Tinubu's economic reforms draw mixed reactions ahead of Nigeria election

President Bola Ahmed Tinubu's Independence Day speech saying the country has overcome major challenges since he took office in 2023 generated mixed reactions ahead of his reelection bid.

Tinubu's speech focused on the country’s journey from reform to prosperity highlighting his government’s economic reforms while his administration continues to face criticism from Nigerians over insecurity and the high cost of living.

Adeyemi Abayomi who is a business owner said the speech sounded like they are "rhetorics" which art part of the "campaign promises". Abayomi sees the depreciating value of the currency, naira, and what that translates to economically is "very poor".

Meanwhile Abiodun Sowunmi, a public affairs analyst, found the speech to be "most compassionate" with an intention to solve a problem.

Tinubu was elected president in 2023 after campaigning on promises to build on his predecessor’s efforts to deliver democratic dividends to citizens in a country grappling with deadly security crises, corruption in the government, and widespread poverty and hunger.

In his address, he claimed that citizens would soon benefit from economic growth and envisioned a country where young people could find work.

He began his administration with economic reforms, announcing at his inauguration in May 2023 the removal of the decades-long fuel subsidy. He later floated the local naira currency by ending its distorted foreign exchange rate, which caused a major devaluation.

The bold reforms, which Tinubu’s government argues saved the economy and handed the government more money, were cheered by investors but resulted in soaring inflation.

Nigeria’s security woes have also persisted in recent years with more mass kidnappings and killings and have further spread to regions that were once spared the violence.

Tinubu is running for re-election on January 16, 2027. He is challenged by 18 opposition candidates, but analysts predict a three-man race, including the two top contenders that he defeated in 2023, Vice President Atiku Abubakar of the African Democratic Congress, a serial presidential candidate, and Peter Obi of the Nigeria Democratic Congress, a former state governor who blew the last race wide open with his mass appeal to Nigeria’s youth