Tinubu promises to solve corruption and transform the economy [AFP via Getty images]
President Bola Tinubu told Nigerians that the worst thing is behind them, the country is getting better and better in honor of his speech in his second year.
Tinubu admitted midway through his tenure that his reforms released the pain, adding that he did not take Nigerian patience for granted.
“Today, I am proud to confirm that our economic reform is working. We are building a bigger, more economical country,” he said.
On the day he took office in May 2023, he announced the end of a long-term fuel subsidy – a move that led to huge prices that prevented many Nigerians from buying enough food to eat.
Nigeria’s largest opposition party, the People’s Democratic Party (PDP), described the two years of Tinubu’s tenure as “a huge disappointment.”
In a statement on Mark Tinubu’s second anniversary, the party lost power in 2015, saying the president failed to see Nigerians.
But Tinob said that is improving now: “Although the cost of living has encountered significant progress, we have made undeniable progress. Inflation has begun to ease, and rice prices and other staple foods are falling.”
According to official data, inflation was 24% last month, compared with 22% when he took over.
This is an improvement compared to 34% last year. A few weeks later, Nigerians took to the streets amid national protests, killing several people.
A drop in inflation does not mean that prices are falling – it’s just that they are slower than before.
The World Bank predicts that Nigeria’s total output (GDP) will grow 4% this year – faster than the 3% rate when Tinubu took over.
However, unemployment remains a major problem, and many graduates still complain that they cannot find a job.
The president said he had no choice but to cancel subsidies, saying the huge cost was “a stifle on our nation’s neck, killing our nation’s future” while allowing corruption to flourish.
Tinubu promised to deal with economic instability, improve security nationwide, reduce corruption, reform governance and lift Nigerians out of poverty after his inauguration and the so-called “New Hope Agenda”.
Public affairs analyst Adeosun Olufemi told the BBC he believes the president has made positive gains in certain regions, adding that the governors of 36 Nigeria’s states should blame certain problems in the past two years.
“After the president announced the cancellation of fuel subsidies, the funds allocated to the governor increased significantly, but what did they do with it?” he asked.
The president, 73, won the 2023 Bruises Championship with 37% of the vote – defeated former vice president Atiku Abubakar and former governor Peter Obi in three games.
There is a lot of speculation that some major political parties may form a coalition before the next election in 2027 to challenge Tinubu, who is expected to seek a second term.
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