As President Bola Ahmed Tinubu marks his second anniversary in office on May 29, 2025, Nigeria stands at a pivotal juncture. His administration has launched ambitious reforms aimed at revitalizing the nation’s economy, yet these initiatives have also sparked significant debate and concern.
Economic Reforms: Ambition Meets Reality
Upon assuming office in 2023, President Tinubu swiftly implemented bold economic measures. Notably, he removed the longstanding fuel subsidy, a move intended to reallocate funds toward critical sectors like infrastructure and education. Additionally, the unification of the naira’s exchange rates aimed to stabilize the currency and attract foreign investment .
These reforms have yielded some positive outcomes. Government revenues reportedly doubled in the first half of 2024 compared to the same period in 2023 . Furthermore, Nigeria achieved a balance of payments surplus of $6.83 billion in 2024, reflecting increased investor confidence .
However, these policies have also led to significant challenges. The removal of subsidies and currency devaluation have contributed to a sharp rise in the cost of living, with inflation reaching 24% . Many Nigerians continue to grapple with soaring food prices and economic hardship.
The $30 Billion Loan Drive: Investment or Indebtedness?
Central to Tinubu’s economic strategy is an aggressive external borrowing plan. Since taking office, his administration has secured over $7.2 billion in foreign loans, primarily from the World Bank. In May 2025, President Tinubu requested parliamentary approval for an additional $21.5 billion in external borrowing .
These funds are earmarked for various sectors, including infrastructure, renewable energy, and digital transformation. While such investments are crucial for development, critics express concern over the nation’s growing debt burden and the sustainability of these loans.
Infrastructure and Development: Progress Amidst Controversy
The Tinubu administration has prioritized infrastructure development. Projects like the 700-kilometer Lagos-Calabar Coastal Highway aim to enhance connectivity and stimulate economic growth . Additionally, efforts to rehabilitate the Port Harcourt refinery and construct the Ajaokuta-Abuja-Kano Gas Pipeline are underway.
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Despite these initiatives, some projects have faced scrutiny over costs and execution. The Lagos-Calabar Coastal Highway, for instance, has been criticized for its high estimated cost and the awarding of contracts to firms with alleged ties to the presidency.
Security and Governance: Ongoing Challenges
Security remains a pressing issue. While the administration reports successes, including the neutralization of thousands of terrorists and the rescue of some thousands of kidnap victims, incidents of banditry and insurgency persist in various regions.
Governance reforms have also been a focus. The administration has taken steps to enhance transparency and accountability, such as reinforcing anti-corruption institutions and initiating judicial reforms .
Looking Ahead: A Nation at a Crossroads
As Nigeria approaches the 2027 elections, President Tinubu’s leadership faces both commendation and criticism. His administration’s reforms have set the stage for potential economic revitalization, yet the immediate impact on citizens’ livelihoods remains a concern.
The path forward requires balancing ambitious development goals with the pressing needs of the populace. Ensuring that reforms translate into tangible benefits for all Nigerians will be crucial in determining the administration’s lasting legacy.