As political endorsements for President Bola Tinubu’s second term gather momentum, one cannot ignore the growing support from political leaders, traditional rulers, business groups, and stakeholders who point to improving macroeconomic indicators as evidence that the administration’s reforms are yielding results. Truly, there are signs of progress, as government revenues have increased, foreign reserves have strengthened, domestic refining capacity has expanded, and inflation has moderated from the extreme highs recorded in 2024 and early 2025.
These developments are important because we know economic reforms are often painful before they become productive, and many of the decisions taken by this administration (fuel subsidy removal and exchange rate unification) were reforms previous governments lacked the courage to implement.
“The removal of fuel subsidies may have improved government finances, but it has at the same time increased transport costs for workers and logistics costs for businesses. These additional expenses in the end feed into the prices consumers pay for goods and services.”
Nevertheless, beyond the conference halls, investment fora, and official economic reports lies another Nigeria, one inhabited by millions of ordinary citizens whose daily realities tell a different story. It is this disconnect between improving economic indicators and worsening living conditions that policymakers must confront honestly if the gains of reform are to be politically and socially sustainable.
