Tinubu lists achievements after 3 years, but Nigerians see only hardship

President Bola Ahmed Tinubu marked three years in office on Friday with a detailed defense of his economic reforms and policies, but millions of Nigerians continue to face deepening hardship marked by high inflation, weak incomes, expensive fuel, and persistent insecurity.

In his anniversary statement on May 29, Tinubu said his administration inherited a “profound economic and structural crisis,” citing fuel subsidy costs of ₦18.4 billion daily, forex distortions, rising debt servicing, and declining public revenues.

He said the government took “difficult but necessary decisions,” including ending petrol subsidies and liberalising the foreign exchange market, arguing that failure to act would have led to fiscal collapse.

But three years on, those reforms have reshaped macroeconomic indicators without commensurate improvement in household living conditions.

Tinubu pointed to a surge in financial markets as evidence of recovery, saying the Nigerian Exchange All Share Index rose from about 53,000 points in 2023 to 250,000 in 2026, while market capitalisation climbed from ₦30 trillion to ₦160 trillion.

He also cited improved public finances, increased revenues to states, and renewed investor confidence.

On infrastructure, he said more than 2,700 kilometres of roads are under construction or rehabilitation, including major federal highways such as the Lagos-Calabar Coastal Highway and Abuja-Kaduna-Zaria-Kano route. Rail modernisation projects, he added, are ongoing to improve logistics and connectivity.

In the oil and gas sector, Tinubu said reforms had attracted new investment and advanced projects like the $5 billion NLNG Train 7, while domestic refining capacity is expanding to reduce fuel imports and conserve foreign exchange.

He also highlighted progress in agriculture support programmes, housing delivery of over 10,000 units across multiple states, student loans covering more than 1.5 million beneficiaries, and renewed investments in power, telecoms, and healthcare infrastructure.

Harsh economic reality

Yet these macro-level indicators contrast sharply with everyday realities for most Nigerians.

Food inflation remains high, transport costs have surged since fuel subsidy removal, and electricity supply remains inconsistent despite repeated power sector reforms. Cooking gas prices have increased, while wages have failed to keep pace with rising living costs.

The naira’s depreciation has further pushed up the price of imported goods, increasing pressure on households already stretched by stagnant incomes and rising unemployment.

For many families, the reforms have translated into higher costs without corresponding improvements in income, services, or safety.

Security challenges also persist, with continued attacks by armed groups. Many rural communities remain exposed, and major highways continue to face sporadic security risks despite intensified military operations.

“How can anyone survive with minimum wage at 77k…with family rent school fees. Parents can’t take care of their children,” said Jamil Sani on X.

The policy gap

Tinubu acknowledged that the government has not fully delivered on its promises, saying the task ahead is to ensure that “the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.”

However, that gap between policy outcomes and lived experience remains the central tension of his administration: strong financial and investment signals on one side, and widespread cost-of-living distress on the other.

While the government points to rising capital markets, infrastructure expansion, and fiscal stabilisation, many Nigerians say these improvements remain largely disconnected from food prices, transport fares, housing costs, and job opportunities.

Tinubu urged Nigerians to remain patient, insisting that the “foundation for recovery has been laid” and that reforms will yield broader benefits over time.

But with inflation still eroding purchasing power and insecurity unresolved in several regions, public frustration remains high, and the promise of economic stabilisation continues to be measured against a worsening daily struggle for survival.