{"id":5426,"date":"2026-01-07T07:29:25","date_gmt":"2026-01-07T07:29:25","guid":{"rendered":"https:\/\/xeroltha.com\/?p=5426"},"modified":"2026-02-14T17:05:14","modified_gmt":"2026-02-14T17:05:14","slug":"economic-data-of-the-transition-between-the-buhari-and-tinubu-administrations","status":"publish","type":"post","link":"https:\/\/xeroltha.com\/blog\/economic-data-of-the-transition-between-the-buhari-and-tinubu-administrations\/","title":{"rendered":"Economic data of the transition between the Buhari and Tinubu administrations"},"content":{"rendered":"<p data-path-to-node=\"0\">The transition from Muhammadu Buhari to Bola Tinubu on May 29, 2023, marked a radical shift in Nigeria\u2019s economic management\u2014from Buhari\u2019s protective, state-led approach to Tinubu\u2019s market-liberalizing &#8220;renewed hope&#8221; reforms.<\/p><div class=\"03bb5c02e2f58c6bb7f372bc13011e34\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<p style=\"text-align: center;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size:10px;\">Advertisement<\/span><\/span><\/p>\r\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-8677361123316975\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ZXZ -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8677361123316975\"\r\n     data-ad-slot=\"3054782407\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br><br \/>\n<\/div>\n\n<p data-path-to-node=\"1\"><span class=\"citation-39 citation-end-39\">While Buhari was often criticized for &#8220;kicking the can down the road,&#8221; Tinubu\u2019s immediate actions\u2014scrapping the fuel subsidy and floating the Naira\u2014triggered a massive &#8220;price shock&#8221; that reshaped the Nigerian reality.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"2\">Comparative Economic Performance (2023\u20132026)<\/h3>\n<table data-path-to-node=\"3\">\n<thead>\n<tr>\n<td><strong>Economic Indicator<\/strong><\/td>\n<td><strong>Buhari\u2019s End (May 2023)<\/strong><\/td>\n<td><strong>Tinubu (Mid-Term 2025\/2026)<\/strong><\/td>\n<td><strong>Trend Analysis<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"3,1,0,0\"><b data-path-to-node=\"3,1,0,0\" data-index-in-node=\"0\">Inflation Rate<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,1,1,0\"><b data-path-to-node=\"3,1,1,0\" data-index-in-node=\"0\">22.41%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,1,2,0\"><b data-path-to-node=\"3,1,2,0\" data-index-in-node=\"0\">~14.5%<\/b> (Nov 2025)<\/span><\/td>\n<td><span data-path-to-node=\"3,1,3,0\">Peaked at <b data-path-to-node=\"3,1,3,0\" data-index-in-node=\"10\">34.8%<\/b> (late 2024) before decelerating.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"3,2,0,0\"><b data-path-to-node=\"3,2,0,0\" data-index-in-node=\"0\">Exchange Rate (official)<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,2,1,0\"><b data-path-to-node=\"3,2,1,0\" data-index-in-node=\"0\">\u20a6460 \/ $1<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,2,2,0\"><b data-path-to-node=\"3,2,2,0\" data-index-in-node=\"0\">\u20a61,450 \u2013 \u20a61,500 \/ $1<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,2,3,0\">Stabilization found after massive 2024 volatility.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"3,3,0,0\"><b data-path-to-node=\"3,3,0,0\" data-index-in-node=\"0\">National Debt<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,3,1,0\"><b data-path-to-node=\"3,3,1,0\" data-index-in-node=\"0\">\u20a649 Trillion<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,3,2,0\"><b data-path-to-node=\"3,3,2,0\" data-index-in-node=\"0\">\u20a6121 Trillion+<\/b> (Q1 2024)<\/span><\/td>\n<td><span data-path-to-node=\"3,3,3,0\">increase in Naira terms due to devaluation and borrowing.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"3,4,0,0\"><b data-path-to-node=\"3,4,0,0\" data-index-in-node=\"0\">GDP Growth<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,4,1,0\"><b data-path-to-node=\"3,4,1,0\" data-index-in-node=\"0\">2.7%<\/b> (2023 average)<\/span><\/td>\n<td><span data-path-to-node=\"3,4,2,0\"><b data-path-to-node=\"3,4,2,0\" data-index-in-node=\"0\">~4.2%<\/b> (Projected 2026)<\/span><\/td>\n<td><span data-path-to-node=\"3,4,3,0\">Slowed initially, but rebounding via services and ICT.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"3,5,0,0\"><b data-path-to-node=\"3,5,0,0\" data-index-in-node=\"0\">Fuel Price (PMS)<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,5,1,0\"><b data-path-to-node=\"3,5,1,0\" data-index-in-node=\"0\">\u20a6185 \u2013 \u20a6250 \/ liter<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,5,2,0\"><b data-path-to-node=\"3,5,2,0\" data-index-in-node=\"0\">\u20a61,000+ \/ liter<\/b><\/span><\/td>\n<td><span data-path-to-node=\"3,5,3,0\">Astronomical rise following total subsidy removal.