As the year 2024 comes to a close, the administration of President Bola Ahmed Tinubu and the ruling All Progressives Congress (APC) face increasing scrutiny over their policies, governance, and unfulfilled promises. From economic policies like the controversial fuel subsidy removal to questions surrounding unemployment data and governance credibility, it’s crucial to analyze the facts and hold the government accountable.
One of Tinubu’s first major policy moves was the removal of fuel subsidies. He justified the decision by stating that the government was paying unsustainable amounts to maintain the subsidy. However, despite claims that the funds saved from the subsidy removal would be redirected to infrastructure and social welfare, the administration has borrowed more money in its first 15 months than any of its predecessors. This raises the question: where is the money once spent on subsidies now being allocated?
The removal has had dire economic consequences, with diesel prices surging to N1,400 per liter and petrol hovering around N1070 per liter. Meanwhile, oil prices remain high at $74 per barrel, compounded by the naira’s steep depreciation to N1,700/$1, and inflation remains high. These indicators suggest that the government may still be subsidizing fuel indirectly, contradicting its earlier stance.
While the president asked Nigerians to “adjust” and endure the sacrifices of his economic policies, the administration’s own financial decisions tell a different story.
Reports indicate that the government has made exorbitant purchases, including a new presidential yacht, a presidential jet, and the construction of a vice presidential residence valued at $21 billion. These expenditures sharply contrast with Tinubu’s calls for austerity and belt-tightening from ordinary Nigerians, raising questions about his priorities.
According to the Nigeria Bureau of Statistics (NBS), the unemployment rate fell from 5.3% in Q1 2024 to 4.3% in Q2 2024. This report highlights increases in labor force participation (79.5% in Q2) and employment-to-population ratios (76.1% in Q2, up from 73.2% in Q1). However, these statistics contradict ground realities, as numerous companies have exited the Nigerian market due to unfavorable business conditions, layoffs have surged, and the cost of living continues to skyrocket.
Informal employment remains alarmingly high at 93%, while youth unemployment stands at 6.5% for those aged 15–24. Critics argue that the decline in unemployment figures fails to account for underemployment or the vast number of Nigerians engaged in low-paying, unstable informal work. Additionally, President Tinubu’s promise to create one million jobs in the digital economy appears far from realization.
Despite claiming that Nigeria is facing a resource shortage, Tinubu has embarked on a series of expensive international trips, ostensibly to attract foreign investors. However, this approach seems contradictory, as tens of foreign companies continue to exit Nigeria due to its unstable business environment and unfavorable economic policies.
Tinubu’s frequent travels have been widely criticized as wasteful, especially given the administration’s claims of resource scarcity. Instead of addressing domestic economic challenges and creating an enabling environment for businesses, the president appears more focused on public relations campaigns abroad.
In a rare media chat, Tinubu attempted to justify the hardship Nigerians face under his administration. He shared a story about a wealthy friend who once owned five Rolls Royce cars but has now been forced to drive a Honda due to Tinubu’s economic policies. The statement was widely derided as tone-deaf and disconnected from the struggles of ordinary Nigerians, many of whom cannot afford basic necessities, let alone a Honda.
Tinubu’s presidency has been overshadowed by controversies, including allegations of academic fraud, governance failures, and outright falsehoods:
- Fuel Subsidy: Despite claims of subsidy removal, rising fuel prices and high oil revenues suggest ongoing subsidies in another form.
- UAE Visa Ban: The administration falsely announced that the United Arab Emirates had lifted its visa ban on Nigerians—a claim later denied by UAE authorities.
- NASDAQ Bell Ringing: Tinubu claimed to be the first African president to ring the NASDAQ bell, a claim debunked as Malawian President Jakaya Kikwete had done so in 2011.
- Meeting with President Biden: The government misleadingly announced that U.S. President Joe Biden requested a meeting with Tinubu during the UN General Assembly, which never occurred.
Perhaps the most glaring contradiction lies in Tinubu’s administration’s opulence amidst national austerity. While Nigerians grapple with poverty, unemployment, and inflation, the president has demonstrated a penchant for lavish spending on unnecessary luxuries. These actions betray his earlier promises of an inclusive government focused on addressing the challenges facing ordinary citizens.
Tinubu’s legacy of falsehoods extends beyond governance. Allegations of fabricating his academic background continue to haunt him. During his political career, he claimed to have attended the University of Chicago but later revised the claim, stating he graduated from Chicago State University (CSU). However, recent legal battles and revelations suggest otherwise.
Documents from CSU show that the only person registered under Tinubu’s name was a female graduate, raising further doubts about the president’s credibility. Meanwhile, political rival Atiku Abubakar has sought U.S. court intervention to obtain additional documents that could unravel more discrepancies in Tinubu’s academic claims.
One of the most damning controversies surrounding President Bola Ahmed Tinubu involves allegations of his ties to drug-related activities, an issue that has resurfaced due to extensive investigative work by journalist David Hundeyin.
Hundeyin’s investigation delved into U.S. court documents, revealing that Tinubu was implicated in a drug trafficking and money laundering case in the early 1990s. The case, which involved forfeiture of nearly $460,000 to U.S. authorities, centered around funds tied to narcotics operations. While Tinubu has long maintained his innocence, claiming the funds were taxes withheld on investments, the evidence presented in court paints a different picture.
According to Hundeyin’s reporting, Tinubu’s financial transactions and connections to known drug cartels in Chicago raised serious red flags for U.S. law enforcement agencies. Bank accounts associated with Tinubu were linked to individuals involved in drug trafficking, leading to the eventual forfeiture settlement. The documents also indicate that U.S. authorities closely monitored Tinubu’s activities during this period, leaving no doubt about the seriousness of the allegations.
As we count down to the end of 2024, the disconnect between Tinubu’s promises and actions has become undeniable. His administration has left Nigerians burdened with economic hardship, mistrust, and unanswered questions. While the president continues to focus on international optics and lavish spending, the realities at home—unemployment, inflation, and a crumbling business environment—demand urgent attention.
The question remains: can Nigeria afford another year of leadership defined by broken promises, contradictions, and policies that deepen public distrust? For now, the answer seems far from optimistic.
