Tinubu's Economic Reforms: A Double-Edged Sword
Nigerian President Bola Tinubu marked his second year in office, asserting that his economic reforms are effective despite warnings from international bodies about ongoing economic and security challenges. His tenure has seen the worst cost-of-living crisis but also some fiscal improvements, amid high inflation rates and security threats.
Nigerian President Bola Tinubu celebrated his second anniversary in office on Wednesday, declaring his economic reforms successful. Despite his optimism, international bodies have highlighted enduring issues concerning economics and security.
Since 2023, Tinubu's policies, such as the removal of petrol subsidies and currency devaluations, have led to severe economic challenges, marked by inflation rates exceeding 23%. He insists these measures are vital to prevent fiscal meltdown, evidenced by a reduced fiscal deficit of 3.0% of GDP in 2024.
While the World Bank acknowledges improvement in Nigeria's fiscal position, it warns high inflation persists. Tinubu claims improved security; however, attacks continue. Amnesty International reports over 10,000 deaths since he took office. Despite these challenges, his party supports him for a potential second term.
(With inputs from agencies.)
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