Nigeria's Tinubu declares economic 'emergency' over
The president’s three-year overhaul of Nigeria’s economy has dramatically raised living and operational costs for households and businesses.
Nigeria's President Bola Tinubu has declared the country's economic emergency period to be over, announcing a shift in policy from emergency treatment to shared prosperity. Tinubu's three-year economic overhaul has significantly increased living and operational costs for households and businesses, particularly due to the removal of a fuel subsidy scheme that has caused petrol prices to surge five-fold since 2023.
However, Tinubu stated that "the emergency treatment is over," emphasizing that the foundation of the country's economic structure has been repaired.
Tinubu's approach will face opposition from his rivals Atiku Abubakar and Peter Obi in the upcoming presidential elections. Abubakar has pledged to reinstate fuel subsidies, while Obi, another candidate, will present his own economic agenda. Despite Nigeria's economic growth in recent quarters, the country's debt burden has risen by 20% to $54.5 billion under Tinubu's leadership.
This week, Tinubu extended the timeline for implementing last year's budget, highlighting a more lax fiscal framework that could pose challenges for debt servicing plans.
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