The Tinubu Administration, now in its 16th month, has already made waves that many could not have foreseen. Though less than a third of its tenure has passed, the policies introduced have drastically altered the economic and social landscape of Nigeria. The moment that set the tone for what was to come was President Bola Tinubu’s bold declaration on May 29, 2023, his inauguration day: “Subsidy is gone!” This statement, which effectively ended Nigeria’s fuel subsidy, sent shockwaves through the country.
Not long after, the administration took another dramatic step—the floating of the naira—which led to a sharp depreciation of its value. These two pivotal moves have left Nigerians grappling with skyrocketing inflation, a surge in fuel prices, and a currency that has lost significant purchasing power. The impact on daily life has been profound, affecting everything from transportation and food prices to the overall cost of living.
In such a short period, the administration has managed to implement policies that have reshaped the Nigerian economy and its citizens’ way of life, sparking heated debates and widespread concern about the long-term consequences. The biggest challenge for Nigerians under the Tinubu administration would be the worst cost of living crisis in a generation. For the unbearable cost of living, this is largely a result of the subsidy removal as well as the harmonisation of the foreign exchange market.
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