A turning point?
The 1st October of each year offers us an auspicious opportunity to reflect on the valiant struggle our forebears waged to wrest independence from British colonialists and to assess our storied journey to nationhood since 1960. The 1stt of October 2026 was not an exception. The President, Chief Bola Ahmed Tinubu, followed in the footsteps […]
October 1st, 2026 was a significant day for Nigeria as President Bola Ahmed Tinubu gave a speech, reminiscent of his predecessors, in anticipation of the 2027 general elections. He painted a picture of a prosperous future for Nigeria, promising a turning point in the nation's journey towards stability and widespread prosperity. However, before presenting this optimistic outlook, Tinubu criticized his predecessors for undermining Nigeria's potential by postponing difficult decisions and allowing economic distortions to grow.
He compared the country's situation to that of a terminally ill cancer patient requiring drastic treatment, stating that for too long, leaders had chosen morphine over miracle cures. Critics of the withdrawal of petrol subsidies, which Tinubu defended, accused him of abandoning the treatment and reverting to the abuse of addictive subsidies.
Despite these criticisms, the President declared that the country had arrived at a turning point, proclaiming shared and widespread prosperity on the horizon. While acknowledging Nigeria's dire straits upon taking office in May 2023, Tinubu did not address the state of the economy until later. Prior to his speech, it was his allies and proxies who spoke about the economic condition.
This author believes that Buhari was alive and it was not politically wise or judicious to criticize his predecessor at the time. However, Tinubu, who sees himself as a reincarnation of Buhari, has found it more convenient to be outspoken. This is reminiscent of Nikita Khrushchev's criticism of Joseph Stalin in 1956. While some of Tinubu's predecessors may have fallen short, it is uncharitable and unpresidential to issue a blanket condemnation of them.
Historical records, however, paint Tinubu as self-righteous and less generous. For instance, former President Olusegun Obasanjo inherited foreign reserves of $4.99 billion in 1999 and grew them to $43.17 by 2007, a significant achievement considering other nations' reserves. Nigeria's growth rate during Obasanjo's term was 9.5% and 6.59% in 2003 and 2007, respectively, compared to the current growth rate of over 4%.
The naira's value has also decreased significantly from 114-122 and 124-125 against the US dollar in 2003 and 2007, respectively, to 1,327.58 in 2026. Despite the withdrawal of petrol subsidies and the windfall from the America/Israel versus Iran War, Nigeria's debt has increased to $120.93 billion, compared to $3.35 billion in 2007.
This stark contrast highlights the economic challenges Nigerians face today, with the President's policies often perceived as unkind and ungracious by critics.
Written by urgent.news from Daily Trust's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
