On the 29th of May, 2023, Bola Tinubu was sworn in as Nigeria’s sixteenth president, succeeding Muhammadu Buhari after his eight year tenure. This transition sparked a new chapter in Nigeria’s political landscape, filled with anticipation and aspirations from the populace.
The initial year of Tinubu’s presidency has been fraught with difficulties, including economic strains and security concerns. The sudden cessation of subsidies by the Tinubu administration has had a significant impact on the economy and living standards. The country has seen an unparalleled level of poverty, with soaring prices for food, transportation, and basic goods. Despite the deteriorating electricity supply, tariffs have risen, and the exchange rate has depreciated, devaluing the naira.
Nigeria is grappling with a wave of overlapping security crises. From rampant kidnappings to extremist insurgencies, violence and crime have permeated nearly every part of the country. The magnitude of the insecurity is threatening Nigeria’s societal fabric. Ethnic tensions, religious divisions, unemployment, and various societal and governance issues are all contributing to dissatisfaction in Nigeria, providing a breeding ground for criminal activities and instability.
The economic hardship is exacerbated by the pervasive insecurity. The country is experiencing one of its worst economic recessions in 27 years. Youth unemployment is currently at 32.5%. The high cost of living, primarily due to the abrupt removal of fuel subsidies and the free-floating of the Naira leading to its significant devaluation, has imposed unprecedented hardship on the majority of the population.
As President Tinubu commemorates his first year in office, it’s clear that the journey has been arduous, laden with numerous obstacles. However, the Nigerian people’s resilience remains steadfast. It is hoped that the forthcoming years will usher in the much-needed transformation and enhancement in the citizens’ lives. The government must step up efforts to tackle the issues of insecurity and economic hardship plaguing the country. The journey continues, and the hope for a better Nigeria endures.