will be crucial in determining their effectiveness. The government must ensure that the benefits of these reforms trickle down to the masses and address the challenges of poverty, unemployment, and inflation.
Ultimately, the success of Tinubu’s economic reforms will depend on their impact on the lives of ordinary Nigerians. If the reforms lead to tangible improvements in the economy and people’s lives, they may enhance Tinubu’s electability. However, if they fail to deliver, it may be difficult for him to win a second term.
Currently , the outcomes of President Tinubu’s economic reforms remain a subject of intense debate, sparking heated controversies among opposition groups, critics, and government supporters. As the administration marks its second year, opinions on its performance are sharply divided.
While the government touts its achievements, critics argue that the reforms have fallen short of expectations, exacerbating economic hardship and leaving many Nigerians struggling to make ends meet. The masses are caught in the middle, bearing the brunt of the economic challenges.
The battle of interests is palpable, with each side fiercely advocating for its perspective. To the masses , it has been miserable. The stark reality of Nigeria’s economic landscape is a tale of two worlds: one of abject poverty and desperation, and the other of opulence and excess. While the masses struggle to survive, living in dire conditions and making sacrifices to cope with the economic hardship, the political class indulges in unbridled affluence, stealing from the nation’s coffers with impunity. The contrast is jarring, with the ruling elite seemingly oblivious to the suffering of the people, as they continue to amass wealth and power without consequence, leaving the masses to wonder if they will ever be held accountable for their actions.
The oppositions too are not comfortable with the outcomes of the reforms. Expectedly , they are already exploiting the pains of the masses to criticise the government ; they are not patient enough to give Tinubu more time to prove himself . They are surely strategizing to leverage these challenges to potentially unseat President Bola Tinubu’s government in the 2027 elections. As the debate on the above issues rages on, critics are seizing on the administration’s challenges to fuel their 2027 electoral ambitions ; it’s clear that opposing camps are dug in, each vying for dominance in the discourse.
But the president’ s loyalists are thinking differently. They have remained unfazed, dismissing concerns as mere partisan noise.To his admirers, President Bola Tinubu’s economic reforms have set a new pace for the transformation of the economy. In fact , his economic reforms have been compared to those of notable global leaders like Margaret Thatcher, Deng Xiaoping, and Boris Yeltsin. While there are similarities in their approaches, the belief is that there are also distinct differences that makes Tinubu’s economic reforms better .
According to Ademola Oshodi, Senior Special Assistant to the President on Protocol, Tinubu’s reforms aim to reduce state intervention in the economy and promote private sector growth, similar to Thatcher’s policies and Deng’s introduction of market elements into China’s socialist economy. To him , the removal of fuel subsidies and foreign exchange reforms also bear resemblance to Yeltsin’s “shock therapy” approach.
They believed Tinubu’s approach is more incremental, balancing economic restructuring with political stability, unlike the more sweeping reforms implemented by Thatcher and Yeltsin. Additionally, he claimed , Tinubu has invested in social interventions like direct cash transfers, palliatives, student loan schemes, and consumer credit schemes to alleviate the impact of his policies on vulnerable populations, a departure from the approaches of the other reformers.
Government and Its Macroeconomic Statistics
The government has been touting its macroeconomic statistics as evidence of the country’s economic growth and stability, with President Bola Tinubu’s administration claiming significant progress in recent years. According to recent reports, the World Bank projects Nigeria’s economy to grow by 3.6% in 2025, building on an estimated 3.4% growth in 2024. This growth is attributed to a combination of factors, including the recovery of the oil and gas sector and strong performance in the tech and finance industries.
The Nigerian Stock Market has recorded a 34.11% surge, and the GDP growth rate stood at 3.84% in 2024, outpacing global GDP growth of 2.6%. International trade has also seen remarkable growth, with a trade surplus of ₦18.86 trillion in 2024, up from ₦6.09 trillion in 2023, representing a 209.6% growth. The World Bank reported a 3.84% growth for Nigeria in 2024, fueled by a 4.6% increase in Q4 2024.
The services sector has been a major driver of growth, contributing significantly to the overall GDP. The sector continued to lead with a 5.37% expansion in Q4 2024, while the industrial and agricultural sectors also grew. According to the government, insecurity has decreased, enabling more Nigerians to return to farms and contributing to the agricultural sector’s significant role in employment.
