Economists and financial analysts have expressed differing views on the economic reforms introduced by President Bola Ahmed Tinubu, as public debate continues over their impact on Nigeria’s economy and the wellbeing of citizens.
Former Vice President and African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, has consistently maintained that the Tinubu administration’s economic policies have worsened the living conditions of Nigerians.
Atiku based his criticism on the rising cost of living and the economic hardship affecting millions across the country.
According to him, Tinubu’s economic policies have produced results only on paper without improving the daily lives of ordinary Nigerians.
However, the Federal Government has defended its reforms, insisting that measures such as the removal of fuel subsidy, foreign exchange liberalisation, tax reforms, and other fiscal policies have helped revive the Nigerian economy.
The administration has pointed to improvements in Gross Domestic Product, GDP, higher revenue allocations to the three tiers of government, and an improved debt service to revenue ratio as evidence that the reforms are delivering positive outcomes.
With political exchanges between Tinubu and Atiku intensifying ahead of the 2027 general election, economists have offered contrasting assessments of the administration’s economic direction.
Professor Godwin Oyedokun, Professor of Accounting and Finance at Lead City University, and Dr Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria, CIBN, shared differing opinions on the reforms.
Oyedokun said the administration’s economic policies should be judged with balance, noting that while key economic indicators suggest progress, many Nigerians are yet to experience the benefits.
“The reforms are bold and address longstanding structural challenges, including fuel subsidy removal, foreign exchange liberalisation and fiscal reforms.
“From a policy perspective, they represent necessary steps toward a more sustainable economy.
“However, their implementation has imposed significant short term hardships on many Nigerians through higher inflation, rising living costs, and reduced purchasing power.
“While some macroeconomic indicators show signs of improvement, many citizens are yet to feel these benefits in their daily lives.
“Overall, I would rate the reforms 7 out of 10. Their ultimate success will depend on whether the government can translate macroeconomic gains into tangible improvements in jobs, incomes, and the standard of living before the next general election,” he said during an interview on Monday.
Unegbu, however, gave the administration a poor rating, arguing that the reforms have not translated into meaningful improvements for ordinary Nigerians.
“Though some of the reforms are good, implementation has not been adequately done.
“I will rate him below 30 percent because despite the country’s GDP rise, you cannot trace that to the marketplace and the life of ordinary Nigerians,” he said.
Financial analyst Kalu Aja had earlier described the removal of fuel subsidy and the floating of the naira against the dollar as sound policy decisions but criticised the government for failing to implement them effectively.
According to the National Bureau of Statistics, Nigeria’s inflation rate stood at 15.91 percent in June 2026.
Meanwhile, the naira appreciated to N1,364.83 against the dollar at the official foreign exchange market on Monday, August 3, while petrol sold between N1,265 and N1,310 per litre in Abuja.
