“A great leader takes people where they don’t necessarily want to go, but ought to be.” These words, often credited to Rosalynn Carter, carry a heavy truth for Nigerians grappling with the ripple effects of President Bola Ahmed Tinubu’s bold economic reforms. Since assuming office in May 2023, Tinubu has positioned himself as the reformer Nigeria needs—but for many Nigerians, the cost of that change has become nearly unbearable.
His very first executive decision—the abrupt removal of the decades-old fuel subsidy—sent shockwaves across the nation. Fuel prices skyrocketed from ₦185 per litre to over ₦650 by early 2024. The government’s justification was fiscal responsibility: the subsidy was draining over ₦400 billion monthly and largely enriching smugglers and cartels. However, the manner in which it was removed—with no transitional safety net—triggered a nationwide economic tremor.
By April 2025, inflation soared to 33.69%, according to the National Bureau of Statistics (NBS). Food inflation hit 40.53%, the highest in over two decades. A 50kg bag of rice, which cost ₦35,000 in early 2023, now exceeds ₦80,000 in many areas. A litre of cooking oil, formerly ₦1,200, now sells for ₦3,000 or more. The World Bank recently reported that over 104 million Nigerians—nearly half the population—live below the poverty line. The economic pressure has pushed countless families to the brink, with school fees, transportation, and basic healthcare now luxuries for millions.
Currency reforms also added salt to injury. Tinubu’s decision to unify the exchange rate—a long-demanded measure by international financial institutions—led to the naira free-falling from ₦460 to over ₦1,500 per dollar at its lowest point in early 2024, before stabilizing around ₦1,300. While the Central Bank of Nigeria (CBN) introduced several interventions to stabilize the market, the damage to import-reliant businesses was swift and severe. Thousands of SMEs have shut down. Unemployment is rising, and foreign direct investment has slowed.
To justify the pain, the presidency touts long-term gains. Tinubu argues that the era of “reckless subsidies and rent-seeking” must end if Nigeria is to develop sustainably. Multilateral agencies like the IMF and World Bank have voiced cautious support for these reforms, but even they stress the urgent need for robust social safety nets.
Unfortunately, those cushions have been slow in coming. The controversial ₦8,000 monthly cash transfer scheme announced in 2023 was widely criticized for its inadequacy and poor targeting. Promised CNG buses to ease transport costs remain mostly on paper, with only a handful deployed in states like Lagos and Abuja. Efforts to distribute food palliatives and support packages have been marred by corruption allegations, logistical failures, and widespread public skepticism.
Despite the grim headlines, there are glimmers of hope. The long-awaited Dangote Refinery, which began partial operations in 2024, is expected to reduce the country’s dependence on imported petroleum products—a key drain on foreign reserves. New bilateral deals with Germany, India, and the UAE are aimed at improving power supply, digital infrastructure, and energy transition. The administration has shown a willingness to push for innovation and youth development, including recent plans to scale up Nigeria’s tech ecosystem.
Still, these are promises—Nigerians want proof. They want reduced cost of living, consistent electricity, access to affordable healthcare, functioning schools, and job opportunities for their children. The recent strikes by labour unions and increasing civil unrest are not just protests against hardship; they are cries for accountable governance.
Tinubu’s challenge isn’t just about implementing tough policies—it’s about managing the human consequences. It’s about leading with empathy, communicating transparently, and ensuring that the burden of reform doesn’t fall disproportionately on the most vulnerable. Great leaders don’t just remove subsidies—they replace them with systems that work.
History won’t remember how fast Bola Tinubu cut costs or floated the naira. It will remember whether he used the opportunity to build a new economic foundation or simply presided over deeper national decline. The Nigeria of the 1950s and 60s, often romanticized for its efficiency, pride, and vision, was built on more than resources—it was built on trust and a sense of shared national purpose.
Today, Nigerians don’t expect miracles. But they do expect results. And they expect their president to not only steer them through the storm, but to ensure there is solid ground on the other side. In a country battling with fuel, food, and frustration, the demand is not just for leadership—it is for leadership that truly leads.
