In two years, President Bola Tinubu’s reforms have attracted global applause on the strength of their long-term impact on the economy, but they have also pushed several citizens into poverty. Tinubu, who became president on May 29, 2023, acted swiftly on two critical reforms: the removal of the costly gasoline subsidy and the exchange float. Both reforms have allowed the market to determine who gets what, but they have also triggered galloping inflation and widened poverty. The world cheered the reforms, describing them as game changers.
In two years, President Bola Tinubu’s reforms have attracted global applause on the strength of their long-term impact on the economy, but they have also pushed several citizens into poverty. Tinubu, who became president on May 29, 2023, acted swiftly on two critical reforms: the removal of the costly gasoline subsidy and the exchange float. Both reforms have allowed the market to determine who gets what, but they have also triggered galloping inflation and widened poverty. The world cheered the reforms, describing them as game changers.