As President Bola Ahmed Tinubu marked his second year in office with a national broadcast reaffirming his administration’s commitment to economic reform under the Renewed Hope Agenda, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have delivered a scathing counter-narrative, accusing the government of subjecting Nigerians to deepening hardship, economic exclusion, and growing insecurity.
The assessment, jointly echoed by labour leaders across various states, refutes Tinubu’s declaration that Nigeria’s “worst days are over,” instead charging that his economic policies have plunged over 150 million citizens into multidimensional poverty, crippled household incomes, and led to unprecedented inflation that is ravaging the average Nigerian worker.
In his May 29 address to the nation, President Tinubu reaffirmed that his economic reforms, including the removal of fuel subsidy and foreign exchange unification, are working, promising that his administration is building a more economically stable and inclusive Nigeria.
“Today, I proudly affirm that our economic reforms are working,” Tinubu declared. “Under our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve national security, reduce corruption, reform governance, and lift our people out of poverty.”
However, the NLC’s president, Joe Ajaero, in a sharply worded response, rejected these assertions, saying Tinubu’s policies have not only failed to deliver on these promises but have instead imposed unbearable pain on Nigerians.
“Far from renewing hope, this government has merely recycled failed neoliberal experiments that enrich a few and punish the many,” Ajaero said. “You cannot cure a patient by prescribing the poison that made him sick in the first place.”
A central point of contention is the controversial fuel subsidy removal, which took effect on Tinubu’s first day in office. Fuel prices surged overnight from N187 to over N600 per litre, with ripple effects across transportation, production, and food supply chains.
While the government defended the decision as fiscally prudent—claiming it saved the nation billions and increased net external reserves from $4 billion in 2023 to $23 billion in 2024—labour unions argue that the move exacerbated poverty and shut down small businesses.
“The real result of the fuel subsidy removal has been skyrocketing costs, growing hunger, transport crisis, and economic contraction,” the NLC said. “Nigerians did not get reinvestment; they got inflation so vicious that families now skip meals.”
Another key policy under fire is the unification of Nigeria’s multiple exchange rates, which the Tinubu administration touted as necessary to attract foreign investment and eliminate market distortions.
However, the labour movement insists the reality has been brutal for local producers and consumers. “The naira has collapsed, inflation is out of control, and our industries are suffocating under imported inflation,” said Ajaero. “The market forces experiment has turned Nigeria into a bargain outlet for neighbouring economies while hollowing out domestic production.”
The organised labour movement likened the situation to previous IMF-backed economic reforms that widened inequality and enriched political elites at the expense of ordinary Nigerians.
While the federal government recently approved a N70,000 minimum wage, workers across the country argue it is far from adequate. Many workers reportedly received less than a N10,000 adjustment, a figure dwarfed by the rising cost of living.
In Benue, Gideon Akaa, the TUC Chairman, described Tinubu’s claim that “the worst is over” as laughable. “Has the exchange rate dropped? Has the inflation gone down? Is the cost of food lower? These are the real indicators of well-being,” he said. “Can N70,000 feed a family of four in Nigeria today?”
In Kwara State, the NLC Chairman, Saheed Olayinka, said the economic crisis remains unsolved. “People cannot afford three square meals, insecurity is rising, and the naira continues to fall. The government is still chasing shadows,” he said.
Beyond economic policies, the NLC condemned the Federal Government’s increasing hostility toward organised labour. The union accused the administration of intimidating labour leaders, criminalising protests, and ignoring court rulings on wage disputes.
“For Nigerian workers, it has been two years of suppression and broken promises,” Ajaero said. “The government’s response to protests has been more brutal than ever.”
The Assistant Secretary General of the NLC, Chris Onyeka, further stated that the government appears more accountable to foreign creditors than to its citizens. “These policies are tailored to please financial institutions, not the Nigerian people,” he said.
While labour leaders acknowledged some gains in infrastructure—especially road construction and the Presidential Compressed Natural Gas (CNG) initiative—they described them as grossly inadequate in the face of broader challenges.
The CNG buses introduced to reduce transport costs for workers have been limited by poor infrastructure and lack of access. “We acknowledge the CNG buses, but how many Nigerians have access to them?” asked the Lagos TUC Chairman, Gbenga Ekundayo. “The government must invest in production, not just consumption.”
He called for a shift toward a production-driven economy, citing neglect of manufacturing and agriculture as key causes of Nigeria’s inflation crisis.
Multiple labour leaders also expressed concern over Nigeria’s worsening security landscape. In Bauchi, TUC Chairman Sabiu Barau highlighted the plight of farmers unable to access their lands due to banditry and kidnappings.
“How can we talk about economic reform when people are afraid to go to their farms or sleep at night?” he asked.
In Kaduna, NLC Chairman Suleiman Ayuba urged the President to back his statements with tangible action. “We want to see real change, not political rhetoric. Two years in, Nigerians are still waiting,” he said.
Several labour leaders pointed out the glaring contradiction between the government’s austerity rhetoric and its extravagant spending.
“In a time when citizens are asked to tighten their belts, political elites are living large. There’s a visible disconnect that’s eroding public trust,” said Ekundayo.
The NLC in Jigawa and Kaduna reinforced that Tinubu’s optimism is misplaced. “Citizens are still grappling with hunger, insecurity, and joblessness,” said Sunusi Maigatari, Jigawa NLC Chairman. “We are yet to see any meaningful improvement.”
As Nigeria navigates the second half of Tinubu’s tenure, the debate over the direction of economic policy is intensifying. While the President insists on the effectiveness of his reforms, labour unions are demanding a complete rethink of economic priorities, calling for investments in production, security, and social welfare.
“We don’t need more PowerPoint presentations,” Ajaero declared. “We need policies that work for Nigerians—real solutions, not recycled suffering.”
As the 2027 general elections begin to loom on the horizon, Tinubu’s second anniversary serves as a critical midterm review of governance and accountability. While the administration may trumpet its macroeconomic gains, the voices from Nigeria’s streets, farms, and factories paint a starkly different picture—one of survival, not stability.
If hope is to be truly renewed, it must be felt in the stomachs of families, in the pockets of workers, and in the safety of the streets—not just in televised speeches and economic forecasts.