Since the inception of President Bola Ahmed Tinubu’s regime in May 2023, Nigeria has been swept into the whirlwinds of neoliberal economic restructuring, which has deepened socio-economic hardships for millions of citizens. Market-driven reforms such as fuel subsidy removal, currency devaluation, and the push toward privatization of public assets have been justified by the government as necessary for long-term growth. Yet, these neoliberal policies are not only worsening poverty and inequality—they are systematically eroding the social contract between the Nigerian state and its people.
Nigerians must rise against these policies—not out of blind opposition, but out of a clear understanding that such economic doctrines disproportionately benefit the elite while burdening the poor and working class.
Tinubu’s first major economic reform was the abrupt removal of fuel subsidies. The move sent petrol prices skyrocketing, triggering an inflationary spiral. Food, transportation, and basic commodities became unaffordable for the average Nigerian, whose wages remain stagnant. While the removal was painted as a fiscal necessity, it lacked adequate cushioning mechanisms for the poor.
Rather than rechanneling the funds into critical public services like healthcare, education, or job creation, the relief measures announced were largely symbolic and failed to reach the masses.
In another another neoliberal stroke, Tinubu’s government unified the exchange rate, effectively devaluing the naira. While aimed at attracting foreign investment and ending market distortions, the reality was a surge in import costs and a further increase in inflation. Nigerians who rely on imported goods for daily survival have found their purchasing power decimated.
Small and medium enterprises, already battered by erratic policies and power shortages, now face higher production costs, reduced demand, and the risk of collapse.
Privatization has always been a central tenet of neoliberalism, and under Tinubu, it has gained renewed momentum. From energy assets to public infrastructure, there is an aggressive push to transfer public wealth into private hands under the guise of efficiency. Yet, past experiences with privatization in Nigeria—like the power sector reforms—have shown that it often results in higher costs and poorer services. Without transparency, accountability, and public oversight, privatization becomes a tool for crony capitalism rather than a means of national development.
Tinubu’s policies have exacerbated existing inequalities. The poorest Nigerians are being asked to bear the brunt of economic reforms while the political elite enjoy lavish lifestyles, tax holidays, and unearned privileges. The income gap is widening, and millions face a daily struggle for survival.
Public universities remain underfunded, hospitals are ill-equipped, and insecurity festers—all while billions are allocated to non-essential government expenditures.
In recent times, the government has shown increasing intolerance for dissent. Protesters are harassed, activists are arrested, and independent media faces growing pressure. Rather than engage citizens in transparent dialogue about the direction of the economy, the state resorts to authoritarian tactics to maintain control.
The time has come for Nigerians—students, workers, civil society, labor unions, and the unemployed—to rise in unison against these exploitative policies. The answer is not chaos but organized resistance: protests, policy advocacy, union mobilization, and democratic engagement. Nigeria must chart a new course that prioritizes social welfare, public investment, job creation, and inclusive growth.
Alternatives to neoliberalism exist. Countries that have successfully uplifted their citizens—such as those in Scandinavia or parts of Latin America—did so not through austerity, but through public spending, strong safety nets, and economic justice. Nigeria deserves no less.
President Tinubu’s neoliberal policies are deepening the suffering of ordinary Nigerians while enriching a few. These policies are not acts of destiny—they are choices. And if they can be made, they can also be unmade. Nigerians must resist with courage, unity, and vision—not merely to oppose, but to build a fairer and more humane society. The future of Nigeria belongs not to the market, but to the people.
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