Restoration Of Ancient Ruins
Two years into the administration of President Bola Ahmed Tinubu, Nigeria has transitioned from a period of fiscal exhaustion and policy paralysis to a phase of pragmatic reform and macroeconomic stabilisation. Despite persistent socio-economic challenges, the data now confirms a measurable turnaround across key indicators—growth, reserves, revenue generation, and investor confidence.
This policy commentary examines Tinubu’s two-year record as a restoration agenda — a conscious effort to rebuild the “ancient ruins” of Nigeria’s economy and governance institutions after decades of neglect. Using verifiable data from the National Bureau of Statistics (NBS), Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), and credible global sources, to inform the analyses of the economic trajectory, reform logic, and policy implications of this administration’s performance to date. The second part of this policy commentary covered areas for improvement.
From Doubt to Renewal
Two years ago, when Asiwaju Bola Ahmed Tinubu stood before the people of Ogun State to declare, in that unforgettable “Emi Lokan” moment, his intention to lead Nigeria, many received the announcement with a blend of scepticism and fatigue. Nigeria had endured years of economic decline, institutional decay, and national disillusionment. The Buhari administration left behind a nation gasping for breath — struggling with insecurity, debt, fuel subsidy distortions, and a foreign exchange crisis that threatened the very foundation of the economy.
Yet, two years into his presidency, it is becoming increasingly evident that Tinubu’s leadership is a providential intervention — one that has not only arrested a downward spiral but also rekindled hope in the possibility of national restoration. Whether acknowledged by supporters or critics (Agbotikuyos), the truth is that Nigeria today stands on firmer economic and institutional ground than it did in 2023.
Context: A Nation On The Brink
At the time President Tinubu took office in May 2023, Nigeria’s fiscal and economic systems were on the verge of collapse. Oil production had fallen below 1 million barrels per day, far short of the OPEC quota of 1.7 million barrels per day. The government was borrowing billions of dollars each month to subsidise petrol, electricity, and even foreign exchange. Airlines were threatening to withdraw from Nigerian routes over trapped funds, and the federal government reportedly borrowed $2 billion to pay salaries in its final months.
Against this grim backdrop, many feared that Nigeria might disintegrate under the weight of its crises. What the country needed was not just another politician but a statesman — a leader capable of making hard decisions for long-term sustainability.
The Reformer’s Resolve: Bold Reforms, Difficult Beginnings
President Tinubu’s earliest decisions — the removal of fuel subsidies and the unification of the exchange rate — were bold, painful, and historic. They ended years of fiscal haemorrhage and distortion that benefited only a small elite. These reforms triggered short-term inflationary pressure and hardship, but they also created the foundation for budgetary discipline and a free-market economy.
Unlike leaders who have lamented Nigeria’s complexity, Tinubu has demonstrated courage, intellect, and technical know-how. His economic management team has focused on stabilisation, deregulation, and diversification. Within two years, the once-bleeding economy has begun to show strong recovery signals, confirmed by independent national and international data.
Analytical Note
These figures, corroborated by independent institutions, demonstrate tangible progress in macroeconomic stability and global perception. Nigeria’s GDP growth now outpaces population growth for the first time since 2019, while inflation shows its steepest decline in three years. The recovery in oil output and trade surpluses indicates renewed operational efficiency and export diversification.
Rebuilding the Ancient Ruins
Tinubu’s presidency can be likened to a modern-day Nehemiah — rebuilding the ancient ruins of a once-promising nation. His administration’s reforms in fiscal policy, digital economy, and infrastructure are reviving the foundational structures of national productivity:
Economic Renaissance: Restored fiscal discipline and new revenue generation through tax reforms.
Human Capital Investment: Launch of the Students’ Loan Scheme — the first of its kind in Nigeria — giving young citizens access to education financing.
Social Stability: The minimum wage has increased from ₦30,000 to ₦70,000; many states now pay above this benchmark.
Institutional Renewal: Restored trust in the Central Bank, restructured Ministries for efficiency, and revived state-federal fiscal cooperation through better revenue allocation. These steps are not cosmetic adjustments — they represent a systemic rebirth of governance.
The People’s Burden and the Promise of Tomorrow
It would be dishonest to deny that the journey has been challenging. Inflation, high food prices, and unemployment remain pressing concerns. However, no meaningful reform occurs without temporary pain. Tinubu’s economic strategy is akin to surgical correction — discomforting but necessary for long-term healing. Citizens are beginning to see the light beyond the present difficulties. Minimum wage increases, tax reforms, student loans, and industrial recovery are indicators of a nation on the path of transformation. The key now lies in sustaining momentum, deepening transparency, and ensuring that the fruits of reform reach ordinary Nigerians.
Leadership as Restoration: The Statesman’s Distinction
Since 1966, Nigeria has suffered from the absence of true statesmen. The founding fathers — Awolowo, Azikiwe, and Ahmadu Bello — though imperfect, were visionary nation-builders. Tinubu represents a return to that brand of pragmatic, visionary leadership. He has shown the intellectual depth and political will that many of his predecessors lacked. His administration is rekindling faith in the idea of Nigeria — a united, prosperous nation capable of global competitiveness.
Conclusion
The Dawn of a New Nigeria Two years into the Tinubu presidency, Nigeria stands at the threshold of a new era. The ruins of mismanagement and hopelessness are being rebuilt stone by stone. Economic growth has returned, fiscal stability is improving, and international confidence is on the rise. The journey is far from over, but the signs are unmistakable: a great rebirth is underway. Nigeria is no longer standing on the edge of collapse but walking toward restoration. The promised land may still be ahead, but the direction is right — and under Tinubu’s leadership, the nation’s lost glory is being restored.
God bless President Bola Ahmed Tinubu.
God bless the Federal Republic of Nigeria.
Prof. Lere Baale, FPSN, FPCPharm, FNAPharm, FNIM, FNIMN CEO, Business School Netherlands International, Nigeria
