During a recent social event in London, I encountered old acquaintances who hold the firm belief that President Bola Tinubu is a transformative leader and Nigeria’s potential saviour. They argued that current economic hardships are merely temporary obstacles created by his predecessors or political rivals, and that his reforms are being unfairly targeted by specific ethnic groups. They suggested that opposition to his policies, such as the removal of fuel subsidies and the floating of the naira, stems primarily from Northern elites who lost their privileged access to state resources, and from Igbo supporters of Peter Obi.
This perspective, common among the Yoruba middle and upper classes, often deflects accountability away from the President, attributing problems like insecurity and poverty to regional governors or hostile political actors. This differs significantly from how previous administrations led by non-Yoruba figures were scrutinized by the same demographics. While President Tinubu has demonstrated a clear enthusiasm for policy shifts, it is essential to determine if these actions truly foster national prosperity and effective governance.
The reforms—including the end of fuel subsidies, the floating of the naira, the establishment of the Nigerian Education Loan Fund (NELFUND), and initiatives for local government financial autonomy—have been criticized for their timing and implementation. Many of these measures arrive years too late, now causing significant economic strain rather than growth. Furthermore, structural issues like high unemployment render schemes such as NELFUND less effective, while the push for local government autonomy through judicial channels remains largely unfulfilled. Ultimately, while Tinubu displays a notable zeal for reform, the assertion that he is the country’s saviour is unsupported by the current reality of stagnant living standards and persistent economic volatility.