The unemployment rate has dropped to 4.3%, and inflation decreased from 34.80% last year to 24.48% in February 2025. The government claims to have taken steps to cushion the effects of economic reforms on Nigerians, including increasing the minimum wage by 140% from ₦30,000 to ₦70,000 and introducing student loans for federal and state-owned tertiary institutions.
Fitch Ratings’ upgrade of Nigeria’s credit rating to B is seen as a vote of confidence in the government’s policy reforms. The upgrade indicates a likely boost in investor confidence, making Nigeria a more attractive destination for foreign investors. The country’s Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year marks a significant turnaround from deficits in previous years.
The BOP surplus is attributed to wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy. The current and capital account recorded a surplus of $17.22 billion in 2024, driven by a goods trade surplus of $13.17 billion. Remittance inflows remained strong, with personal remittances increasing by 8.9% to $20.93 billion, and International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion.
The country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, bolstering its external buffer. Portfolio investment inflows more than doubled, rising by 106.5% to $13.35 billion, indicating stronger confidence in domestic economic stability.
The government has declared its intention to put the economy on a sound footing through measures that would alleviate poverty, create jobs, enhance increased production, and reduce the inflationary rate. These measures were spelt out in the 2025 budget. While the government’s macroeconomic statistics paint a picture of economic growth and stability, it is essential to examine the underlying trends and challenges to determine the sustainability of this growth.
Between Macroeconomic Statistics and the Realities
But pessimists can afford a chuckle. To them, the success of Tinubu’s reforms depends on his ability to balance economic restructuring with political stability and alleviate the impact on vulnerable populations. For now , this has been done .
The above view may not be farfetched. The economic upturn so much painted by the odd statistics are at variance with the grim reality of life in present day Nigeria.The entire country seems to be suffused with agonies of deprivation, penury and despair, without any hope of immediate succor or better days ahead. The signs of decay are everywhere and the micro-economic unit of households to the larger macro-framework, the general complaint are those of deteriorating, and stifling economic clime, nearly snuffing out the “little life” left of the overburdened populace.
Underscoring the decline , a financial analyst declares: “it is not easy to sleep well, if you have seen data confirming that your country has created more poverty than any other country in the world with the development paradigm it has pursued since the end of the civil war in 1970s. “
FORMER President Olusegun Obasanjo, Governor Ademola Adeleke of Osun State, and the Ooni of Ife, Adeyeye Enitan Ogunwusi, have called for the urgent end to abject poverty across Africa.Obasanjo insisted that if China could lift 700 million people out of poverty, Nigeria ought not to have anything to do with abject poverty.
Speaking during Dele Momodu’s leadership lecture, ‘How to end hunger and poverty in Africa,’ Chief Obasanjo, in his keynote address, posited that “before we talk about food, security is key.” While proffering a lasting solution to hunger across Africa, Obasanjo insisted that “education is one of the tools we can use to banish poverty. Where there’s no education, invariably, there will be poverty.
He posited that leadership is removed from banishing abject poverty: “In all works of life, we must have leaders whose characters display ‘communality’.“Leadership is the greatest ingredient for ending poverty. There’s no human endeavour that does not thrive on leadership. “To get it right, we must ensure no child is uneducated. “Nigeria can eliminate hunger and poverty with integrity, discipline and good governance.We can do it if China can lift 700 million people out of poverty. “Nigeria should have no business with abject poverty. If we don’t take responsibility, we all sit on a gunpowder keg.Until we banish poverty in Africa, international communities will not recognize us as a serious continent.” He said
The Nigerian government’s macroeconomic statistics suggest a picture of economic growth and stability, but a closer look reveals significant challenges that remain unaddressed. Despite the government’s claims of progress, the reality on the ground tells a different story.
The rising poverty rate in Nigeria is a major concern, with an estimated 46% of the population living below the poverty line in 2023, up from 40% in 2018. This translates to a staggering 104 million Nigerians living in poverty. The poverty crisis disproportionately affects rural communities, where poverty levels have risen from 67 million to 84 million.
