Tinubu’s Economic Policies Disjointed, Won’t End Nigerians’ Hardship – Financial Times

President Bola Tinubu’s economic strategies have been labeled as disjointed and ineffective in alleviating Nigeria’s economic struggles, according to a recent Financial Times editorial.

The report, published on Wednesday, criticized “Tinubunomics,” a term blending Tinubu’s name with “economics,” suggesting that the president’s policies are fragmented and unlikely to succeed without significant adjustments. The Financial Times warned that the current “shock therapy” approach could fail without these changes.

“Under Tinubu’s leadership, hunger levels are soaring, and millions of children are forgoing meals and school,” the editorial stated. It also pointed out that the removal of the fuel subsidy and the floating of the naira have exacerbated the plight of tens of millions of already impoverished Nigerians.

In the 15 months since Tinubu assumed office, his policies have included the removal of a substantial fuel subsidy and allowing the naira to float freely, resulting in severe economic consequences. The naira’s depreciation and increased import inflation have triggered the worst cost-of-living crisis in a generation.

Attempts to reach Ajuri Ngelale, Tinubu’s spokesperson, for comments were unsuccessful. Bayo Onanuga, another media aide, initially dismissed the Financial Times report as old news and accused The Peoples Gazette of misquoting. However, upon learning that the editorial was published recently, he declined further comment.

This critique from the Financial Times aligns with earlier reports from other international media outlets. In June, the New York Times highlighted that Nigeria is facing its worst economic crisis in decades under Tinubu’s administration, marked by rampant inflation, a depreciating currency, and severe food insecurity.

Despite these criticisms, Tinubu has attributed the economic challenges to the legacy of his predecessors, suggesting he inherited a nation in turmoil.

While Nigeria’s economic issues predate Tinubu’s tenure, his policies, particularly the fuel subsidy removal and naira floating, have led to petrol prices skyrocketing from N145 to N710 per litre and the naira falling to around N1,500 against the dollar. Food prices have also more than doubled, leading to protests in states such as Niger, Osun, Ibadan, and Lagos.

As Nigeria’s economic situation worsens, both domestic and international scrutiny of Tinubu’s policies intensifies, with citizens planning nationwide protests against his administration.