Tinubu at Two: Progress, Pain and the Price of Reform

As President Bola Ahmed Tinubu's administration clocks two years, the Nigerian economy reflects a complex blend of ambitious reforms, mounting hardships, and cautious optimism. From fuel subsidy removal to naira floatation, bold policies have reshaped the economic landscape—spurring revenue growth but deepening inflation and poverty. In this detailed review, NIYI JACOBS examines the price Nigerians have paid, what gains have emerged, and what the next two years must urgently deliver.

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As President Bola Ahmed Tinubu's administration marks its second anniversary on May 29, 2025, a deep review of its economic performance reveals a government that has implemented bold, consequential reforms but has struggled to cushion the devastating impact of those decisions on the Nigerian people.

When Tinubu mounted the podium at Eagle Square on May 29, 2023, his inaugural declaration that "fuel subsidy is gone" instantly altered the country's economic landscape. The ripple effects of that single policy shift-coupled with the Central Bank's decision to float the naira-have reshaped public finances and foreign exchange policy, but also pushed inflation to historic highs and drastically reduced household purchasing power.

The prices of petroleum products surged immediately, with pump prices jumping from N198 per litre to over N500, and later to between N875 and N920 per litre across the country. In parallel, the naira depreciated sharply-plunging from N460/$ to N1,579/$ on the official market as of May 2025. These developments unleashed an inflationary spiral, pushing food, transport, and energy prices beyond the reach of many Nigerians.

According to the National Bureau of Statistics (NBS), inflation climbed to 23.71 percent in April 2025-one of the highest in recent memory. The surge in prices, particularly for essential goods and services, has triggered widespread hardship. Even a N70,000 minimum wage introduced in July 2024 could not mitigate the pressure. In real terms, wages lost their value almost as soon as they were increased.

Economists agree that while Tinubu's government has achieved some degree of macroeconomic stabilisation, it has not yet succeeded in addressing the cost-of-living crisis that now defines everyday life in Nigeria.