President Bola Tinubu has declared that Nigeria’s economy is turning the corner after painful reforms, insisting the “worst is over” despite widespread hardship.
In a national address on Independence Day, he defended the removal of fuel subsidies and unification of the foreign exchange rate, citing Q2 GDP growth of 4.23%, inflation easing to 20.12% in August, and rising oil output of 1.68 million barrels per day.
Tinubu also pointed to trade surpluses, stronger reserves at $42.03 billion, and cash transfers to eight million vulnerable households, alongside investments in infrastructure.
Critics, however, questioned the transparency of the cash transfer programme and warned that poverty and inflation remain severe. The IMF recently flagged risks of worsening hardship, with more than 129 million Nigerians living below the poverty line.
Labour unrest has also intensified, including a dispute at the Dangote Oil Refinery that led to 800 layoffs and disrupted power supply.
Opposition leader Peter Obi accused Tinubu of misplaced priorities, arguing that government spending has not matched the scale of Nigeria’s humanitarian crisis.
