TINUBU DOUBLES DOWN ON PAINFUL ECONOMIC REFORMS

They say ‘no pain, no gain’ - but the people of Nigeria are suffering under harsh economic reforms without any obvious benefits to them. These were rolled out not long after Bola Ahmed Tinubu was inaugurated just over a year ago - with the aim of attracting foreign investors. But they have made life a lot worse for many citizens.

Tinubu scrapped fuel subsidies, which has tripled prices at the pump. And he removed currency-exchange controls on the naira, causing it to plummet in value and wipe out savings at a time when food inflation is at an astonishing 35%.

He says it’s tough love, and that the pain will be worth it - and has told the nation that he’s sticking to the plan. In fact, the IMF is pushing him to inflict even more pain by also scrapping electricity subsidies.

Some are warning that Nigeria could suffer the same fate as Ghana did, which - overburdened with IMF debt despite its gold and oil resources - was led down the road of mass privatisation. It also scrapped subsidies and removed currency controls, plunging a fifth of the population into unemployment - with food and basic services becoming unaffordable for many.

What do you think of Tinubu’s painful reforms?