Tinubu’s Economic Reforms Split Experts as Nigerians Battle Rising Cost of Living
ABUJA – President Bola Ahmed Tinubu’s economic reforms have drawn mixed reactions from economists, with experts sharply divided over whether the administration’s policies are steering Nigeria toward long-term prosperity or leaving millions of citizens to bear unbearable economic hardship.
The debate has intensified as political discourse ahead of the 2027 general elections increasingly focuses on the impact of the government’s flagship reforms, including the removal of fuel subsidy, foreign exchange liberalisation, fiscal restructuring and ongoing tax reforms.
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has remained one of the administration’s fiercest critics, arguing that while government officials celebrate improvements in economic indicators, ordinary Nigerians continue to grapple with soaring food prices, expensive transportation, shrinking purchasing power and declining living standards.
According to Atiku, the reforms have produced impressive statistics but have yet to deliver meaningful improvements in the daily lives of citizens.
The Federal Government has defended its economic agenda, insisting that the difficult decisions were necessary to rescue the economy from years of structural distortions. Officials argue that early gains are already visible through stronger Gross Domestic Product (GDP) growth, increased revenues to the three tiers of government, improved fiscal stability and a healthier debt service-to-revenue ratio.
Experts disagree on the scorecard
Speaking on the administration’s performance, Professor Godwin Oyedokun, Professor of Accounting and Finance at Lead City University, described the reforms as courageous and economically necessary despite their painful short-term consequences.
He noted that removing fuel subsidy and liberalising the foreign exchange market addressed long-standing structural problems that had weakened the Nigerian economy for years.
However, he acknowledged that the immediate impact has been severe, with inflation, higher transportation costs and declining purchasing power placing enormous pressure on households across the country.
While macroeconomic indicators are beginning to show signs of recovery, Oyedokun stressed that many Nigerians are yet to experience those gains in their everyday lives.
He rated the administration’s reforms 7 out of 10, adding that their ultimate success would depend on the government’s ability to convert economic growth into more jobs, higher incomes and improved living standards before the next general election.
Offering a more critical assessment, Dr. Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria (CIBN), argued that the reforms have not produced meaningful benefits for ordinary Nigerians.
Although he described the removal of fuel subsidy and the floating of the naira as economically sound policies, Unegbu said weak implementation has undermined their effectiveness.
He maintained that improvements in GDP figures have not translated into better conditions in markets or improved household welfare, giving the administration a performance rating of below 30 per cent.
Mixed economic signals
Recent economic indicators reflect the complex reality confronting the Nigerian economy.
According to the National Bureau of Statistics (NBS), the country’s inflation rate eased to 15.91 per cent in June 2026, suggesting that price pressures may be moderating after months of sustained increases.
The naira also strengthened to ₦1,364.83 per US dollar at the official foreign exchange market on August 3, reflecting improved stability in the currency market.
Despite these developments, the cost of energy remains a major concern for households and businesses. In Abuja, petrol continues to sell between ₦1,265 and ₦1,310 per litre, keeping transportation and production costs elevated and sustaining pressure on consumer prices.
The road to 2027
With less than a year before campaigns for the 2027 general election gather momentum, the economy is expected to dominate national political conversations.
While supporters of the Tinubu administration argue that difficult reforms are beginning to reposition Nigeria for sustainable growth, critics insist that economic success cannot be measured solely by macroeconomic statistics if the average citizen continues to struggle with the rising cost of living.
Whether the government’s reforms ultimately translate into tangible improvements for millions of Nigerians may prove to be one of the defining issues shaping public opinion ahead of the next presidential election.
