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:
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2015: $2,728
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2024: $824 (a 70% decline)
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Nigeria now ranks as the 12th poorest country globally (178/189), behind Zimbabwe ($2,030) and war-torn Libya ($6,465).
Consumer Crisis:
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N2.14 trillion worth of unsold goods (MAN report) – an 87.5% YoY spike.
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Families forced to buy expired food and second-hand goods (Daily Trust investigation).
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Minimum wage (₦70,000 ≈ $50) is 5x below the living wage in major cities.
Elite Enrichment:
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Subsidy savings and devaluation have funneled billions to:
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Governors (₦8.9 trillion extra FAAC allocations since 2023).
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Federal lawmakers (₦110B “palliative” packages).
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Crony contractors (₦3.7 trillion in opaque “infrastructure” deals).
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Policy Failures & Contradictions
World Bank’s Warnings:
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Praised reforms but flagged 4 time bombs:
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Inflation (33.9% food inflation).
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Exchange rate volatility (₦1,540/$ black market).
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Insecurity (disrupting farms/supply chains).
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Zero social cushioning (failed ₦35k wage “top-up”).
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Subsidy Hypocrisy:
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Tinubu scrapped petrol subsidies (saving $2.1B monthly) but introduced:
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Aviation fuel subsidies for politicians’ private jets.
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Luxury import waivers for elites.
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What Must Be Done
Emergency Price Controls:
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Subsidize staples (rice, beans, fuel) like Egypt/Saudi Arabia.
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Slash VAT on food, medicines, and utilities.
Elite Accountability:
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Audit state governors – Where’s the ₦8.9 trillion FAAC windfall?
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Probe NASS palliatives – Who received ₦110B?
Jobs Stimulus:
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Public works program (roads, housing) to employ 5M youths.
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Enforce minimum wage (₦70k) nationwide.
Monetary Reset:
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Dual exchange rate (priority rates for manufacturers).
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Interest rate cuts for SMEs (current 30% CRR kills businesses).
The Human Toll
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Health: Families risk food poisoning from expired goods.
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Education: 50% of students drop out due to hunger (UNICEF).
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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.”
