TINUBU’S ECONOMIC BOLDNESS: ENDING NAIRA’S SLAVERY TO THE DOLLAR

For decades, the Naira’s value was tied almost exclusively to crude oil. Each time oil prices fell, the Naira stumbled. This cycle dates back to the late 1970s, when Nigeria pegged its currency to oil dollars and later borrowed dollars to sustain the illusion of strength.

Almost every Nigerian leader since 1980 toyed with the idea of breaking this dependency, but none had the courage to see it through. The volatility of an unpegged Naira and the fear of the social unrest that could follow forced them into retreat. Thus, Nigeria kept spending billions of dollars to defend an unsustainable peg—over $388 billion in just 25 years—while piling up debts, including $140 billion as of 2023. Oil sales became collateral, over 100% of revenue was channeled to service debt, and Nigeria even borrowed to pay salaries.

It is against this backdrop that President Bola Ahmed Tinubu took office. To say he met Nigeria at a dead end is an understatement. The economy was suffocating under Buhari’s legacy of subsidies, debts, and dwindling oil revenues. Even opposition figures like Peter Obi and Atiku Abubakar understood the crisis, but they chose political rhetoric over solutions—Obi obsessed with Bangladesh and Indonesia, Atiku with Tinubu’s academic records and artificial scarcity.

Tinubu, however, faced reality. From day one, he “bit the bullet.” He removed the fuel subsidy and floated the Naira—two decisions past military and civilian leaders alike had feared to make. These were not comfortable policies; they were burdens borne for the nation’s survival.

Many critics claim Tinubu doesn’t share the people’s suffering. Yet, leadership in times of crisis is pressure magnified beyond imagination. If individuals cannot manage tension in their homes or careers without breaking down, how much more the burden of over 200 million Nigerians?

When Tinubu announced subsidy removal at Eagle Square, the tension across Nigeria was palpable—online and offline. Adding the floating of the Naira felt like Armageddon to many. 

Onovughe Igwe quote, "Even some of my own students warned me not to defend his decisions publicly for fear of backlash". If a mere teacher could feel that much heat, imagine the pressure on the President.

But today, the fruits are visible. The Naira is no longer enslaved to crude oil. Non-oil exports are booming. In Q2 of 2025, manufactured goods exports grew by over 173%. Manufacturing companies’ shares have been bullish for more than 18 months, millions of jobs have been secured, and new jobs are emerging across sectors.

The opposition may be bitter, but their sadness should not concern Batists. If they were happy, they would lose the only leverage they cling to in their bid for power. Let them remain sad—it may keep them company until 2075.

For now, one thing is certain: there is no vacancy in Aso Rock from 2031 and beyond.

Copied, 

edited and Modified by P. Michael.