President Bola Tinubu inherited a faltering Economy from his predecessor, Muhammadu Buhari, Vice President Kashim Shettima admitted. At the book launch for a book on Nigerian policies for universal education, Shettima said this. Shettima stressed that the Tinubu administration is committed to reviving the economy, notwithstanding the fact that he was a member of the Buhari administration. He called on Nigerians to back President Tinubu in his efforts to resolve the socio political, economic, and Security issues facing the nation.
Shettima spoke highly of Tinubu’s character and said that he is in office to leave a lasting legacy rather than for personal benefit. His personal tales, such as Tinubu’s modest lifestyle and his emphasis on the Welfare of the country over personal gain, served as examples of Tinubu’s dedication and modesty. Furthermore, Shettima pointed out that although they acknowledge their part in the previous government, the emphasis right now is on seeking answers rather than laying blame.
Nigeria was dealing with high inflation in May 2023.
More so, Nigeria was facing serious economic difficulties when President Bola Tinubu entered office in May 2023. The nation was dealing with high inflation, a declining value of its currency, growing public debt, and a large budget deficit. The withdrawal of gasoline Subsidies and the depreciation of Nigeria’s currency, the naira, were two of the factors that caused the Inflation rate to soar to over 22%. In addition, the nation was experiencing slow economic growth, with GDP growth of only 3%, and substantial unemployment, particularly among young people.
Additionally, Nigeria’s foreign exchange reserves had decreased, causing a liquidity crisis that affected both households and companies. The CEO of Financial Derivatives Company, Bismarck Rewane, and other economists have noted that years of inconsistent policies, an unsustainable subsidy regime, and an over-reliance on oil money were the main causes of the economic catastrophe that Tinubu inherited. Although Tinubu’s administration has taken dramatic steps to stabilize the economy, such as eliminating subsidies and devaluing the currency, analysts contend that these actions have caused the public to suffer short-term hardship and higher living expenses.
Critics say that Tinubu’s political network earned him substantial money.
Opposition leaders have attacked the Tinubu administration’s economic policies, claiming that the elimination of Fuel Subsidies was too sudden and badly handled, making ordinary Nigerians’ suffering worse. One such opposition figure is Atiku Abubakar of the People’s Democratic Party (PDP). Advocates of Peter Obi, an opposition leader, the “Obedient” group, contend that Tinubu’s administration has not gone far enough in addressing the systemic issues facing the economy, and they demand improved economic management and more open governance.
There has been controversy around Vice President Shettima’s depiction of Tinubu as a humble and unselfish leader. Even though Tinubu is frequently acknowledged for his contribution to Lagos State’s development during his time as governor, the public has cast doubt on his financial situation and commercial ventures. Contrary to his assertions of modesty, critics contend that Tinubu’s vast political network and influence have allowed him to earn substantial money. Supporters, on the other hand, point to his record of thrift and dedication to public service, as well as his penchant for straightforward meals and little personal belongings.
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Evaluating these assertions objectively is difficult because there is little public knowledge of Tinubu’s personal riches and strong political divisions regarding his morality and way of life. Both admirers and detractors of the Tinubu administration have closely monitored it, despite the fact that it inherited a difficult economic condition. An accurate depiction of the difficulties and disputes encircling Tinubu’s leadership is made possible by taking into account a variety of viewpoints and the economic context.