Three years and counting towards the end of his first term, President Bola Ahmed Tinubu’s administration has dramatically reshaped Nigeria’s economy through far-reaching fiscal and monetary reforms. Central to this agenda are the removal of petrol subsidies and the unification of the foreign exchange market policies, which the government says were necessary to avert fiscal crisis and restore macroeconomic stability. And in times when the unresolved legacies of predecessors’ failures extend into a successor’s tenure, a sustained leadership regardless of tenures, may be necessary to deliver the profound, lasting and impactful economic reforms that a society genuinely seeks.
The President Tinubu’s administration has maintained that its government reforms have strengthened public finances, improved investor confidence and laid the foundation for long-term economic growth. Though, the same measures have also fuelled soaring inflation, a sharp rise in living costs and declining domestic purchasing power, leaving millions of Nigerians struggling with the immediate rebounds of change from these strategic reforms and macroeconomic outcomes.
The Presidency upholds that the reform programme, has delivered significant structural gains across the economy.
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