President Bola Tinubu’s economic policies are disjointed, pushing tens of millions into misery and would not end Nigerians’ hardships, Financial Times reported.
In an editorial article assessing Tinubu’s over one year in office published on Wednesday, the newspaper dismissed “Tinubunomics,” a term blending Tinubu’s name with the last five letters of “economics,” as “disjointed.”
“Tinubunomics” is so disjointed it barely deserves the name,” Financial Times wrote, warning that “Shock therapy will probably fail if important adjustments are not made.”
The newspaper said underTinubu’s watch, “Hunger levels are soaring and millions of children are foregoing meals and school,” adding that the president’s economic policies, fuel subsidy removal and floating of the naira, have “pushed tens of millions of already impoverished people deeper into misery.”
“In the nearly 15 months since Bola Tinubu became president, he has forced his 220mn fellow Nigerians to swallow some bitter medicine. He removed a generous fuel subsidy, one of the few benefits citizens receive from their inefficient and corrupt state.
“He allowed the country’s currency, the naira, to enter freefall, fuelling imported inflation and triggering the worst cost of living crisis in a generation. These measures have pushed tens of millions of already impoverished people deeper into misery,” Financial Times said.
Tinubu’s policies—particularly the removal of the fuel subsidy and the decision to float the naira—have resulted in petrol prices soaring from N145 to N710 per litre and the naira depreciating to approximately N1,500 against the dollar.
Additionally, food prices have more than doubled nationwide.
As the economic situation continues to deteriorate, the effectiveness and impact of Tinubu’s policies remain under intense scrutiny both domestically and internationally while citizens plan nationwide protests against Tinubu’s government in August.
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