The government’s economic reforms, including the removal of fuel subsidies and unification of the exchange rate, have had a significant impact on the economy and the masses’ well-being. While these policies aim to address issues like corruption and economic efficiency, they have resulted in immediate price increases and challenges for businesses and consumers. The manufacturing sector has been particularly affected, with increased production costs making them less competitive domestically and internationally.
The International Monetary Fund (IMF) has acknowledged that the Nigerian government has taken significant steps to stabilize the country’s economy, but the impact of these reforms is yet to be felt by most citizens. Poverty and food insecurity remain high, despite the government’s efforts. The IMF’s observation highlights the need for sustained efforts to address poverty and food insecurity in Nigeria.
The rising unemployment rates are also a significant concern, with data from the National Bureau of Statistics (NBS) showing a surge in the labor force with people who are unemployed increasing from 4.2% in Q2 to 5% in Q3. Youth unemployment has also increased from 7.2% in Q2 to 8.6% in Q3.
The decline in foreign investment is another major concern, with foreign investments into Nigeria dropping to $654.7 million, the lowest level since the statistics bureau started collating the data in 2013. This decline in foreign investment is a significant concern for the government’s economic prospects.
In essence, the government’s economic reforms have not yet translated to meaningful improvements in the lives of most Nigerians. The rising poverty rate, unemployment, and declining foreign investment are major concerns that require urgent attention. The government needs to implement targeted interventions to mitigate the impact of poverty on vulnerable populations and provide support to those affected by the economic reforms.
The government’s challenge is to balance economic restructuring with political stability and alleviate the impact on vulnerable populations. The IMF’s suggestion that the government should channel fiscal savings from the removal of fuel subsidies into the budget to protect essential public investments and accelerate the delivery of targeted cash transfers is a step in the right direction. However, more needs to be done to address the underlying structural issues in the economy and provide relief to those affected by the economic reforms.
How the Oppositions Tackle The Government
A fierce battle of interests is unfolding between the government and opposition groups, with each side fiercely advocating for its perspective on President Tinubu’s economic reforms. Critics argue that the reforms have fallen short of expectations, exacerbating economic hardship and leaving many Nigerians struggling to make ends meet. Meanwhile, the government touts its achievements, claiming progress in stabilizing the economy.
A closer look at the key players reveals sharp divisions. Vocal critics, including former Vice President Atiku Abubakar and Senator Ali Ndume, have expressed concerns about the government’s economic policies, citing rising poverty, unemployment, and debt. In contrast, government supporters argue that the reforms are necessary to address Nigeria’s deep-seated economic challenges and promote long-term growth.
Key Vocal Opponents and their Views
Abubakar Atiku
One the vocals critics of the President Tinubu is Atiku Abubakar, the presidential candidate of the Peoples Democratic Party in 2023 . Atiku position is that President Bola Tinubu’s economic policies lacked a coherent plan, leading to current economic turmoil. He argued that the administration’s hasty ascent to power without a well-thought-out plan had resulted in policy failures.
Atiku highlighted that Nigeria was facing high inflation and unemployment, with over 36% of the population unemployed and widespread hunger and starvation. He also noted that the Naira had depreciated significantly, exchanging for almost N2,000 per dollar, compared to N168 under the PDP administration. Over 100 million Nigerians, he said, could no longer afford daily meals and basic necessities.
The former vice president questioned the effectiveness of Tinubu’s administration, citing a lack of tangible results despite claims of progress. He accused the administration of lacking transparency and accountability, with policies that seemed to benefit a select few rather than the broader population.
Atiku also expressed concerns about Nigeria’s debt profile, characterizing President Tinubu’s loans as “bone-crushing” for Nigerians. He warned that these loans would place an unbearable strain on the economy, with the World Bank report showing Nigeria as the third most indebted to the International Development Association.
Furthermore, Atiku highlighted his own comprehensive recovery plan, which included significant input from Nigerians, as a potential solution to the country’s economic challenges. He suggested that lower taxation could foster economic growth, citing examples of countries like the United Arab Emirates and Qatar ¹.
In other developments, Atiku had taken his fight against Tinubu’s presidency to a US court, challenging the outcome of the 2023 presidential election. He had also announced the formation of a Coalition of Opposition Political Parties to oust President Tinubu in 2027 .
