From $2,728 to $824: How Tinubu’s Policies Halved Nigerians’ Wealth”

Lagos, Nigeria – Two years into President Bola Tinubu’s administration, Nigeria’s economy is caught in a paradox: while political elites enjoy unprecedented financial windfalls from subsidy removal and naira devaluation, ordinary citizens grapple with historic inflation, plummeting purchasing power, and a collapse in living standards.

The Harsh Reality of Tinubunomics

 GDP Per Capita Crash:

• 2015: $2,728

• 2024: $824 (a 70% decline)

• Nigeria now ranks as the 12th poorest country globally (178/189), behind Zimbabwe ($2,030) and war-torn Libya ($6,465).

 Consumer Crisis:

• N2.14 trillion worth of unsold goods (MAN report) – an 87.5% YoY spike.

• Families forced to buy expired food and second-hand goods (Daily Trust investigation).

• Minimum wage (₦70,000 ≈ $50) is 5x below the living wage in major cities.

 Elite Enrichment:

• Subsidy savings and devaluation have funneled billions to:

  • Governors (₦8.9 trillion extra FAAC allocations since 2023).

  • Federal lawmakers (₦110B “palliative” packages).

  • Crony contractors (₦3.7 trillion in opaque “infrastructure” deals).

Policy Failures & Contradictions

 World Bank’s Warnings:

• Praised reforms but flagged 4 time bombs:

  1. Inflation (33.9% food inflation).

  2. Exchange rate volatility (₦1,540/$ black market).

  3. Insecurity (disrupting farms/supply chains).

  4. Zero social cushioning (failed ₦35k wage “top-up”).

 Subsidy Hypocrisy:

• Tinubu scrapped petrol subsidies (saving $2.1B monthly) but introduced:

  • Aviation fuel subsidies for politicians’ private jets.

  • Luxury import waivers for elites.

What Must Be Done

 Emergency Price Controls:

• Subsidize staples (rice, beans, fuel) like Egypt/Saudi Arabia.

• Slash VAT on food, medicines, and utilities.

 Elite Accountability:

• Audit state governors – Where’s the ₦8.9 trillion FAAC windfall?

• Probe NASS palliatives – Who received ₦110B?

 Jobs Stimulus:

• Public works program (roads, housing) to employ 5M youths.

• Enforce minimum wage (₦70k) nationwide.

 Monetary Reset:

• Dual exchange rate (priority rates for manufacturers).

• Interest rate cuts for SMEs (current 30% CRR kills businesses).

The Human Toll

• Health: Families risk food poisoning from expired goods.

• Education: 50% of students drop out due to hunger (UNICEF).

• Migration: 4,000 Nigerians flee daily (IOM) – worse than Venezuela’s crisis.

A Lagos Trader’s Plea:
“We voted for ‘Renewed Hope,’ but all we get is renewed suffering. Let the President visit markets – not just Davos.”