Yuletide: Nigerians Face Economic Hardship Under Tinubu’s Renewed Hope Agenda
As the festive season draws near, many Nigerians are struggling to find joy amid worsening economic challenges under President Bola Tinubu’s Renewed Hope agenda.
Despite promises of long-term economic recovery, the current realities are grim. Inflation has surged to a two-decade high of 33.88%, with food inflation hitting 39.16%, making basic staples such as rice and beans unaffordable for many families. The removal of fuel subsidies, while deemed necessary by economic analysts, has intensified the hardship without adequate relief measures to cushion the impact.
Transportation costs have skyrocketed, businesses are shutting down, and poverty levels are rising. The naira’s dramatic depreciation, now trading at N1,710 to $1 on the parallel market, has further strained small businesses and households, compounding the economic woes.
In markets that once bustled with Christmas shoppers, traders now lament the lack of sales. Deborah, a Lagos-based trader, told ThisDay, “Everything has tripled in price. I can’t even afford rice for Christmas, and my rent is due.”
Social commentator Akin Oyewale expressed skepticism about the administration’s direction, stating, “It’s been 18 months since this administration began, and Nigerians are still grappling with subsidy removal, record-high inflation, and a weak naira. Hope is not a strategy.”
While economic analysts acknowledge that removing the fuel subsidy was inevitable, they argue the government has failed to mitigate its impact on ordinary citizens. “The absence of immediate palliatives has left the populace worse off,” a Lagos-based economist remarked.
Defending the administration’s policies, Minister of Information Idris Mohammed emphasized that funds saved from subsidy removal are being redirected to “high-impact projects and programs.” However, critics like governance advocate Jacob Nwosu question the transparency of these efforts. “Where is the accountability? Funds are announced, but there is no transparency in their distribution. People are suffering, and they see no relief in sight,” he said.
While some, like ruling party member Abiola Olatunji, urge patience, saying, “The Renewed Hope agenda was always going to take years to materialize,” others, like Oyebisi Maruf, disagree. “Nigerians are resilient, but this resilience has been abused for too long. The people need tangible results—not slogans, not promises, but real improvements in their daily lives,” Maruf said.
As the festive season approaches, many Nigerians are left wondering when the promised renewal of hope will translate into meaningful change in their everyday lives.
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