Niyi Akinsiju, Chairman of the Independent Media and Policy Initiative (IMPI), has called on President Bola Tinubu’s administration to ensure that its economic reforms translate into tangible benefits for ordinary Nigerians, particularly by making food more affordable. Since assuming office in May 2023, Tinubu has implemented sweeping reforms including subsidy removals and foreign exchange harmonization, which have been praised by the World Bank and IMF for stabilizing the economy but also criticized for causing spikes in energy prices and a sharp depreciation of the naira.
Akinsiju highlighted that nearly 25 economic policies have been introduced over the past few years, with some positive signs such as declining food prices. However, he stressed that the true measure of success lies in how these reforms impact the poor, urging the government to focus on reducing the cost of living and expanding access to basic needs.
Contrasting views from other experts and civil society voices suggest that the apparent easing of inflation is partly due to statistical rebasing by the National Bureau of Statistics, while many Nigerians continue to face worsening poverty and food insecurity. The Central Bank of Nigeria recorded inflation peaking at 34.8% in December 2024, with food inflation reaching a historic 40.87% in June 2024, underscoring the severe economic hardship faced by the populace.
Human rights lawyer Femi Falana and groups like Afenifere have criticized the reforms as disproportionately benefiting elites while deepening poverty for the majority. They argue that despite official claims of progress, millions of Nigerians are grappling with rising costs and shrinking incomes, with over seven million businesses reportedly shut down since 2023.
The IMF acknowledges that while Nigeria’s economy has been stabilized and reforms have improved fiscal health, the gains have yet to significantly reduce poverty or food insecurity for most citizens. The Fund warns of ongoing uncertainty due to global economic factors and emphasizes the need for policies that directly improve living standards.
Vice President Kashim Shettima, however, maintains that the reforms are helping to stabilize the economy and reduce poverty through targeted interventions aimed at expanding opportunities and improving quality of life.
Despite government assurances, opposition parties and analysts remain skeptical, accusing the administration of prioritizing elite interests and increasing national debt without adequately addressing the hardships faced by ordinary Nigerians.
In summary, while Nigeria’s economic reforms under President Tinubu have made strides in stabilizing macroeconomic indicators, experts and activists urge a sharper focus on ensuring these policies alleviate poverty and improve affordability for the country’s most vulnerable populations.
