President Tinubu Celebrates Two Years in Office Amid Mixed Economic and Security Results

Lions Crib 3 days ago 2 min read

President Tinubu says his economic policies has yielded positive results/Reuters

President Tinubu began his presidency on May 29, 2023.

President Bola Tinubu marked two years in office by asserting that his economic restructuring efforts are yielding positive results, though international organizations continue to highlight ongoing economic and security challenges.

Tinubu’s policy initiatives since 2023 – eliminating expensive fuel subsidies, reducing electricity subsidy support, and implementing two currency devaluations – have contributed to the most severe cost-of-living difficulties in decades, with inflation exceeding 23%.

In his anniversary address, Tinubu stated: “Our economic reforms are working. We are on course to building a greater, more economically stable nation.”

According to the president, these policy changes were essential to prevent a catastrophic fiscal emergency that could have resulted in “runaway inflation, external debt default, and a plunging Naira and an economy in a free-fall.”

The president highlighted that Nigeria’s fiscal deficit has decreased significantly to 3.0% of GDP in 2024, down from 5.4% in 2023, driven by enhanced government revenue collection.

While Tinubu asserted that inflation is beginning to decline, this reduction is primarily attributed to the rebasing of the index for the first time in over ten years.

The World Bank acknowledges improvements in Nigeria’s fiscal health in recent months but cautions that stubbornly high inflation continues to pose difficulties.

Regarding security matters, Tinubu reported progress, stating that criminal activities in Nigeria’s northwest region have been reduced, roads are more secure, and agricultural workers have “returned to cultivating their fields.” However, violent incidents and abductions continue, with security concerns remaining widespread across different areas.

A Thursday report from Amnesty International revealed that no fewer than 10,217 individuals have lost their lives in armed attacks during Tinubu’s two-year tenure.

The president’s All Progressives Congress (APC) party has already given him their backing to seek a second and final term in the upcoming 2027 election.