President Bola Tinubu marks the end of his first year in office in Nigeria. This year has been characterized by rapid economic reforms and controversial projects, with little improvement in the country’s security situation.
President Tinubu has been actively inaugurating various projects in the lead-up to this anniversary. Notably, in Lagos, he officially launched the Lagos-Calabar highway project. However, this initiative has faced criticism due to allegations of lack of transparency in the contract award process and the displacement of thousands of residents.
From the outset of his administration, President Tinubu has taken a radical approach to reforms. Immediately upon taking office, he shocked many by announcing the removal of certain fuel subsidies and reinstating a market-determined exchange rate.
These policies resulted in a sharp devaluation of the national currency and a surge in inflation, which exceeded 33% as of April. Additionally, there has been a rise in electricity prices and the implementation of various fiscal measures that have increased pressure on the private sector.
Mass Layoffs at the Central Bank
Shortly after assuming office, President Tinubu dismissed the Governor of the Central Bank of Nigeria, who had faced criticism for his policies. Since March, over 300 employees of the central bank have also been laid off as part of a restructuring plan.
Amidst this economic turmoil, Nigeria’s security situation remains precarious. After a brief period of calm, mass kidnappings targeting schools and villages have resumed in the northern regions over recent months.
On this anniversary, President Bola Tinubu is expected to address the National Assembly in Abuja, where he will likely outline his vision for the future and address the ongoing challenges facing Nigeria.