President Bola Tinubu’s economic policies have come under sharp criticism from the Financial Times, which described them as “disjointed” and ineffective in alleviating the suffering of millions of Nigerians.
In an editorial published on Wednesday, the newspaper assessed Tinubu’s performance over his first year in office, coining the term “Tinubunomics” to describe his economic approach. However, the Financial Times was scathing in its evaluation, warning that “shock therapy will probably fail if important adjustments are not made.
Under Tinubu’s administration, hunger levels have soared, with millions of children forgoing meals and school. The removal of the fuel subsidy and the decision to float the naira have pushed already impoverished citizens deeper into hardship. “Tinubunomics is so disjointed it barely deserves the name,” the Financial Times wrote.
Since assuming office over a year ago, Tinubu has implemented measures he argues are necessary for economic reform. Yet, these policies have led to significant economic strain for many Nigerians. In nearly 15 months, Tinubu has forced 220 million citizens to endure “bitter medicine” by scrapping the fuel subsidy and letting the naira plummet, resulting in a surge in imported inflation and the worst cost of living crisis in a generation.
Efforts to obtain a response from Ajuri Ngelale, Tinubu’s spokesperson, were unsuccessful. Text and WhatsApp messages seeking comment on the Financial Times’ critique went unanswered. Bayo Onanuga, another media aide, initially dismissed the report as old news. However, when informed of the editorial’s recent publication, he did not provide further comment.
The Financial Times’ criticism echoes earlier assessments from other international media outlets. In June, the New York Times reported that Nigeria is facing its worst economic crisis in decades, marked by soaring inflation, a depreciating national currency, and widespread food insecurity.
Despite these critiques, Tinubu has consistently attributed the nation’s economic challenges to the legacies of his predecessors, suggesting he inherited a nation in disarray. Nevertheless, his policies—most notably the removal of the fuel subsidy and the naira’s floatation—have led to dramatic increases in prices. Petrol prices have surged from N145 to N710 per litre, and the naira has depreciated to approximately N1,500 against the dollar. Food prices have more than doubled nationwide, sparking protests in several states, including Niger, Osun, Ibadan, and Lagos.
As the economic situation continues to deteriorate, the effectiveness of Tinubu’s policies remains under intense scrutiny. Both domestically and internationally, there is growing concern about the administration’s ability to navigate Nigeria through these challenging times. Citizens are planning nationwide protests against Tinubu’s government, reflecting widespread discontent and the urgent need for effective solutions to the country’s economic woes.
