Tinubu’s one month in office

At his inauguration, Bola Tinubu, the new president of Nigeria, committed to reduce widespread insecurity while boosting the economy by at least 6% annually, removing obstacles to investment, generating jobs, and unifying the currency rate.

With record debt, fuel and currency shortages, a depreciating naira, inflation nearly two decades high, skeleton power supplies, and declining oil production as a result of crude theft and underinvestment, Tinubu inherited a troubled economy.

The impact was felt as soon as the termination of fuel subsidies was announced. Petrol prices nearly tripled to n557 ($1.20) per liter, bonds increased in value, and the naira fell on speculation that an exchange rate reform would follow.

Furthermore, Tinubu mentioned in his inauguration speech that “monetary policy needs thorough house cleaning,” and that “the central bank must work towards a unified exchange rate,” referring to the 40% difference between the official and parallel rates. This will shift money away from arbitrage and toward significant investments in the infrastructure, machinery, and labor that drive the actual economy.

How well has the President done in laying the groundwork for keeping his campaign promises now that a month has passed? The effects of the President’s policies, decisions, and other actions have not yet been felt by Nigerians. Insecurity is at an all-time high, and the inflation rate of 22.2% means that goods and services are expensive.