President Bola Ahmed Tinubu’s first year in office has been a period of significant challenge and transition for Nigeria. Taking over from his predecessor, Muhammadu Buhari, Tinubu has faced a nation grappling with economic instability, high debt, and social unrest.
Economic Policies and Impact
Tinubu inherited a nation in economic distress, with a debt profile of N46 trillion. In his initial address, he announced the removal of fuel subsidies and the floating of the naira. These measures, while praised by international bodies like the International Monetary Fund, have had severe repercussions on the cost of living. The price of fuel skyrocketed from N145 to N710 per liter, and the naira has depreciated sharply, now trading at around N1,500 to the dollar.
The National Bureau of Statistics reported a significant increase in food prices, with basic staples like rice, garri, and beans more than doubling in cost. For example, the price of local rice rose from N546.76 in April 2023 to N1,399.34 in April 2024, a 155.93% increase. These surges have led to widespread protests and even incidents of looting, as seen in Abuja and other regions.
Social and Political Reactions
Despite these economic hardships, Tinubu maintains that the worst is over. He assured Nigerians that the country would transition from its current state to prosperity. “We took over, and we have stopped the bleeding. Nigeria is no longer bleeding. And it will not bleed to death, but rather will now move to prosperity,” Tinubu stated during a meeting with Yoruba leaders.
However, the public sentiment reflects frustration and disappointment. Many Nigerians have expressed their dissatisfaction through protests, particularly in states like Niger, Osun, and Lagos, where the high cost of living has severely impacted daily life.
Government Initiatives and Achievements
In contrast, some government officials, like the Minister of the Federal Capital Territory (FCT), Nyesom Wike, have highlighted achievements under Tinubu’s administration. Wike pointed to improvements in security, infrastructure development, and the implementation of various projects, such as the construction of roads and the rehabilitation of the Abuja light rail project.
Inflation and Financial Metrics
Economic indicators paint a stark picture. The inflation rate has climbed from 22.41% in May 2023 to 33.2% in April 2024, marking the highest increase since 1996. Food inflation has similarly surged, reaching 40.01% in March 2024. The cost of transportation has also risen dramatically, impacting both intra-city and inter-state travel.
International Relations and Security
Tinubu’s administration has also been active on the international stage, with the president visiting 13 countries within his first year, aiming to strengthen diplomatic and economic ties. However, security challenges remain acute, with over 7,800 people killed in various attacks from June 2023 to April 2024
Conclusion
President Tinubu’s first year in office has been marked by bold economic reforms and significant challenges. While his administration claims to have halted the country’s “bleeding,” the impact on everyday Nigerians has been profound, with soaring prices and increasing economic pressure. As Nigeria navigates this period of transition, the hope for a prosperous future hinges on the effective implementation of policies that address the root causes of these hardships while fostering sustainable growth.
