Tinubu’s Government Is Stuffed with Cronies but Still Delivering Results – Financial Times

In a striking editorial published Tuesday, the Financial Times credited President Bola Tinubu with significant economic progress, despite what it described as a government “stuffed with cronies.”

“That so much has been achieved by a government stuffed with cronies — and, to be fair, one or two competent technocrats — shows how much could be achieved if Nigeria really got its act together,” the UK-based paper wrote in the piece titled “Nigeria’s shock therapy: Why President Tinubu should press on.”

Halfway into his first term, Tinubu, who marks two years in office this Thursday, was praised for stabilising Nigeria’s economy and implementing long-overdue reforms. “Nigeria is in better shape than at any time in the past decade. That may come as a surprise — or even sound like a sick joke — to tens of millions of Nigerians who are suffering the worst cost of living crisis in a generation,” the FT stated.

The editorial credited the former Lagos governor with eliminating fuel subsidies and initiating monetary policy reforms that have helped stabilise the naira and boost tax revenues. Despite the haphazard nature of some policies, the paper noted that “the tiny green shoots have come because Tinubu’s government has tackled — albeit in often haphazard fashion — debilitating structural distortions.”

However, the FT did not shy away from criticism, calling Nigeria a “comatose giant” long held back by oil dependency, insecurity, and a corrupt political class. “Home to nearly one in five sub-Saharan Africans, its market of 230 million people should be an engine of continental growth. Instead it has been a drag,” the editorial said.

Looking ahead to 2027, the Financial Times warned that Tinubu must resist the urge to ease off reforms for political convenience. “As Nigeria’s election cycle edges towards 2027, Tinubu may be tempted to slow the pace of change. That would be a mistake,” the paper advised. “He should forge ahead, with the overriding aim of making ordinary Nigerians — not just investors — feel the benefits of shock therapy.”