By Comrade Amb. Kunle Sodipo FICSSM, MNIMN, anipr
Abeokuta Ogun State, Nigeria
In what many has described as a dangerously bold step to reposition Nigeria's economic fortunes, President Bola Ahmed Tinubu's economic reform has been a subject of controversy, with some concerned citizens and analysts questioning its impact. The reform involves removing fuel subsidies, unifying foreign exchange rates, and implementing other market oriented policies.
From his first day in office, the president sent shockwaves across the nation when he boldly and bravely announced the removal of fuel subsidy, which has been a big burden on the federal government with a mixture of both blessing and curse for the country at large due to the cost benefit to the citizens on one side and the financial loss to the federal government from diversion and acts of economic sabotage by oil marketers who buys petroleum products at subsidized rates in Nigeria and divert same to neighboring countries for huge profit.
Key Aspects of President Tinubu's Economic Reform:
* Fuel Subsidy Removal: Aimed at reducing the financial burden on the federal government, but leading to increased petroleum products prices.
* Foreign Exchange Unification: Seeks to stabilize the naira and attract foreign investment, but resulting in currency depreciation.
* Macroeconomic Stability: The government argues that these reforms will lead to long-term economic stability and growth.
Despite the challenges and criticisms of these reforms, such as: Increased hardship with many Nigerians struggling with rising costs of living, stagnant wages, and decreased purchasing power, Inflation with rate peaked near 35% in December 2024 and Poverty with world bank's report that the number of poor Nigerians rose from 81 million in 2019 to 139 million in 2025, recent downward trend with the annual rate easing to 20.12% in August 2025 according to the National Bureau of Statistics is a big pointer to the fact that President Bola Ahmed Tinubu's economic reform is beginning to yield the desired result. The current trending downward of Nigeria's inflation rate marks the fifth consecutive decrease and the lowest reading since July 2022 with food inflation, a major component of the inflation basket, decelerated to 21.87% in August from 22.74% in July. More recent data shows that the inflation rate further dropped to 18:02% in September 2025, driven by a moderation in food prices. With what is happening now, the Central Bank of Nigeria, which has been working to control inflation, now has the needed opportunity to sustain the decline and further ease rates.
Though still gathering momentum, it is safe to say that the nonsense of President Tinubu is beginning to make sense, considering the current economic outlook and with some potential benefits such as: Increased Foreign Investment with reforms aim to attract foreign investment and boost economic growth and Improved Efficiency since the removal of subsidies and market-oriented policies could lead to increased efficiency and competitiveness in various sectors. The effectiveness remains to be seen, but the cloud is gradually gathering water for the showers of blessings that many Nigerians eagerly await in order to live a better life and experience a prosperous Nigeria with economic stability which will in turn attract both local and foreign investments and lead to more job opportunities for all good and responsible citizens. Should the nonsense of President Tinubu eventually make sense, Nigerians must brace up for many more nonsense from the former Lagos State governor on the road to national recovery and greatness.
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Comrade Amb. Kunle Sodipo (CKS) is a distinguished professional with a diverse portfolio. He is a licensed security consultant, marketing and public relations practitioner, leveraging his expertise to drive strategic communication and brand growth. As a public affairs analyst, he offers insightful commentary on matters of public interest. A prolific author, CKS shares his thoughts and ideas through his writings. He is a Fellow of the Institute of Criminological Studies and Security Management Nigeria (ICSSM), Member of the National Institute of Marketing of Nigeria (NIMN), Associate of the Nigerian Institute of Public Relations (NIPR) and recipient of an Honorary Doctorate Dergree in "Conflict Resolution and Peace Advocacy" from DIIBS International University. His passion for child safety and youth empowerment has earned him recognition as a child safety advocate and youth inclusiveness crusader. He is the CEO of Leadpath Global Resources Limited and SSA Media and Publicity to the National Chairman of Police Community Relations Committee (PCRC). Additionally, his charisma and eloquence have made him a sought-after master of ceremonies, hosting various events with finesse and aplomb.
Friday 17th October 2025. Email:[email protected]
Phone: +2348033823808
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