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr data-path-to-node=\"4\" \/>\n<h3 data-path-to-node=\"5\"><\/h3>\n<h3 data-path-to-node=\"5\">Key Policy Shifts: Buhari vs. Tinubu<\/h3>\n<h4 data-path-to-node=\"6\">1. The Subsidy Question<\/h4>\n<p data-path-to-node=\"7\"><span class=\"citation-38 citation-end-38\">Buhari\u2019s administration spent trillions on the Premium Motor Spirit (PMS) subsidy, which he believed protected the poor, but critics argued only enriched smugglers and depleted the treasury.<\/span> Tinubu ended this on &#8220;Day One.&#8221; The result was an immediate 200%+ hike in transportation and food costs, pushing an estimated <b data-path-to-node=\"7\" data-index-in-node=\"316\">8 to 10 million additional Nigerians<\/b> into poverty by 2025.<\/p><div class=\"03bb5c02e2f58c6bb7f372bc13011e34\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<p style=\"text-align: center;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size:10px;\">Advertisement<\/span><\/span><\/p>\r\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-8677361123316975\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ZXZ -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8677361123316975\"\r\n     data-ad-slot=\"3054782407\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br><br \/>\n<\/div>\n\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"8\">2. Monetary Policy &amp; The Naira<\/h4>\n<p data-path-to-node=\"9\"><span class=\"citation-37 citation-end-37\">Buhari maintained a multiple exchange rate system and used &#8220;Ways and Means&#8221; (Central Bank printing) to fund government deficits.<\/span> <span class=\"citation-36 citation-end-36\">Tinubu &#8220;floated&#8221; the Naira to unify the rates.<\/span> This led to the Naira\u2019s value crashing from \u20a6460 to nearly \u20a61,900 in mid-2024 before the Central Bank\u2019s aggressive interest rate hikes (reaching <b data-path-to-node=\"9\" data-index-in-node=\"321\">27.5%<\/b>) helped stabilize it around \u20a61,450 by early 2026.<\/p>\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"10\">3. Foreign Investment and Reserves<\/h4>\n<p data-path-to-node=\"11\">Under Buhari, foreign direct investment (FDI) hit record lows due to difficulty in repatriating funds. Tinubu\u2019s market reforms initially caused &#8220;portfolio&#8221; (hot) money to flood in, but FDI remains slow. <span class=\"citation-35\">However, by late 2025, Nigeria\u2019s foreign reserves hit a five-year high of over <\/span><b data-path-to-node=\"11\" data-index-in-node=\"282\"><span class=\"citation-35\">$45 billion<\/span><\/b><span class=\"citation-35 citation-end-35\">, offering the country a stronger buffer against global shocks.<\/span><\/p>\n<p>&nbsp;<\/p>\n<hr data-path-to-node=\"12\" \/>\n<h3 data-path-to-node=\"13\">The Human Cost of Reform<\/h3>\n<p data-path-to-node=\"14\"><span class=\"citation-34 citation-end-34\">While the &#8220;macro&#8221; numbers for 2026 show signs of recovery\u2014with inflation finally trending downward\u2014the &#8220;micro&#8221; reality for the average Nigerian remains grim.<\/span><\/p>\n<ul data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">Purchasing Power:<\/b> Salaries have not kept pace with the 2024 inflation spike.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"0\">Cost of Living:<\/b><span class=\"citation-33 citation-end-33\"> High electricity tariffs and fuel prices have forced many SMEs to shut down.<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,2,0\"><b data-path-to-node=\"15,2,0\" data-index-in-node=\"0\">Security:<\/b> Despite leadership changes, insecurity in farming belts continues to keep food inflation &#8220;stubbornly high&#8221; (around 20% in late 2025).<\/p>\n<\/li>\n<\/ul>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>The transition from Muhammadu Buhari to Bola Tinubu on May 29, 2023, marked a radical shift in Nigeria\u2019s economic management\u2014from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[182,198],"tags":[],"class_list":["post-5426","post","type-post","status-publish","format-standard","hentry","category-deep-dives","category-nigeria"],"_links":{"self":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts\/5426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/comments?post=5426"}],"version-history":[{"count":1,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts\/5426\/revisions"}],"predecessor-version":[{"id":5427,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts\/5426\/revisions\/5427"}],"wp:attachment":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/media?parent=5426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/categories?post=5426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/tags?post=5426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}