Tinubu Declares “Worst Is Over” as Nigeria Sees Economic Recovery Amid Criticism

Nigerian President Bola Tinubu said the “worst is over” after economic reforms like fuel subsidy removal and forex unification. He cited GDP growth, lower inflation, trade surpluses, higher oil output, and rising reserves. The government also disbursed funds to vulnerable households and expanded infrastructure. Critics questioned transparency, and recent labor unrest at Dangote Oil Refinery threatens oil production gains.

Nigerian President Bola Tinubu on Wednesday asserted that the “worst is over” for the country, following a series of economic reforms that have drawn criticism for worsening the economic challenges faced by ordinary Nigerians. Speaking in a national address to mark Nigeria’s 65th Independence Day, Tinubu defended his administration’s controversial decisions to remove fuel subsidies and unify the foreign exchange rate. These policies, which sparked inflation and widespread public anger, were, according to him, necessary measures to “reset” the country’s economy and lay the foundation for sustainable growth.

“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,” Tinubu said. He pointed to the nation’s second-quarter GDP growth of 4.23%, the fastest in four years, as evidence of the positive impact of the reforms. He also highlighted a decline in inflation to 20.12% in August, the lowest level recorded in three years, suggesting that the economy was gradually stabilizing despite the hardships experienced by Nigerians in the interim.

Tinubu further emphasized the achievements in trade, noting five consecutive quarters of trade surpluses, a rebound in oil production to 1.68 million barrels per day, and a rise in external reserves to $42.03 billion, marking the highest level since 2019. These developments, he said, reflected the resilience of the economy and the effectiveness of the government’s policy interventions.

The president also drew attention to the government’s social investment programme, which has disbursed 330 billion naira ($222.90 million) to eight million vulnerable households across the country. In addition, he outlined ongoing infrastructure projects aimed at expanding and modernizing railways, roads, airports, and seaports to support economic growth and facilitate trade. However, critics have questioned the transparency and efficiency of the cash transfer scheme, expressing concern about whether the funds are reaching the intended beneficiaries.

Tinubu acknowledged the urgency of the government’s efforts, stating, “We are racing against time,” even as critics, including opposition party leader Peter Obi, argued that the government’s spending priorities have not fully addressed the magnitude of Nigeria’s humanitarian and economic challenges. The president’s address also coincided with rising labor unrest, following the dismissal of 800 workers at the privately owned Dangote Oil Refinery for attempting to unionize. This dispute has disrupted power supply in the facility and raised concerns that the gains in oil production touted by Tinubu could be threatened if labor tensions persist.

Despite the challenges, Tinubu maintained that the reforms and policy measures undertaken by his administration are beginning to yield tangible results, reflecting a long-term vision for Nigeria’s economic recovery and resilience. He urged Nigerians to remain patient as the government continues to implement reforms aimed at strengthening the economy, improving social welfare, and ensuring sustainable growth for future generations.