Senator Ndume
Senator Ali Ndume is another vocal critic of Tinubu’s performance in office. He expressed concerns about President Bola Tinubu’s administration, particularly in handling the economy. He criticized the government’s rising debt profile, which had grown by $9.45 billion since June 2023, questioning the transparency and accountability of these loans.
Ndume stated that the loans were not directed towards tangible infrastructural projects, but rather used for seemingly non-essential initiatives. He specifically highlighted issues with loans such as $500 million for a women’s program with unclear impact, $800 million to cushion the effects of fuel subsidy removal, and $1.5 billion for economic stabilization reform, which he described as “spurious”.
The senator warned that these non-infrastructural loans would burden future generations with debt repayments. He also slammed the administration’s economic policies, citing a lack of productivity despite increased borrowing. Ndume noted that high interest rates were stifling businesses and criticized the administration for not making tangible improvements in critical sectors like healthcare and education.
Ndume urged President Tinubu to declare a state of emergency in Nigeria’s security and economic sectors, warning that the situation required urgent attention. His criticisms had led to repercussions, including his removal as Senate Chief Whip, which he defended, stating he stood by his utterances and didn’t see anything wrong with his actions.
Despite his criticisms, Ndume had previously praised Tinubu’s de-dollarization policy and called for a National Economic Conference to address the nation’s economic challenges .
Peter Obi
Peter Obi, the 2023 presidential candidate of the Labour Party, expressed strong dissatisfaction with President Bola Tinubu’s administration, particularly in handling the economy. He stated that the current administration had worsened political, economic, and security conditions in Nigeria.
Obi highlighted that the country had fallen from being Africa’s largest economy in 2014 to ranking fourth, with a current GDP of about $200 billion. He emphasized the dire state of food insecurity and the country’s energy supply, noting that many Nigerians were resorting to borrowing just to eat, and the newly approved minimum wage of N70,000 could not even afford a bag of rice.
He also pointed out Nigeria’s inadequate power generation, frequent grid collapses, and reliance on generators, which hindered national development. Furthermore, Obi criticized the government’s handling of public resources, citing rising corruption, nepotism, and a lack of adherence to the rule of law.
Obi expressed disappointment in Nigeria’s electoral system, describing it as lacking transparency and credibility, and called for collective action and accountability. He disagreed with President Tinubu’s approach to addressing poverty, stating that simply acknowledging other countries faced similar challenges was not enough.
Instead, Obi advocated for concrete solutions and a clear vision to tackle Nigeria’s unique struggles. He emphasized the need for a comprehensive approach to address specific challenges, rather than generalizations that dismissed the country’s experiences.
In contrast to Tinubu’s administration, Obi proposed investing in productivity to drive economic growth, reducing governance costs, tackling corruption head-on, fixing primary healthcare centers and schools, and ensuring democratic principles and opposition thrive. He stressed that a true leader provided direction, guidance, solutions, and reassurance in times of crisis, which he believed Tinubu’s administration had failed to do .
Akinwunmi Adesina
Akinwumi Adesina, President of the African Development Bank, claimed that Nigerians were worse off today than they were in 1960. According to Adesina, Nigeria’s GDP per capita had dropped from $1,847 in 1960 to $824 today.
However, the Presidency strongly disputed these figures, stating that the actual GDP per capita in 1960 was $93, based on a GDP of $4.2 billion and a population of 44.9 million. The Presidency argued that Adesina’s conclusion was flawed, citing significant GDP growth in the 1970s due to crude oil earnings.
The Presidency emphasized that GDP per capita was a limited metric, failing to account for income inequality, informal economy, subsistence farming, or access to healthcare and education. Despite economic challenges, Nigeria had made progress in infrastructure and services, with more schools, road networks, medical facilities, and widespread access to mobile phones and digital services today compared to 1960.
The Presidency estimated that Nigeria’s GDP was likely 50-100 times larger than it was at Independence, further questioning Adesina’s comparison. Economic analyst Paul Alaje supported Adesina’s stance, arguing that GDP per capita must be assessed in relative terms, considering inflation, purchasing power, and economic conditions at each point in time.
Davido
Davido expressed strong views on the economic challenges facing Nigeria under President Bola Tinubu’s administration. He described the economy as being in shambles, citing ineffective leadership and various economic struggles that had led to a difficult condition for Nigerians.
