President Bola Tinubu has ignited a fresh wave of controversy by declaring that Nigeria was headed for bankruptcy before his administration swiftly ended the fuel subsidy and implemented economic reforms
Speaking at the State House in Abuja on Thursday, while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, Tinubu defended his policies, claiming they were the only way to save the country from financial collapse.
However, his remarks have sparked public backlash, with critics accusing him of using economic scare tactics to justify what many see as policies that have worsened hardship for ordinary Nigerians.
“For 50 Years, We Spent the Money of Unborn Generations” – Tinubu
Tinubu insisted that Nigeria had been recklessly spending for decades, even subsidizing fuel for neighboring countries, making it impossible to plan for future generations.
“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West coast of our sub-region with fuel. It was getting difficult to plan for our children’s future,” he said.
His Special Adviser on Information and Strategy, Bayo Onanuga, further quoted the President as saying:
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
However, many Nigerians strongly disagree, arguing that inflation, unemployment, and economic hardship have only worsened under Tinubu’s watch.
Critics Slam Tinubu’s “False Promises” Amid Economic Hardship
Tinubu’s assertion that the exchange rate is stabilizing and food prices are dropping has been met with skepticism, with many Nigerians saying the reality on the ground tells a different story.
Where are food prices coming down? Which exchange rate is stabilizing? one frustrated social media user wrote.
Opposition politicians and civil society groups have also weighed in, accusing Tinubu of deflecting blame and failing to acknowledge the suffering caused by his economic policies.
Tinubu removed the subsidy without any concrete plan to cushion the impact. Now, millions of Nigerians can barely afford transport, food, or basic necessities, an economic analyst, Dr. Amaka Eze, said in a televised interview.
Supporters Defend Tinubu, Praise Education and Credit Reforms
Despite the backlash, Tinubu received praise from members of the visiting delegation, particularly for initiatives such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation (CREDICORP)
Senator Emmanuel Nwaka applauded these policies, calling them game-changers for young Nigerians, especially those struggling with education costs and financial instability
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. Many have benefited from it,” he said.
However, critics argue that these schemes remain largely inaccessible, questioning their real impact on struggling Nigerians.
Is Tinubu’s Economic Narrative a Reality or Political Propaganda?
With rising cost of living, fuel scarcity, and a weakened naira, many Nigerians believe Tinubu’s claim of economic stability is far from reality.
As the debate rages on, one key question remains: Is Nigeria truly on the path to recovery, or is this just another case of political rhetoric masking economic turmoil?
