President Bola Ahmed Tinubu and Former president Muhammadu Buhari a comparison of Nigeria’s economic situation under both administrations continues to spark debate among Nigerians.
Many Nigerians often judge governments by one simple thing: how much it costs to survive.
Since President Bola Ahmed Tinubu took office in May 2023 after former President Muhammadu Buhari, debates about the cost of living in Nigeria have intensified.
One Nigerian commentator recently shared an opinion comparing the situation under both administrations.
Below is a simplified look at the points raised.
1. Price of Rice
In April 2023, toward the end of Buhari’s administration:
• 50kg bag of rice: ₦35,000 – ₦45,000
Under Tinubu today:
• 50kg bag of rice: ₦65,000 – ₦85,000
Food inflation has been one of the biggest concerns for Nigerians.
2. Naira vs Dollar
At the end of Buhari’s administration:
• ₦460 = $1 (official rate)
Under Tinubu:
• The naira has weakened to around ₦1,400 per dollar in the official market.
Currency fluctuations have affected imports, prices, and purchasing power.
3. Fuel Price
Fuel price has seen the most dramatic change.
• April 2023: ₦238 per litre
• Today: around ₦1,200 per litre
This jump followed Tinubu’s removal of fuel subsidy, a policy long debated by economists.
4. Cement Prices
Building materials have also risen sharply.
• 2023: ₦3,500 – ₦5,000 per bag
• Today: ₦11,000 – ₦15,000
This has made construction and housing significantly more expensive.
5. Electricity Tariff
Electricity costs have remained relatively similar:
• Under Buhari: ₦48 – ₦68 per kWh
• Under Tinubu: roughly similar range, depending on tariff band.
6. Power Generation
According to available data:
• Nigeria produced about 4,700 megawatts in 2023.
• Current generation is roughly 4,100 megawatts.
This suggests that national grid output has not significantly improved.
7. Security Situation
According to the Nigeria Security Tracker:
• 2015 – May 2023 (Buhari): about 63,111 deaths linked to violent attacks.
• June 2023 – present (Tinubu): roughly 13,000 deaths reported.
Some observers argue this suggests security may be slightly improving, though violence remains a serious issue.
8. Oil Revenue and Subsidy
Nigeria’s oil revenue also features in the debate.
• Buhari administration reportedly generated around ₦30 trillion in 8 years, with large spending on fuel subsidy.
• Tinubu’s administration has generated about ₦32 trillion in roughly 3 years, after removing the fuel subsidy.
Tinubu’s government argues the policy saves trillions annually that can be used for development.
9. Taxes
Many Nigerians also worry about new or proposed tax reforms that could increase the tax burden on citizens and businesses.
10. Unemployment
Data from the National Bureau of Statistics suggests:
• May 2023 unemployment rate: 4.2%
Current estimate: about 5%
• Though the methodology of unemployment measurement has changed in recent years.
The Final Question
Based on these comparisons, the writer concluded that Buhari’s administration performed better in 10 areas, tied in one, and lost one.
Their final question:
“If one team is losing on most metrics, why should I support it?”
⚠️ Note: The views above reflect the opinion of the writer and remain part of the ongoing national debate about Nigeria’s economic direction.
0 Comments