Two years into President Bola Ahmed Tinubu’s administration, many Nigerians say their daily reality has become unbearable. Instead of the “Renewed Hope” campaign slogan, the Tinubu presidency has delivered relentless economic hardship, marked by surging inflation, rising electricity tariffs, and increased taxes and banking charges, with no relief in sight.
Public confidence has waned sharply as citizens face increasing hardship, shrinking incomes, and a cost-of-living crisis with no clear resolution in sight.
Fuel Subsidy Gone, Pain Begins
Tinubu’s sudden scrapping of fuel subsidies in May 2023 triggered an immediate crisis. Petrol prices tripled overnight, causing a domino effect on transport, food, and logistics. The government’s promise of palliatives and welfare programmes has largely failed to reach the majority of vulnerable Nigerians.
Naira Devaluation: A Currency in Freefall
The decision to float the naira and unify exchange rates has led to a significant decline in the currency’s value. The naira has lost over 60 per cent of its value since 2023, while inflation has surged beyond 30 per cent, driving up the cost of virtually every essential item from rice to medication.
Every month, our money buys less and less. We are surviving, not living.
Security, Corruption: Still Unresolved
Despite early promises to reform the police and tackle insecurity, violent attacks, kidnapping, and terrorism persist across the country. Meanwhile, allegations of cronyism and opaque government spending persist, undermining public trust.
Electricity Tariff Hikes, Supply Still Poor: Paying More for Darkness
In 2024, the government approved significant hikes in electricity tariffs, particularly for Band A customers who now pay over 200 per cent more for erratic power supply. Many consumers complain of inflated bills without a corresponding improvement in service, further straining household budgets already weakened by inflation.
Tax Burden and Bank Charges on the Rise: Financial System or Financial Squeeze?
With increasing desperation to grow government revenue, Tinubu’s administration has intensified tax collection, expanded VAT, pushed new digital levies, and proposed a raft of new consumption taxes. Yet, citizens see no return in the form of public services or infrastructure.
Adding insult to injury, commercial banks have quietly increased transaction charges, account maintenance fees, and ATM withdrawal costs. Many Nigerians now lose a significant portion of their earnings and savings to bank deductions, sparking outrage and calls for financial regulation. “We’re being taxed and charged into poverty,”
As President Tinubu begins his third year in office, the public mood is grim. Protests have become more frequent, labour unions are threatening strikes, and an increasing number of Nigerians are seeking to leave the country altogether.
“If this is the renewed hope we were promised, then it’s been a cruel joke.”
