🇳🇬 Tinubu: “Reforms Are Working” — But Inflation and Insecurity Say Otherwise

🇳🇬 Tinubu: “Reforms Are Working” — But Inflation and Insecurity Say Otherwise

Byline: IDNN Economic & Security Outlook Desk

As President Bola Ahmed Tinubu marks two years in office, his administration is touting bold reforms as a fiscal victory. But Nigerians continue to battle skyrocketing prices, widespread insecurity, and crushing economic hardship.

“Our reforms are working. We are on course to building a stable, prosperous Nigeria,” Tinubu said in his anniversary statement.

He highlighted the removal of petrol and electricity subsidies, currency devaluations, and a shrinking fiscal deficit — claiming inflation has begun to ease and government revenue is improving.

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 The Reality on Ground: Pain Before Progress?

According to Tinubu:

• Fiscal deficit reduced to 3% of GDP (from 5.4% in 2023)

• Currency reforms “stopped the bleeding”

• “Farmers are back tilling the land”

• Security has “improved nationwide”

But reality bites harder:

• Inflation sits at 23.7% (April 2025)

• Food, transport, and housing costs are at record highs

• Over 10,000 deaths reported in two years due to gunmen attacks (Amnesty International)

• Unemployment and SME collapse continue amid high production costs

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Critics: “Don’t Celebrate Yet”

The Lagos Chamber of Commerce and Industry (LCCI) says reforms are hurting more than healing — especially for SMEs.

“Fuel and FX policies tripled logistics costs. Manufacturers are gasping. Debt is at ₦144.67 trillion. 90% of revenue goes to debt service,” said LCCI DG Dr. Chinyere Almona.

She warned that policy inconsistency and poor coordination between monetary and fiscal actors are eroding investor confidence.

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 Mixed Signals, Same Suffering

While the government promises long-term benefits, analysts say Nigerians are not feeling any relief.

• Security claims dismissed: Banditry, kidnappings persist despite presidential assurances.

• Inflation “easing” called misleading: Largely due to rebasing metrics, not real price reductions.

• Ruling party (APC) has endorsed Tinubu for 2027, but public trust is thinning.