The Economic Tale: Wailing Under Buhari, Groaning Under Tinubu

By Kola Popson

Nigeria, a country rich in resources and potential, has unfortunately been grappling with severe economic challenges for years. The once promising economy has taken a downturn, leaving the masses feeling the brunt of rising inflation rates, and high levels of unemployment and poverty. As Nigeria grapples with severe economic woes, the masses find themselves caught in a cycle of distress and despair. From the era of President Muhammadu Buhari to the current leadership of Asiwaju Bola Ahmed Tinubu, the journey through economic turmoil has been arduous.

Under the leadership of President Muhammadu Buhari, the country experienced widespread wailing as the economy struggled to recover from the effects of corruption and mismanagement. However, with Asiwaju Bola Ahmed Tinubu taking the reins as President, the groaning of the masses has only intensified, leaving many wonder when relief will come.

The economic hardship experienced by the masses under the leadership of Asiwaju Bola Ahmed Tinubu as Nigeria’s President in just one year and some months in office is becoming increasingly unbearable, with many struggling to make ends meet. Food insecurity, lack of basic amenities, depression are just a few of the issues plaguing the country under his administration.

Historical Echoes of Economic Turbulence

Nigeria’s economy has had a turbulent history marked by periods of growth and setbacks. Despite being Africa’s largest economy, issues such as corruption, mismanagement of resources, and overreliance on oil exports have hindered sustainable development, with the masses bearing the brunt of the hardship.  Of truth, the current economic woes did not sprout overnight; they have deep roots, but further tangled by the policies under Bola Tinubu’s regime.

Economic Hardship under Buhari’s Reign

During President Buhari’s tenure, the Nigerian economy faced numerous challenges, including high inflation, rising unemployment, and a significant decline in the value of the Naira. The government’s efforts to combat corruption and improve transparency were laudable, but they often came at the expense of the average Nigerian citizen, who saw their purchasing power eroded and their standard of living decrease. Excessive government spending exacerbated the populace’s struggles, with funds funneled into frivolities while basics became a luxury for many. Despite promises to cut waste and streamline operations, the government continued to allocate funds to frivolous projects and unnecessary expenses, further burdening the already struggling populace. As a result, many Nigerians found themselves unable to afford basic necessities or plan for their future, leading to widespread frustration and discontent.

Groaning Under Tinubu’s Rule

With Asiwaju Bola Ahmed Tinubu taking office as President, expectations soared for a brighter future; hopes were high that he would usher in a new era of prosperity and progress for Nigeria. However, in one year and some months in office, the reality paints a starkly different picture. Economic woes intensified, promises remain unfulfilled, and priorities seem misaligned. In other words, the economic hardship experienced under President Buhari has only worsened, with the masses now groaning under the weight of unfulfilled promises and misplaced priorities.

Like his predecessor, President Tinubu has struggled to rein in government spending and address the root causes of economic instability. Despite pledges to cut waste and promote fiscal responsibility, critics argue that the government has continued to prioritize projects that benefit the elite few while leaving the majority of Nigerians to fend for themselves. As a result, the gap between the haves and the have-nots has widened, exacerbating social tensions and creating a sense of injustice and inequality.

Contributing Factors to the Misery

One of the key factors contributing to the economic hardship in Nigeria is the mismanagement of resources and funds by the government. Corruption has been rampant, with public officials embezzling funds meant for developmental projects and essential services. This has led to a lack of adequate infrastructure, healthcare, and education, further exacerbating the suffering of the population, fueling discontent and inequality.

Moreover, the devaluation of the Nigerian currency has made imported goods more expensive, pushing up prices and making it difficult for the average citizen to afford basic necessities. The high inflation rate has eroded the purchasing power of the people, leading to a decline in the standard of living.

A Glimpse into the Masses’ Suffering

The masses are feeling the pinch of the economic policies put in place by Tinubu’s government. The cost of living has skyrocketed, making it difficult for the average citizen to make ends meet. With salaries stagnating and prices of goods and services continuously on the rise, many are struggling to put food on the table for their families. The unfortunate situation has indeed had a profound impact on the everyday lives of Nigerians. High levels of unemployment, insecurity and a depreciating local currency have increasingly made the situation more troublesome for many families. Basic necessities such as food, shelter, and healthcare have become unaffordable for many, pushing more citizens into the jaws of poverty.

Tinubu’s Response to the situation

Under Asiwaju Bola Ahmed Tinubu’s leadership, there have been promises of economic reforms and measures to alleviate the hardship faced by the Nigerian population. Despite promises of reforms, Tinubu’s tenure has fallen short of delivering tangible changes. Disillusionment looms large as pledges remain unmet, underscoring a gap between words and actions.

Charting a Path Out of the Abyss

To overcome the economic challenges facing Nigeria, a multi-faceted approach is necessary. It is clear that the current approach to economic governance in Nigeria is not working. The status quo is unsustainable; the well-being of the people must take precedence over political gains. The masses cannot continue to bear the burden of mismanagement and incompetence, while the political elite reap the rewards of their positions. If President Tinubu truly wants to make a difference and uplift the nation, he must take some decisive actions. There is a need for transparent and accountable governance. The government must prioritize the welfare of the people and implement policies that promote inclusive growth and development. Investments in agriculture, infrastructure, healthcare, education, manufacturing, and technology are essential to improving the lives of the Nigerian population and stimulating economic growth.

Furthermore, there is a need to tackle corruption head-on and hold accountable those responsible for squandering public funds. By rooting out graft and promoting good governance, Nigeria can create a more conducive environment for business, attract foreign investments, and spur economic development.

Government Spending

It is imperative that the government takes urgent steps to cut down on its excessive spending and focus on initiatives that will uplift the masses. By redirecting funds towards essential services such as healthcare, education, and infrastructure development, the government can begin to address the root causes of economic hardship and improve the overall well-being of the population.

In addition to cutting excessive spending, the government must also work towards creating a more enabling and secure environment for businesses to thrive. By reducing red tape and bureaucratic hurdles, the administration can encourage entrepreneurship and job creation, leading to a more robust economy and increased opportunities for the masses.

Read also: “Nigerian Masses in Distress,” US Based Lawyer Tells Tinubu

Conclusion

As the masses endure the weight of economic instability, a ray of hope emerges through meaningful reforms. It is imperative that meaningful change be implemented to ensure a brighter future for all Addressing the root causes, cutting wasteful spending, prioritizing the well-being of the population, promoting accountability and transparency, as well as driving inclusive growth are pivotal in steering Nigeria towards a brighter future.

In the symphony of wails and groans under past and present administrations, the melody of change beckons. By heeding this call, Nigeria can script a new narrative of resilience, prosperity, and hope for its citizens.