Nigeria's Tinubu touts economic gains at mid-term but inflation, insecurity persist
Nigerian President Bola Tinubu on Wednesday marked his second anniversary in office by declaring that his economic reforms were working, but international bodies have warned of persistent economic and security problems.
Since 2023, Tinubu's policies — the removal of a costly petrol price subsidy, cuts to electricity price subsidies, and two currency devaluations — have triggered the worst cost-of-living crisis in a generation, fuelled by inflation rates of more than 23%.
"Our economic reforms are working. We are on course to building a greater, more economically stable nation," Tinubu said in an anniversary statement.
He said the measures were needed to avert a severe fiscal crisis that would have led to "runaway inflation, external debt default, and a plunging Naira and an economy in a free-fall".
Tinubu said the fiscal deficit has narrowed sharply to 3.0% of GDP in 2024 from 5.4% in 2023, supported by improved government revenue generation. He claimed inflation had begun to ease, but this is largely because the index was rebased for the first time in more than a decade.
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