A year after his election, Tinubu’s economic measures spark strikes and unrest in Nigeria
Bola Tinubu completed his first year at the head of the Nigerian Executive on May 29 after succeeding Muhamadu Buhari, from whom he inherited a country in crisis. He won the elections by focusing his speech around three axes: the promise of greater economic growth, the creation of a million jobs and reforms in the security sector. Upon entering office, he immediately took two key measures: the elimination of gasoline subsidies and the devaluation of the local currency, the naira. While the International Monetary Fund stated that “the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate,” the World Bank approved on June 13 a package of 2.25 billion of dollars to “stabilize the economy and increase support for the poor and the most economically exposed.” Despite this, the population is suffering from the measures adopted.
Due to the elimination of fuel subsidies and a year of low agricultural production, the prices of the basic basket have skyrocketed. All of this has caused a rise in inflation (from 22% to 33% in the last 12 months) and, consequently, a decrease in consumption, which in some sectors has led to a drop in sales of up to 75%. All these factors have led to a worrying loss of purchasing power for the Nigerian population.
This situation has caused the two most important unions in the country, the Nigeria Labor Congress (NLC) and the Trade Union Congress (TUC), to call four strikes since 2023. The last of them, between last May and June, paralyzed the country, which suffered severe electrical outages that affected all services. Hospitals, industries and different sectors such as transportation were affected, including the closure of international airports.
This forced the Government to sit down with the unions to address their main demand, the increase in the minimum wage, which currently stands at 30,000 naira (19 euros). The union centers, which had demanded to multiply it by 20, reaching 600,000 naira (376 euros), have been reducing their demands until they remain at 250,000 (157 euros), although the Government and the private sector have only raised their offer to 62,000. naira (39 euros). For workers’ representatives, this offer is insufficient and they have warned that it is a “hunger wage.”
The challenge for the Government is important, because violent deaths, kidnappings, and clashes with insurgent groups in the north continue to increase in Nigeria, and corruption levels have not decreased. Furthermore, in this year of Tinubu there have been numerous arrests of journalists. On the twenty-fifth anniversary of Nigerian democracy, its president will have to choose between the IMF or the people.
In the image above, a passenger waits in front of the gates of the Nnamdi Azikiwe international airport in Abuja, closed during the general strike on June 3. Photography: Kola Sulaimon / Getty
