Tinubu’s 90 days economic action plan

 

Globally, there is a rising cost of living crises. No country is immune to this phenomenon. If you have been monitoring foreign news, you would have heard of unrest in many countries in Europe. CNBC of October 20, 2026 reported that “Anger over the cost of living and pressure on public services has brought hundreds of thousands of protesters onto streets across several European countries, with grievances ranging from expensive housing to poor conditions in schools and universities.” France saw the largest demonstrations with more than 500,000 people marching. Most protested peacefully, but some looted and vandalized shops, set fire to city halls and attacked police officers. Separate protests also took place in Italy, Spain, Portugal and Albania. Their immediate triggers differed, although high fuel and energy costs formed part of the backdrop in several countries. The wars in Iran and Ukraine have pushed diesel prices sharply higher across the continent.”

Wikipedia reported that “During the latter half of 2026, mass protest movements arose in Western and Southern Europe. Demonstrations occurred in France, Italy, Spain, Portugal, Greece, Albania, Ireland, Belgium, Germany, Austria, Czech Republic and Serbia. A common motivation ascribed to the protests is the cost-of-living crisis.” India and Indonesia have witnessed protests over worsening living condition this year. In Africa, the Afrophobic and Xenophobic protests in South Africa is not unconnected to rising cost of living in the former apartheid colony. There have also been protests in Morocco and Senegal.

In Nigeria, the situation is very dire. Unfortunately, the Tinubu’s government continue to lionize itself for economic recovery arising from its subsidy removal and floating of exchange rate which has led to devaluation of naira by over 300 per cent. The depreciation of our currency has brought about headline inflation and food inflation. Insecurity hasn’t also helped matters as banditry and kidnapping for ransom has constrained food production thereby making food importation attractive. With a dollar exchanging for about N1,300, importation of any kind is bound to make retail cost of products expensive.

The US-Iran war that started on February 28, 2026 has made crude oil price to fluctuate because of the closure of the Strait of Hormuz where more than 20 percent of global oil and liquefied natural gas exports passes. We shouldn’t have been affected by the gulf crisis but for the fact that we’re not producing enough crude to service the Dangote Refinery and the company has to import the shortfall and charge cost recovery rate for its petroleum products.

The PUNCH of July 16, 2026 reported that despite nearly three years of sweeping economic reforms by the Federal Government, about 79 per cent of Nigerians remain poor or vulnerable to falling into poverty, highlighting the country’s deepening social and economic challenges according to the World Bank. WB said thirty-three per cent of Nigerians are ultra-poor (food insecure by age-weighted caloric intake), 61 per cent are below the poverty line, and 79 per cent are near poor (below the poverty line or vulnerable to falling back into poverty). The document indicate that while recent macroeconomic reforms have helped stabilise the economy and restore investor confidence, the benefits have yet to translate into meaningful improvements in living standards for most Nigerians.

Tinubu’s administration has been introducing economic relief packages to ease the suffering of Nigerians. On June 27, 2024, the National Economic Council approved over N1 trillion economic relief packages.  The packages include: National Construction and Household Support Programme aimed at supporting 100,000 families in each state with a grant of N50,000 for three months. N155 billion was also allocated for assorted foods.  36 states and the Federal Capital Territory were promised N10 billion each for CNG buses.  The government encouraged state governors to enhance food production. Projects like the Sokoto-Badagry Highway and the Lagos-Calabar Coastal Highway are prioritized for their agricultural communities and infrastructure benefits.  Over 2,700 kilometers of highways and major roads are said to be under construction. It is noteworthy that the national minimum wage was also upwardly reviewed from N30,000 to N70,000 from about July 2024. It would be interesting to know what these relief packages have achieved as the situation of average Nigerians remain pathetic.

Last Thursday, precisely on October 22, 2026, the National Economic Council reportedly endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate gains from President Bola Tinubu’s economic reforms. The plan focuses on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians.

The 90-day action plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support. NEC also approved the establishment of a national dashboard to track ongoing projects across the federation, with particular emphasis on transparency, accountability and accurate reporting of how proceeds from fuel subsidy removal are being utilised.

This plan is commendable but as I said in a number of media interviews including XL 106.9 FM, Uyo last Monday, will there be faithful implementation?  This announcement made in the course of electioneering campaign for 2027 polls has expectedly generated furore among the opposition political parties and candidates. It is perceived as a vote buying tactics. That may be so, no doubt, but if the promises are kept, perhaps we can then see the needle move in poverty reduction.

As Nigerian politicians inaugurate their campaign council and flagged off their campaigns, I will like to hear what each of the candidates will do in order to improve the living standard of Nigerians. It remains to be seen if Tinubu will be able to retain his seat like Luiz Inacio Lula da Silver just did in Brazil or if this cost-of-living crisis will be the president’s Archilles heel leading to his political Waterloo. Time will tell!

@jideojong