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Posted 9/22/2023, 4:22:27 PM

Tinubu's Economic Overhaul Faces Public Backlash Amid Painful Reforms

President Tinubu has taken major steps to shake up Nigeria's economy, including removing fuel subsidies, firing the central bank governor, and changing currency policies.
The moves aimed to boost growth and investment have led to public backlash over rising costs. Tinubu paused the fuel subsidy phase-out amid high inflation and a falling currency.
Key goals are to increase manufacturing, improve infrastructure, and divert subsidy money to health, education and jobs. But inflation has surged, hurting the poor.
Tinubu removed the central bank governor over a botched currency replacement and lending billions to the previous government. The naira has slumped.
Investors welcomed Tinubu's overhaul but the public feels economic pain. With weak support, he's under pressure to show the changes help ordinary people.

washingtonpost.com

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