REPOSITIONING NIGERIA’S ECONOMIC POLICIES UNDER THE TINUBU ADMINISTRATION TO CURB RISING INFLATION

Abstract

This study examined the repositioning of Nigeria‟s economic policies under
the Tinubu administration to curb rising inflation. Nigeria‟s economic policies since the
inception of the Tinubu administration have focused on subsidy removal, naira floating and
harmonization of foreign exchange. The start of a new administration is crucial to the amount
of trust citizens and investors will have in a government. In many ways, Nigerians are worse
off than they were in 2023. This reality cuts across various sectors, the most jarring of which
is the dire economic state that Nigerians find themselves in just a year into a new
administration. The study argued that there is an urgent need to rejig economic policies under
the Tinubu administration to salvage the Nigerian economy from further dip into inflation.
The study further argued that rising inflation has eroded economic gains made in the past. To
reposition the economy, this study posits that the Tinubu administration should organize
robust consultations. The present economic policies the president is implementing are neither
the product of a deep understanding of the dynamics of international economic relations nor
the outcome of a conscious, consultative and collaborative effort involving Nigerian
economic thinkers, business practitioners, employers and employees across the country. The
government should consider all alternative actions and test them before introducing economic
measures such as subsidy removal. They should have created a subsidized transport system
where public enterprises are provided to offer services to the people and not necessarily for
profit–making ventures. The government organized transport system is expected to be
functional. Introduce welfare packages. Welfarist policies are sine qua non to repositioning
the economic policies. Welfare packages must be considered when implementing economic
reforms.