President Tinubu’s governance model since his ascension needs to be investigated and analyzed. Ever since he became the president of Nigeria, all the policies he adopts and implements are always painful and exploitative in nature.
Is it not yet time for President Tinubu and his teams to support and implement policies that promote financial stability? These policies are essential for productivity, job creation, and economic well-being. Clearly this is not the agenda. After 4 years in power and from this article’s analysis we can connect the dots and predict where his policies are headed.
FUEL SUBSIDY IMPLEMENTATION
Before we could sing welcome song for Tinubu in Aso Rock, what greeted us in Radio Waves was FUEL SUBSIDY REMOVAL. Immediately Fuel prices sky rocketed, retailers with old fuel stock equally jacked up their fuel price, this caused serious ripple effect on essentials such as food, Medicine and Shelter. It was a Nightmare for Nigerians.
Fuel prices surged from N185 per liter in 2023 to N1,025 per liter in 2024, About 82 percent increase while the currency exchange rate weakened from 460 naira to 1,700 naira per U.S. dollar (Punch, 2024).
The combined effects of the fuel-subsidy removal and the unification of the naira’s exchange rate have exacerbated the cost of living for many Nigerians. The rising cost of goods and services has significantly weakened purchasing power, a particular problem for low-income households.
In June 2022, the managing Director of NNPC Limited indicated that daily consumption of (PMS) Motor spirits was 103 Million Litres per day but at least 58 million liters were being smuggled. He iterated that Smugglers and other West African Countries benefit more from fuel subsidy than Nigerians.
This leads to the question Don’t we have Naval Officers or Law enforcement agents at the water ways and borders to check this sharp practice. Clearly it is not enough reason for fuel Subsidy Removal.
The long-term effects of subsidy removal remain a focal point of public discourse and policy debate.
Most Foreign countries also halted operations due to dollar shortages and restrictions on repatriating funds. Coming at a time when Unemployment rate is surging, But company growth were seen in smaller neighbors like Ghana, thereby outpacing Nigeria’s in recent years.
Most economics pointed out that Fuel subsidy removal created big fiscal saving. But it looks most likely that the savings are being used in servicing debts and its charges.
I am of the opinion that before embarking on such painful and drastic measures. The citizens ought to have been empowered with welfare programmes, more industries for job creation, foreign investments. This should have been in place to cushion the pain of subsidy removal. Secondly subsidy removal shouldn’t have been up to 100%. It ought to have been done subtly to some degree or percentage and monitored before going full scale.
FOREIGN APPEASMENT: What? Is it a new economic model that spurs growth? Are we suppose to wait and see how this will transform Nigeria? While it is difficult to link this to any known economic model, according to Sahara Reporters( Jan 2026) President Tinubu approved a controversial $9million lobbying contract with a Republican – linked firm in Washington as it seeks to stave off further military actions and diplomatic measures that could undermine Nigeria’s International Standing.
The contract is aimed at persuading the Trump Administration and key U.S lawmakers that Nigeria is taking concrete steps to address insecurity.
The payment serves as a 6 month retainer, with a second $4.5 million installment due by July 2026. Bringing the total value of the deal to $9 million.
This is one of the most expensive lobbying contract ever signed by an African government. Nuhu Ribadu facilitated this, using US Lobbying firm DCI Group, through a Kaduna based law firm Aster Legal.
The agreement bears the signatures of Aster Legal’s Managing Director Oyetunji Olalekan Teslim, DCI Group’s managing Directior, Justin Peterson (A prominient Republican Strategist and close ally of president Trump who served in Puerto Rico’s Fiscal Management Board during Trump’s First Term in Office).
According to the investigative Report published by the African Report. It is called lobbying contract. This came when president trump of America announced that U.S forces had carried out a military airstrike in Nothern Nigeria, specifically in Sokoto State , targeting suspected Insurgents
It has no effect in improving standard of living for Nigeria, It is not even about soliciting Military operations using US high Tech military and expertise it is not an economic terminology so to speak, confirming my doubts earlier. But It is one of Tinubu’s most hyped and controversial model. Recall President Tinubu affirmed Nigerians that Fuel Subsidy Removal will help public infrastructure, education, health care and jobs. It appears this is the best use of the huge Fiscal Savings coming from the painful Fuel Subsidy Removal.
Some analyst say Tinubu literary walked into bondage, so anytime the Republican US Firms are not paid, military actions resumes, then Nigerian Economy is forced to cough out $9million out of fear.
Some analysts are of the opinion that Tinubu wants a relationship with the Trump administration. But as at the time of writing, there is still travel ban on Nigerians, affecting tourists, business and student visa applicants. The weird diplomatic move didn’t extend to visa application. I guess only time will reveal if this is a step in the right direction.
TAXATION: Former Presidential Candidate Peter Obi through a statement posted on his X (formally Twitter) urged the Federal Government to pause the implementation of Nigeria’s newly gazetted tax laws. According to him a report by KPMG Nigeria highlighted potential issues this includes: Taxation of shares, drafting errors, administrative gaps and glaring policy contradictions.
Various meeting were held between National Revenue Service and KPMG for them to acknowledge these issues. Obi stressed lack of public consultation.
Taxation is a form of public contract and public trust, there is urgent need for it to bring clarity if not it amounts to robbery.
In addition Nigeria cannot afford to place further burdens on its already struggling citizens rather Nigerian's deserve some relief before embarking on another painful programme.
Tinubu’s government has no interest in providing clarity, rather they are good in making hasty extortion from Nigerian citizens. No one needs a prophecy to confirm this as an exploitative behavior, a very callous government. No consultation was made. KPMG pointed out that Joint Revenue Board consists of government employees only so it lacks the independence necessary to provide unbiased Financial analysis. They were advised to get an independent watch dog.
Empowerment Programmes: Late President Buhari, during his tenure setup one of the most successful empowerment programmes in the history of Nigeria, The N Power programme. This programme permeated the nooks and crannies of the six geo political zones of Nigeria. The programme was famous for its success. In every 10 Nigerian youth, you could get 3 beneficiaries; there was no form of exploitation. Average Nigerian youth had one or two things to say about the programme. All this happened in an administration with no subsidy removal.
Tinubu’s Empowerment programme is more of Media headline announcement, with no background work to ensure it gets to grassroot level or to Average Nigerians. A project is as famous as its success. I’m ashamed not to be able to mention one even as a researcher. His empowerment programmes just lacked the hype and fame possessed by his exploitative, extravagant governance models.
In Conclusion, President Tinubu and his advisers have lost it!. All these hyped policies mentioned above none leads to prosperity or poverty eradication. They are all pointing towards a dreaded form of poverty. This is exploitation and extortion at an alarming level. There is urgent need to pend the controversial Taxation and intervene on life essentials such as food, shelter or health. Focus should be shifted towards Programmes that will enable Nigerians afford the basic necessities of life.
Flexible Health Insurance schemes to reduce avoidable deaths. Stories of avoidable deaths have been making waves in the country.
There should be focus on improving ease of doing business in Nigeria, this will definitely encourage industries, businesses and startups to spring up in Nigeria. These are the things Nigerians deserve at the moment, to prevent further surging of poverty index in Nigeria
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