Specifically, Davido highlighted the weakening exchange rate, which affected the economy and people’s purchasing power, as a major concern. He also pointed out the high price of oil in Nigeria, despite being an oil-producing country, which had a substantial impact on the economy and citizens’ livelihoods.
Given these challenges, Davido advised black Americans against relocating to Nigeria, emphasizing that the country’s economic situation was not ideal. Despite these criticisms, Davido acknowledged the positive impact of Africa’s entertainment industry on the continent’s global reputation.
However, he also candidly discussed the leadership issues plaguing Africa and Nigeria, which affected the economy and overall development. As an artist and ambassador, Davido balanced reality and representation by showcasing Nigeria’s positive aspects through his work while being aware of the underlying issues.
Davido remained defiant amid reactions to his comments on the economy, stating that he didn’t need to perform in Nigeria and emphasizing his awareness of the economic struggles many Nigerians faced
ElRufai
Nasir El-Rufai, the former governor of Kaduna State, criticized the sequencing of President Bola Tinubu’s economic reforms. He stated that while he supported some of the policies, the timing of others was wrong. El-Rufai believed that certain reforms, such as the removal of petrol subsidies and the floating of the foreign exchange market, were the right orthodox policies but had been implemented in the wrong order.
He specifically expressed concerns about policies that he believed were harming domestic agriculture. El-Rufai noted that while food prices might be decreasing, farmers were being impoverished due to unfair competition from subsidized agricultural products from Europe and other countries.
El-Rufai also questioned the quality of people implementing the reforms, stating that they left much to be desired. He added that some of the reforms were fundamentally wrong.
Counter Attacks Against Tinubu’s Critics.
The critics of the government’s economic reforms have faced fierce backlash from government loyalists and supporters, who have launched scathing counterattacks against them. These pro-government voices have aggressively pushed back against criticism, dismissing opposing views and defending the administration’s policies.
President Bola Tinubu himself is not folding his arms. Recently , he urged governors to disregard armchair critics and focus on delivering tangible results that improve the lives of their people. He emphasized that the accurate measure of leadership is a positive, visible impact, and that their hard work and concrete achievements will answer any criticism.
The Independent Media and Policy Initiative (IMPI) has punctured Peter Obi’s criticism of President Bola Tinubu’s economic management, describing his analysis as simplistic and lacking depth. IMPI argues that Obi’s proposal to inject money into productivity as a solution to Nigeria’s economic challenges demonstrates a pedestrian understanding of the national economy.
According to IMPI, economic productivity is a complex issue influenced by various factors, including human capital, technology, physical capital, natural resources, and entrepreneurship. The policy group notes that Obi’s single-dose solution ignores the intricacies of economic productivity and the historical issues that underpin Nigeria’s economic trajectory.
IMPL
IMPI highlights Nigeria’s economic challenges, including low revenue, huge accumulated debt, and the legacy of fuel subsidies and multiple exchange rates. The policy group wonders what policy options Obi would have deployed to achieve his “monetary injection into productivity” policy, given the country’s fiscally constrained economy.
The group also disputes Obi’s criticism of the Tinubu administration’s decision to float the naira, citing data from the National Bureau of Statistics (NBS) that shows Nigeria recorded a total trade volume of N138 trillion or $89.9 billion in 2024, the highest in the country’s history.
IMPI concludes that Obi’s criticisms demonstrate a deficient comprehension of the dynamics of economics and their real-life application. The policy group emphasizes that the Tinubu administration’s economic reforms are yielding positive results, including increased revenue generation and disbursements to the three tiers of government.
The IMPI’s analysis serves as a strong rebuke to Obi’s criticism of Tinubu’s economic management, highlighting the complexity of economic issues and the need for nuanced solutions. The policy group’s defense of the Tinubu administration’s economic reforms underscores the government’s commitment to addressing Nigeria’s economic challenges .
The group notes that economic productivity is a complex issue influenced by various factors, including human capital, technology, and entrepreneurship. They also point out that Obi’s single-dose solution ignores the intricacies of economic productivity and Nigeria’s historical economic issues.
The report highlights that Nigeria’s economic challenges, including low revenue, huge accumulated debt, and the legacy of fuel subsidies and multiple exchange rates, make it difficult to implement Obi’s proposed policy. The policy group disputes Obi’s criticism of the Tinubu administration’s decision to float the naira, citing data from the National Bureau of Statistics that shows Nigeria recorded a record-high trade volume in 2024.
