Nigerians Struggle As Proverbs 29: 2 Finds Expression On Tinubu’s Economic Policies 

BY ISAAC ASABOR*

The Bible aptly says, “When the righteous are in authority, the people rejoice: but when the wicked rule, the people mourn” (Proverbs 29:2). For many Nigerians, this verse resonates deeply as they navigate the complex and increasingly difficult realities under the leadership of President Bola Ahmed Tinubu.

Since he was sworn into office on May 29, 2023, life has become a daily battle for survival for the majority of citizens, with the removal of petrol subsidy and the soaring cost of electricity coupled with the devaluation of the naira exacerbating the country’s already fragile economic conditions.

The removal of petrol and electricity subsidies was hailed by the government as a necessary reform to cut down waste and inefficiency. President Tinubu’s administration, much like those before it, argued that subsidies were draining the national treasury, creating opportunities for corruption, and benefiting only a select few. In theory, this made sense, but the fallout from these policy changes has been brutal for the average Nigerian.

Fuel prices skyrocketed, with the Nigerian National Petroleum Corporation (NNPC) Limited raising the cost per litre to an unprecedented N1,030. This sharp increase, coupled with the already high cost of living, has sent shockwaves through the economy. Transport costs have surged, food prices have spiked, and the cost of basic services has become unbearable. In a country where the minimum wage remains at N70,000 (about 43.601482 USD), it is hard to fathom how ordinary citizens are expected to cope.

Electricity, an essential commodity for both households and businesses, has also become more expensive as the tariff for Band A consumers was recently raised from ₦68 per kWh to ₦225 per kWh (now ₦206.8/0kWh), representing a staggering 330.8% increase (now 304.1%). This significant jump in prices has undoubtedly started to impact households and businesses.

Given the foregoing, many Nigerians, who were already accustomed to inconsistent power supply, now face even higher electricity bills, forcing some to live in darkness for days, as they cannot afford to pay for power. For businesses, especially small-scale enterprises that are the backbone of the economy, the higher cost of fuel and electricity has led to higher operational costs, eroding profits and pushing many to the brink of collapse.

As if the removal of subsidies was not enough, Tinubu’s administration also pushed through a significant devaluation of the naira in a bid to unify Nigeria’s multiple exchange rates. This move was intended to attract foreign investment and boost the economy by making the exchange rate more market-driven. However, the devaluation has had the unintended consequence of making imported goods and services much more expensive, further fueling inflation.

With Nigeria being a heavily import-dependent country, the devaluation has worsened the living conditions for many. The prices of essential goods like rice, wheat, and pharmaceuticals, which are mostly imported, have soared. For a population already grappling with poverty, job losses, and a high unemployment rate, the economic situation is unbearable.

The current inflation rate, according to the National Bureau of Statistics (NBS), stands at around 32.15%, the highest in nearly two decades. As a result, the purchasing power of the naira has been decimated, and the average Nigerian struggles to afford basic needs such as food, shelter, and healthcare. Those who had savings in naira have seen the value of their money erode dramatically. It is not just a matter of tightening one’s belt, for many, it is about surviving each day.

In response to these challenges, Tinubu and his administration have repeatedly urged Nigerians to be patient. They assure the public that these harsh economic measures are temporary and that they will eventually yield positive results. The president has promised that in due time, the benefits of these reforms will be felt by all, as they are necessary steps to revive Nigeria’s ailing economy.

While the government pleads for patience, the reality on the ground tells a different story. For the average Nigerian, patience is becoming a luxury they cannot afford. The growing sense of despair and frustration is palpable, with many questioning why the government seems so out of touch with the plight of the masses.

Despite the government’s reassurances, many Nigerians feel that the current administration is anti-people. The perception stems from a combination of insensitivity to the hardship faced by the masses and the implementation of policies that seem to disproportionately benefit the wealthy and well-connected at the expense of ordinary citizens.

For instance, while the government continues to raise fuel prices, there is little to no improvement in the quality of public services. Roads remain in disrepair, healthcare is still inaccessible to many, and the education sector is in shambles. To make matters worse, the political class appears insulated from the economic hardships. Politicians still enjoy lavish lifestyles, while the masses bear the brunt of the government’s austerity measures. This disconnect has fueled a growing distrust in the government and has led many to question the legitimacy of the administration’s policies.

The biblical verse, “When the wicked rule, the people mourn,” has become a rallying cry for those who feel abandoned by the government. It encapsulates the frustration and anger that many Nigerians feel as they face increasingly difficult living conditions. To them, the current administration is not just incompetent, but actively working against their interests.

The sense of mourning is not just figurative; it is real and tangible. Nigerians mourn the loss of economic stability, the erosion of their quality of life, and the seemingly unending cycle of hardship. The country has witnessed an alarming rise in suicide rates, mental health issues, and poverty-induced deaths. Many who had hoped for a better future under Tinubu’s leadership now feel a deep sense of betrayal.

While the government continues to promise that the situation will improve, many Nigerians are sceptical. The president’s assurances ring hollow to those who have already lost so much. As the country grapples with rising poverty, unemployment, and insecurity, the question on everyone’s mind is whether Tinubu’s policies will ever truly benefit the common man.

There is, however, a glimmer of hope. Nigeria is a resilient nation, and its people have a remarkable ability to adapt to even the most challenging circumstances. If the government can make good on its promises, implement pro-people policies, and provide the necessary safety nets to cushion the impact of its reforms, there may yet be light at the end of the tunnel.

That being said, the road ahead is long and fraught with challenges. The government must not only be sensitive to the suffering of the people but also take concrete steps to address their concerns. Policies must be designed with the well-being of the masses in mind, not just the interests of the elite. In the words of Proverbs 29:2, true leadership comes when the righteous are in authority, leading to rejoicing among the people. Until the government aligns its actions with the needs of the masses, the mourning will continue.

As Nigeria navigates this difficult chapter in its history, the leadership needs to understand the gravity of the situation. The economic hardship faced by millions is not just a temporary inconvenience; for many, it is a matter of life and death. The biblical verse, “When the wicked rule, the people mourn,” is more than just a metaphor, it is a reflection of the suffering and despair felt by countless Nigerians today.

The time for hollow promises has passed. What Nigerians need now is action, compassion, and policies that prioritize their welfare. Only then can the nation move from mourning to rejoicing.