🇳🇬 Tinubu: “Reforms Are Working” — But Inflation and Insecurity Say Otherwise
Byline: IDNN Economic & Security Outlook Desk
As President Bola Ahmed Tinubu marks two years in office, his administration is touting bold reforms as a fiscal victory. But Nigerians continue to battle skyrocketing prices, widespread insecurity, and crushing economic hardship.
“Our reforms are working. We are on course to building a stable, prosperous Nigeria,” Tinubu said in his anniversary statement.
He highlighted the removal of petrol and electricity subsidies, currency devaluations, and a shrinking fiscal deficit — claiming inflation has begun to ease and government revenue is improving.
 The Reality on Ground: Pain Before Progress?
According to Tinubu:
-
Fiscal deficit reduced to 3% of GDP (from 5.4% in 2023)
-
Currency reforms “stopped the bleeding”
-
“Farmers are back tilling the land”
-
Security has “improved nationwide”
But reality bites harder:
-
Inflation sits at 23.7% (April 2025)
-
Food, transport, and housing costs are at record highs
-
Over 10,000 deaths reported in two years due to gunmen attacks (Amnesty International)
-
Unemployment and SME collapse continue amid high production costs
Critics: “Don’t Celebrate Yet”
The Lagos Chamber of Commerce and Industry (LCCI) says reforms are hurting more than healing — especially for SMEs.
“Fuel and FX policies tripled logistics costs. Manufacturers are gasping. Debt is at ₦144.67 trillion. 90% of revenue goes to debt service,” said LCCI DG Dr. Chinyere Almona.
She warned that policy inconsistency and poor coordination between monetary and fiscal actors are eroding investor confidence.
 Mixed Signals, Same Suffering
While the government promises long-term benefits, analysts say Nigerians are not feeling any relief.
-
Security claims dismissed: Banditry, kidnappings persist despite presidential assurances.
-
Inflation “easing” called misleading: Largely due to rebasing metrics, not real price reductions.
-
Ruling party (APC) has endorsed Tinubu for 2027, but public trust is thinning.