The report concludes that Obi’s criticing demonstrates a deficient comprehension of the dynamics of economics and their real-life application. The policy group emphasizes that the Tinubu administration’s economic reforms are yielding positive results, including increased revenue generation and disbursements to the three tiers of government. The IMPI’s analysis serves as a strong rebuke to Obi’s criticism of Tinubu’s economic management, highlighting the complexity of economic issues and the need for nuanced solutions.
Reno Omokri
Reno Omokri, a prominent commentator, has responded to Peter Obi’s criticisms of President Bola Tinubu’s economic performance. Omokri asserts that Obi’s claims are factually incorrect and demonstrate a lack of understanding of economic realities.
According to Omokri, Nigeria’s economy has grown significantly since General Ibrahim Babangida’s era, with the country’s GDP increasing from $56.7 billion in 1993 to nearly $400 billion today. Omokri also highlights improvements in per capita income, inflation rates, life expectancy, and access to healthcare.
Omokri attributes these positive developments to Tinubu’s economic policies and challenges Obi’s assertion that Nigeria is worse off today than it was under Babangida. He also questions Obi’s credibility, citing the latter’s own record as Governor of Anambra State, where poverty rates increased during his tenure.
Furthermore, Omokri disputes Obi’s claim that electoral outcomes in Nigeria often fail to reflect the people’s will, pointing to instances where ruling party candidates have lost elections and conceded defeat. He accuses Obi of being desperate for power and ignoring facts to suit his narratives .
Governor Soludo
Governor Chukwuma Soludo has provided valuable insight into the economic challenges inherited by President Bola Tinubu’s administration, describing the economy as “dead” prior to his taking office. According to Soludo, Tinubu has made significant progress in resuscitating the economy, achieving notable milestones such as reducing debt, paying off IMF loans, increasing internally generated revenue (IGR), and boosting investor confidence. Additionally, Soludo highlights the administration’s success in recording a trade surplus and increasing foreign exchange reserves, enabling governors to undertake capital projects and pay salaries. These achievements, Soludo argues, demonstrate Tinubu’s efforts to put the economy on a path of sustainable growth
Bayo Onanuga
The criticism of African Development Bank (AfDB) President Akinwumi Adesina’s statement on Nigeria’s GDP per capita has sparked debate. Adesina was accused of using incorrect figures to claim that Nigerians are worse off today than in 1960. However, the focus should not be on the accuracy of the figures but rather on the methodology used to assess living standards.
GDP per capita is a limited metric that fails to capture the full scope of a country’s economy, particularly in the informal sector. It does not account for improvements in access to healthcare, education, and technology. For instance, Nigeria has made significant strides in telecommunications, with over 200 million Nigerians enjoying near-universal access to mobile phones and digital services.
Critics often overlook these advancements, focusing solely on GDP figures. However, this narrow perspective ignores the complexities of economic growth and development. As Bayo Onanuga might argue, “You can’t eat GDP figures.” The reality is that Nigerians today have better access to basic necessities and amenities than in 1960.
While Adesina’s statement may have been imperfect, it highlights the need for a more nuanced discussion on economic development. Rather than nitpicking figures, we should focus on the broader picture of Nigeria’s progress and challenges. By doing so, we can work towards a more accurate understanding of our country’s economic trajectory and identify areas for improvement
Azu
Azu Ishiekwene’s thought-provoking analysis raises critical questions about the state of Nigeria’s opposition party, the PDP. According to Ishiekwene, Atiku Abubakar’s repeated presidential ambitions and history of defection are the primary reasons behind the party’s current decline. The recent wave of defections from the PDP to the ruling APC has sparked concerns about the opposition party’s future.
Ishiekwene argues that Atiku’s pursuit of power has led to the PDP’s downfall, citing the party’s best chance to win in 2023 being squandered due to Atiku’s insistence on running despite unfavorable odds. The author suggests that Atiku’s actions have made him the “undertaker-in-chief” of the PDP, a party that was once touted as Africa’s largest and most formidable opposition force.
