Since the inauguration of President Bola Tinubu and the rollout of his Renewed Hope agenda, Nigerians have found themselves grappling with one of the worst economic crises in recent history.
While the government insists that its policies will yield long-term benefits, millions of citizens are sinking further into poverty, with many questioning if the promised prosperity will ever come.
Economic realities: A nation on the brink
From skyrocketing inflation to an unrelenting foreign exchange crisis, the Nigerian economy has continued its downward spiral.
According to the National Bureau of Statistics (NBS), inflation reached 33.88percent in October, the highest in almost two decades. Food inflation alone stood at 39.16percent, making basic staples like rice, beans, and bread unaffordable for millions of families.
Citizens continue to battle with the effect of fuel subsidy removal, with transport costs doubling in urban areas and tripling in rural communities. The ripple effect has left businesses struggling to manage operational costs, forcing many to shut down and lay off workers.
The naira’s freefall against the dollar has further compounded the woes of Nigeria’s struggling economy. Trading at N1,710 to $1 on the parallel market, the naira’s depreciation has made imports more expensive, further driving up prices.
Small and medium enterprises (SMEs), which account for nearly 48percent of Nigeria’s GDP, are finding it nearly impossible to source foreign exchange for critical raw materials.
The World Bank recently projected Nigeria’s poverty rate to climb further, estimating that over 129 million citizens now live below the poverty line.
Meanwhile, the Economist Intelligence Unit (EIU) warned that Nigeria could rank among the most difficult places to live over the next five years, citing economic instability, insecurity, and governance issues as major contributors.
As Christmas approaches, there is a palpable absence of joy. The streets, once filled with festive cheer, are now marked by muted celebrations. Markets that would typically be bustling with activity are subdued, with traders lamenting low patronage
“Hope is not a strategy,” said Akin Oyewale, a social commentator. “It’s been 18 months since this administration started, and Nigerians are still grappling with a fuel subsidy removal that has skyrocketed the cost of living. The naira is weak, inflation is at record highs, and there’s no clear path to prosperity.”
For Lagos-based trader Deborah, the struggle to make ends meet has overshadowed any sense of optimism.
“Since this government came in, everything has tripled in price. I cannot even afford to buy rice this Christmas season, and my rent is due,” she lamented. “They keep telling us to hope, but when will the suffering stop?”
Read also: Report projects economic hardship to push 33.1 million Nigerians into food insecurity in 2025
Economic reforms: Pain before gain?
Economic analysts acknowledge the potential long-term benefits of Tinubu’s reform but stresses that the government must cushion the effects for the populace.
“The subsidy removal was inevitable, but the failure to provide immediate palliatives has left Nigerians worse off,” a Lagos-based economist said.
“Funds saved from fuel subsidy removal are being used to execute high-impact projects and programmes,” Idris Mohammed, the minister of information, said at the 2024 Annual Conference of the International Press Institute on Wednesday.
“Where is the accountability?” asked Jacob Nwosu, a good governance advocate. “These funds are announced, but there is no transparency in their distribution. People are suffering, and they see no relief in sight.”
Amid the discontent, there are those who believe that Tinubu’s administration needs more time.
Read also: Tinubu is not showing us path out of current hardship- Anthony Kila
Abiola Olatunji, a member of the ruling party, argued that reform takes patience. “Governance is not magic. The Renewed Hope agenda was always going to take years to materialise. Nigerians need to give this administration room to work,” he said.
However, others are less forgiving. “Nigerians are resilient, but this resilience has been abused for too long,” said Oyebisi Maruf. “The people need tangible results—not slogans, not promises, but real improvements in their daily lives.”
For many, the Renewed Hope agenda will only hold water if it delivers on its promises. As Tinubu’s administration approaches its second anniversary, Nigerians expect concrete action on key issues such as economy, power supply, and healthcare.
For now, Nigerians continue to survive on hope, but patience is wearing thin. The question on the minds of millions remains: How much longer must Nigerians endure before the promises of hope become a reality—or will hope be all they ever have to hold on to?
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