On this day, May 29, President Bola Tinubu took oath of office as Nigeria’s president. May 29, 2024, makes it exactly a year in office when he announced that, “Fuel Subsidy is gone”, triggering an immediate hyperinflation of goods and services.
Data collated from different sources such as Nigeria’s National Bureau of Statistics (NBS), Debt Management Office (DMO), and the Central Bank of Nigeria (CBN) among others show that Tinubu has scored three over 11 across economic indices between May 29, 2023 to May 29, 2024.
The economic indices used to rate the former Lagos governor consider the price before he took office and what the true situation is right now. For instance, the food inflation rate before taking an oath of office was 24.82%, according to NBS, but it has risen to 40.54% a year after taking over from his predecessor and partyman Muhammadu Buhari.
His one year in office has sucked Nigeria’s foreign reserves from $35.09 bn down to $32.74 bn, showing a decrease of -6.69 per cent.
The only areas Nigeria’s president has a better mark are in the area of oil production (from 1.18m barrels per day or bpd to 1.28 million bpd) and also took Nigeria’s Gross Domestic Product or GDP growth from 2.51% to 2.98% with a year in office.
Here is the summary of Tinubu’s economic performance in the last one year in office:
Petrol Price:
- Before: N238.11
- Now: N701.24
Diesel Price:
- Before: N844.28
- Now: N1,415.06
Food inflation:
- Before: 24.82%
- Now: 40.54%
Inflation rate:
- Before: 22.41%
- Now: 33.69%
All Share Index (ASI)
- Before: 55,738.35 points
- Now: 97,612.51 points
Foreign Reserves:
- Before: $35.09 Billion
- Now: $32.74%
Exchange Rate:
- Before: $1/N461.76
- Now: $1/N1,479.69
Public debt:
- Before: N87.38 Trillion
- Now: N97.34 Trillion
Oil production:
- Before: 1.18million bpd
- Now: 1.28 bpd
Interest rate (MPR)
- Before: 18%
- Now: 26.25%
GDP Growth:
- Before: 2.51%
- Now: 2.98%
In summary, Tinubu has scored 3 over 11 in the last 365 days in office, using 11 ket economic indices.
Source: TheCable Index