Nigeria's Tinubu touts economy amid cost-of-living anger – DW – 05/29/2025

DW

2 days ago

Nigerian President Bola Tinubu said his economic reforms are "working" as consumer prices for the average Nigerian stay high. The Tinubu government has devalued the country's currency and cut subsidies.
Nigerian President Bola Tinubu defended a series of economic reforms enacted by his government in an address on Thursday.
"Our economic reforms are working. We are on course to building a greater, more economically stable nation," Tinubu said in the remarks marking his second anniversary in office.
After coming into power, Tinubu's administration has twice devalued the country currency, the naira, and slashed electricity and petrol price subsidies. Nigeria is Africa's largest crude oil producer.
'We have made undeniable progress'
"Despite the bump in the cost of living, we have made undeniable progress," Tinubu said. "We have stabilized our economy and are now better positioned for growth and prepared to withstand global shocks."
Although the World Bank has warned that Nigeria continues to face high inflation, the Washington-based financial institution recently said Nigeria witnessed its highest economic growth in 10 years amid Tinubu's reforms.
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Since Tinubu introduced the economic reforms, inflation in Nigeria has soared to rates of over 23%. High fuel prices, food inflation and rising electricity costs have frustrated working Nigerians and sparked a cost-of-living crisis.
The fury over high consumer prices has led Nigerians to take to the streets across the country this and last year.
Some protests have even turned violent as demonstrators clash with security forces, leaving people dead. The Nigerian government has arrested protesters and charged some of them with treason, a crime that can come with the death penalty.
In his second anniversary address, Tinubu also claimed that security has improved in Nigeria, saying military forces are deterring threats from armed groups. Nigeria has witnessed attacks and kidnappings not only from jihadi groups such as Boko Haram but also bandits who sack villages.
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Tinubu's statement comes after human rights watchdog Amnesty International said at least 10,217 people have been killed in Nigeria by jihadis and armed groups in the two years since he has taken office.
Tinubu critics denounce government 'failure'
Nigerian politician and journalist Omoyele Sowore criticized Tinubu's second anniversary address, accusing Tinubu on X of ending the "petrol subsidy for people with low incomes" while subsidizing "corrupt government officials and lawmakers."
Sowore also said Tinubu's government let the Boko Haram jihadi group move from Nigeria's northeastern states of Borno and Yobe down south into the north-central state of Kogi.
"A man who met Boko Haram in Borno and Yobe but let them move down south to Kogi is a failure," Sowore, who ran as a presidential candidate in the 2023 Nigerian election, said.
Edited by: Zac Crellin