The PDP’s decline is attributed to Atiku’s serial defections and ambition, which have created divisions within the party. Ishiekwene points out that the party’s best chance to unseat the APC was in 2023, but Atiku’s determination to run again, despite the party’s internal dynamics and external challenges, ultimately led to the party’s defeat.
The article raises a crucial question: can the PDP recover without Atiku stepping down? Ishiekwene believes that the party’s only hope for a fresh start lies in Atiku relinquishing his presidential ambitions. This would allow the PDP to regroup, reassess, and potentially find a new leader who can unite the party and provide a viable alternative to the ruling APC.
The article’s central argument is that Atiku’s actions, rather than President Tinubu’s policies, are the primary cause of the PDP’s woes. While Tinubu’s government has faced criticism, the PDP’s internal problems and Atiku’s leadership are seen as the main obstacles to the party’s success.
In conclusion, the article presents a damning critique of Atiku’s role in the PDP’s decline. Whether or not one agrees with Ishiekwene’s assessment, it is clear that the PDP faces significant challenges in its current form. The party’s ability to recover and provide a credible alternative to the APC will depend on its ability to address its internal issues and find a new path forward
Bayo Onanuga
The Presidency has come out strongly in defense of President Bola Tinubu’s administration, dismissing former Vice President Atiku Abubakar’s criticisms of the government’s policies and performance. Special Adviser to the President on Information and Strategy, Bayo Onanuga, described Atiku’s proposals as “peddling economic fantasies” and accused him of being a “sore loser” who is envious of President Tinubu’s success.
Onanuga argued that Atiku’s criticisms demonstrate a significant misunderstanding of Nigeria’s economic realities and that his proposals lack originality and practicality. He pointed out that the current administration inherited a decades-mismanaged economy, including exorbitant subsidy expenditures that far exceeded government earnings from crude oil.
The presidency also defended the government’s decision to remove fuel subsidies, saying it was necessary to eliminate the most significant incentive for corruption within the Nigerian National Petroleum Company (NNPC). Onanuga noted that the subsidy removal has allowed the government to redirect funds towards infrastructure development and social intervention programs, which will benefit all tiers of government and enhance Nigerians’ quality of life.
Furthermore, the presidency criticized Atiku’s proposal to privatize the four government-owned refineries, saying it was lacking in originality and that the model of farming the refineries to private sector managers at an agreed-upon rate of return to the government is more practical and value-laden.
Onanuga also accused Atiku of having a track record of corruption and questioned his credibility on corruption matters. He urged Atiku to abandon his politics of distraction and fantasies and focus on constructive discourse.
The presidency remains confident in President Tinubu’s leadership and commitment to addressing the nation’s real challenges. The government’s focus on revitalizing the economy, improving infrastructure, and implementing social intervention programs will continue to drive progress and prosperity for Nigeria [1].
The Presidency has rejected former Vice President Atiku Abubakar’s criticisms of President Bola Tinubu’s economic reforms, questioning Atiku’s track record on economic matters. Special Adviser to the President on Information and Strategy, Bayo Onanuga, described Atiku’s proposals as lacking credibility and details, pointing out that Nigerians rejected his ideas in the 2023 poll.
Onanuga defended the Tinubu administration’s policy decisions, emphasizing the necessity of the reform agenda. He highlighted the country’s dire economic situation, which demanded decisive action, and noted that gradual reforms would be insufficient to address the challenges.
The Presidency maintained that the government’s economic reforms are yielding positives despite temporary difficulties. Onanuga cited the government’s emphasis on social safety nets and targeted assistance for those most affected by recent economic adjustments.
The government characterized Atiku’s criticisms as politically motivated, stating that it is easy to paint a flowery to-do list but difficult to implement meaningful reforms. The Presidency reiterated its confidence in the chosen path, emphasizing that the economic reforms pursued by the Tinubu administration are the right things to do.
The Presidency urged Atiku to acknowledge the efforts of the Tinubu administration in addressing the nation’s economic challenges. Despite Atiku’s criticisms, the government remains committed to its reform agenda, prioritizing long-term gains over short-term comfort
As the battle between the government and the opponents rages on the masses are caught in the middle, bearing the brunt of the economic challenges. As the administration marks its second year, opinions on its performance remain sharply divided, setting the stage for a contentious debate about the future of Nigeria’s economy.