Nigeria will shift its economic policy goal from administering “emergency treatment” to delivering shared prosperity, President Bola Tinubu said, pitching himself as the best person to address welfare concerns ahead of crunch elections in January.
Tinubu’s three-year overhaul of Nigeria’s economy has dramatically raised living and operational costs for households and businesses. The removal of a fuel subsidy scheme in particular has raised petrol prices over five-fold since 2023. But “the emergency treatment is over,” Tinubu said on Thursday in an Independence Day address, adding that “the foundation has been repaired.” Tinubu will face familiar opponents Atiku Abubakar — who has pledged to reinstate fuel subsidies — and Peter Obi in a repeat of the last presidential election.
Nigeria’s economy has grown steadily in recent quarters. However, the country’s debt burden has risen by 20% to $54.5 billion under Tinubu, who this week extended the timeline for implementing last year’s budget, underscoring a loose fiscal framework that could complicate debt servicing plans.
