Tinubu’s Leadership and Nigeria’s Agony
By Idris Umar Feta
After eight tough years of economic hardship and uncertainty under former President Muhammadu Buhari, many Nigerians were hopeful that the tide would finally turn when President Bola Ahmed Tinubu was sworn in as the 18th president of the Federal Republic of Nigeria on May 29, 2023.
Citizens believed—given his political acumen as a champion of democracy, a senator, and most notably, a former governor of Lagos State—that better days were ahead. However, their hopes were quickly dashed when, during his inauguration, President Tinubu made the unscripted and shocking announcement: “Subsidy is gone.”
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This statement marked the beginning of even harder times for ordinary Nigerians. The removal of the fuel subsidy triggered a chain reaction that has made life incredibly difficult for millions across the country.
The immediate consequence was a sharp increase in fuel prices, which, in turn, drove up the cost of essential goods and services. Food prices soared, transportation costs tripled in some areas, and household necessities became unaffordable for many families.
The average Nigerian, already struggling to make ends meet, now faces even greater financial strain. A bag of rice that once cost ₦30,000 now sells for more than three times that amount. The rising cost of transportation has made commuting to work, school, and markets a daily struggle.
Small businesses that rely on transportation to move goods and services are barely surviving, with many shutting down due to unsustainable operational costs. In addition to the fuel subsidy removal, the government introduced new tax reforms that have only worsened the situation.
Northern governors strongly opposed these reforms, warning that they would increase the financial burden on citizens. Now passed for a second reading, the bill poses a significant threat to the nation’s economic stability, particularly in Northern Nigeria.
Businesses are already paying higher taxes, and these additional costs are being transferred to consumers, further inflating prices and pushing more people into poverty. The situation is dire, and one can only imagine the impact when these tax reforms are fully implemented.
As if rising costs were not enough, electricity tariffs are set to increase significantly. Although authorities have denied reports of imminent hikes, the recent tariff adjustment that categorized consumers into ‘bands’ has already left many paying more for less power. The persistent collapse of the national grid only worsens the crisis.
Small business owners, such as barbers, welders, and tailors, who rely on electricity to sustain their trade, are struggling to stay afloat. When small-scale enterprises—the backbone of employment—fail, the entire economy suffers. Rising unemployment fuels poverty, crime, and social unrest.
Banks have also joined the trend of increased charges, making essential financial services more expensive for customers. For instance, ATM withdrawal fees, which previously stood at ₦65, have increased, with some banks introducing additional hidden charges.
Many Nigerians now feel that financial institutions are more interested in maximizing profits than serving their customers. Amidst this chaos, the Nigerian police recently introduced a third-party insurance requirement for vehicle owners, a move that has left many confused.
Citizens who were already paying for similar insurance through the Vehicle Inspection Officers (VIO) now wonder why they must pay twice for the same service, especially when the benefits of the previous payments remain unclear.
Similarly, the Nigeria Customs Service recently announced a 4% charge on the Free On-Board (FOB) value of imports. Although the policy has been temporarily suspended, it caused widespread panic among business owners, particularly importers. If reinstated, this policy will undoubtedly lead to even higher prices for imported goods, with consumers ultimately bearing the cost.
While the cost of living continues to rise, workers’ salaries have remained stagnant. The proposed minimum wage of ₦70,000 has yet to be fully implemented, even at the federal level. This wage stagnation, combined with skyrocketing prices, has left many families struggling to afford basic necessities. Nigeria’s middle class is gradually disappearing.
Teachers, healthcare workers, civil servants, and other salaried employees work just as hard but find it nearly impossible to survive. Many are forced to take on additional jobs or rely on loans just to get by. This is not the “Renewed Hope” that Nigerians were promised.
Nigeria is not alone in facing economic turmoil. Last year, Kenyan youths took to the streets in protest against policies that threatened their future. Despite violent crackdowns, their demonstrations sent a strong message to the government: the people will not remain silent in the face of economic oppression.
Nigeria must learn from Kenya’s experience. Frustration and anger are growing among Nigerians, and if the government fails to act, large-scale protests could erupt—ones that may make the #EndSARS protests seem mild in comparison.
Nigerians voted for the All Progressives Congress (APC) with the hope that Tinubu’s administration would correct the failures of the past. However, that hope is fading fast as desperation spreads across the country.
President Tinubu and his government must act swiftly to alleviate the suffering of the people. The well-being of millions of Nigerians depends on the government’s willingness to listen, respond, and prioritize the needs of its citizens.
Time is running out, and Nigeria cannot afford to continue down this dangerous path of economic hardship.
Idris Umar Feta can he reached via: findarumar@gmail.com.
