Tinubu’s Economic Reforms Have Brought Strangulation, Not Transformation

I believe President Tinubu’s economic policies have produced hardship rather than the promised transformation. When his administration removed petrol subsidies and unified the exchange rate, some of us warned that the measures could deepen inflation, weaken the naira and worsen living costs. Instead of reversing course, the government has continued with policies that, in my view, have pushed the economy further into crisis. Petrol support appears to have returned through mechanisms such as price equalisation, crude-for-debt arrangements and futures deals. The Federal Government has also borrowed heavily while supporting states to meet salary obligations. Debt servicing is now consuming a large share of federal revenue. Estimates for 2026 range from about 48% to 54% when interest payments are measured, while broader calculations that include principal repayments can produce a much higher figure. The IMF projects interest payments at 53.7% of federal revenue in 2026, leaving limited funds for infrastructure, education and health. Nigeria’s overall debt-to-GDP ratio may still be considered sustainable, but the revenue problem is serious. When more than half of government collections go into servicing debt, it is difficult to describe the outcome as transformation. I welcome arguments based on evidence rather than rhetoric.

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