A CRITICAL ANALYSIS OF ECONOMIC POLICIES OF PRESIDENT AHMED BOLA TINUBU

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Nigeria, the most populous and largest economy in Africa, has seen economic hardship throughout the years, from high unemployment rates and widespread poverty to shifting oil prices and recessions. Consequently, different economic policies have been put in place by succeeding administrations in an effort to stabilize and expand the economy. President Ahmed Bola Tinubu, who took office in 2023, has faced intense criticism and attention for his economic policies in this regard. Economists, decision-makers, and the general public have expressed interest in and disagreement with President Ahmed Bola Tinubu's economic policies. Nigeria's economy, despite its abundance of natural resources, has suffered many difficulties, such as poverty, unemployment, and inflation. With the goal of resolving these issues and fostering economic development, Tinubu's administration has put in place a number of economic initiatives.

Since taking office in 2023, President Ahmed Bola Tinubu has led Nigeria's government with the goal of reviving the economy and addressing persistent issues. His economic initiatives have been designed to lower poverty, promote infrastructural improvements, and promote growth. The success of Tinubu's economic measures has been questioned, and Nigeria's economy still faces difficulties in spite of their repeated efforts. Presumably, President Tinubu does not ultimately propose disastrous economic ideas. Having the opposite effect of what was intended, woe economic policies can have far-reaching and devastating effects on the economy and society, causing harm to particular industries, groups, or regions rather than promoting economic growth and development. They can also lead to reduced economic growth, increased inequality, and social unrest.

The following are a few of President Tinubu's economic initiatives: Economic Recovery and Growth Plan (ERGP) (Ugwueze, 2023): An all-encompassing strategy designed to boost economic diversification, enhance infrastructure, and resume economic growth; Fiscal Policy: Actions taken by the government to control spending and revenue in order to promote economic expansion; Monetary policy: Interest rate, inflation, and exchange rate interventions of the Central Bank of Nigeria (CBN).

The success of Tinubu's economic strategies has been questioned, and Nigeria's economy still faces difficulties in spite of their efforts. These difficulties cast doubt on President Tinubu's economic policies' ability to meet Nigeria's needs for economic development (Ogunro, 2024). The objective of this research is to examine the effects of those policies and pinpoint opportunities for enhancement in order to attain sustainable economic growth and development for Nigeria. The economic policies of President Ahmed Bola Tinubu will also be critically examined in this study, along with their effects on inflation, unemployment, economic growth, and the fight against poverty. The study will also perform a SWOT analysis of the policies to determine their advantages, disadvantages, opportunities, and threats.

1.2 Statement of the Problem

Nigeria's economy, which has always been dependent on oil and gas, has experienced a number of difficulties over the years, including unstable markets, high unemployment, pervasive poverty, poor infrastructure, and problems with government. Development and sustained economic progress have been hampered by these issues. President Ahmed Bola Tinubu implemented a number of economic policies after taking office in 2023 with the goal of resolving these pressing issues. These included reforms and trade policy initiatives, such as the African Continental Free Trade Area (AFCFTA) agreement, investment policy incentives, and trade policy initiatives aimed at boosting trade and investment.

Economic diversification is a pillar of President Tinubu's administration's policies. Acknowledging the excessive reliance on oil earnings, Tinubu has highlighted the necessity of growing alternative industries like technology, manufacturing, and agriculture (National Bureau of Statistics, 2023). To promote economic growth, infrastructure development has been given top priority. In order to foster an atmosphere that is favorable to business and investment, the Tinubu administration has concentrated on enhancing the energy and digital infrastructure, as well as the transportation networks (Federal Ministry of Works and Housing, 2023).

In an effort to combat poverty and inequality, Tinubu's administration has maintained and increased social investment initiatives. These initiatives include school lunch programs, cash transfers, and assistance for small and medium-sized businesses (SMEs) (National Social Investment Office, 2023). Bringing in foreign capital is a major part of Tinubu's economic plan. Regulations have been changed, and incentives for foreign investors are among the measures implemented to improve the investment climate (Nigerian Investment Promotion Commission, 2023). Reducing Nigeria's dependency on oil and achieving sustainable economic growth are the main goals of Tinubu's economic policies. In order to do this, it will be necessary to expand into new economic sectors, upgrade infrastructure, maintain budgetary stability, and improve social welfare.

The economic policies of President Ahmed Bola Tinubu offer a thorough strategy for resolving Nigeria's economic issues and fostering sustainable development. Nevertheless, Nigeria's economy has faced considerable obstacles despite President Ahmed Bola Tinubu's economic policies aimed at fostering economic growth and development. The success of these policies remains a topic of concern for various reasons: Therefore, the purpose of this study is to examine President Ahmed Bola Tinubu's fundamental economic policies, their current state, and potential future effects on the Nigerian economy. 

1.3 Objectives of the Study

Evaluate President Ahmed B. Tinubu's numerous economic policies 

Evaluate how these economic policies have affected the development and expansion of Nigeria's economy.

Evaluate how much Nigeria's poverty, unemployment, and income inequality have been addressed by the programs. 

Examine the advantages and disadvantages of various economic strategies. 

1.4 Research Questions

What are the various economic policies of President Ahmed B Tinubu?

What are the impacts of these economic policies on Nigeria's economic growth and development?

To what extent has these policies been able to addressed poverty, unemployment, and income inequality in Nigeria?

What are the strengths and weaknesses of these economic policies?

1.5 Significance of the Study

With its fresh viewpoints and insights, the study contributes to the body of knowledge already available on economic policy and development in Nigeria. Additionally, the report offers a thorough evaluation of President Tinubu's economic policies, stressing their advantages and outlining areas in need of development. This study will evaluate anti-corruption initiatives and governance reforms, highlighting areas where institutional efficiency and integrity have improved or require more support. The study gives an evaluation of president Tinubu’s numerous policies, and how these policies have affected the development and expansion of Nigerian economy. It intended that this study will give a fair evaluation on how poverty level, unemployment, and income inequality in the country have been addressed in the light running policies of President Tinubu.

1.6 Scope of the Study

The focus of this study is based on the examination of administrative alterations and economic imbalance given a timeframe spanning from 20023 and 2024. This certainly makes for the chronical of the investigation. Nevertheless, the analysis considers elements that occur just before to the beginning and ending chronologies. The political and economic themes limited the researcher's options thematically. The researcher carefully adhered to the limits of the political and economic issue to avoid unwarranted digression, even though socioeconomic factors may have crept in a bit. 

1.7 Limitations of the Study

Numerous challenges the researcher faced during the investigation almost kept her from coming to a final conclusion. These challenges included a time limit that almost prevented the researcher from completing the study; furthermore, the expense of acquiring the tools and materials required for the investigation presented a serious risk to the research's success; and finally, the researcher encountered an unexpected delay in the delivery of information materials required for the investigation. The research ended later than anticipated as a result of this.

1.8 Research Methodology

Given the characteristics of the study, it is clear that the researcher used qualitative methods to conduct the research, which makes the study qualitative in nature. However, historical research design was employed in the study. The researcher considered the time frame that may be considered continuing while evaluating this research in this regard. The researcher therefore had to rely on secondary source materials, which included newspapers, textbooks, journals, and much more. This research methodology was based on the resources available to the researcher at the time. therefore the researcher's task was to verify the information already in the public domain.

1.9 Definition of Terms

Economic Policies: The phrase "economic policies" denotes the methods and choices made by governments to control and direct the economy in order to reach specified financial purposes.