Nigeria’s Tinubu Declares Economic ‘Emergency’ Over, Pitches Shared Prosperity Ahead of Vote

Nigerian President Bola Tinubu said the country is moving beyond “emergency treatment” for its economy and toward what he called shared prosperity, using an Independence Day address to pitch himself as the best person to address welfare concerns ahead of January elections.

The shift in language marks a new phase in Tinubu’s economic program, which has reshaped Nigeria’s fiscal landscape since he took office in 2023. His three-year overhaul has sharply increased living and operating costs for households and businesses, with the removal of the fuel subsidy sending petrol prices up more than five-fold since 2023.

Still, Tinubu argued the worst of the adjustment is over. “The emergency treatment is over,” he said Thursday, adding that “the foundation has been repaired.”

Whether voters accept that diagnosis will be tested at the ballot box. Tinubu is set to face two familiar rivals: Atiku Abubakar, who has promised to reinstate fuel subsidies, and Peter Obi, in a repeat of the last presidential race.

Nigeria’s economy has expanded steadily in recent quarters, offering the president a measure of good news. But the fiscal picture remains strained. Under Tinubu, the country’s debt burden has climbed 20% to $54.5 billion, and this week he extended the timeline for implementing last year’s budget—a move that points to a loose fiscal framework and could complicate plans to service debt.

For now, Tinubu is betting that Nigerians will reward him for stabilizing the economy’s foundations rather than punish him for the costs of getting there. The election campaign will determine whether that bet pays off.

— Alexander Onukwue