A popular Nigerian X (formerly Twitter) user known as DGov has sparked heated conversation online after lambasting President Bola Ahmed Tinubu’s economic strategy, particularly the simultaneous removal of fuel subsidy and the devaluation of the naira. In her strongly worded post, DGov stated:
> “As much as I support the removal of petrol subsidy in Nigeria, devaluing the naira at that critical moment was a catastrophic miscalculation. Whoever advised Tinubu on such a suicidal mission is likely a very poor economist.”
According to her, no economy, especially one as fragile as Nigeria’s, can withstand the dual shock of abrupt subsidy removal and aggressive currency devaluation without suffering devastating inflationary repercussions. These policy blunders, she argued, have left millions of Nigerians poorer, with their incomes ravaged and their purchasing power crushed.
DGov did not mince words when she pointed out the abuse of fuel subsidies by corrupt individuals, asserting that scrapping the subsidy was necessary. However, she condemned the timing and rationale behind the naira devaluation, especially when Nigerians had not yet recovered from the financial shock of subsidy removal.
“The Tinubu administration claimed it was subsidizing both petrol and foreign exchange. While petrol is a tangible commodity within our trade portfolio, FX is intangible and far less manageable. The government could have tightened monetary policies, imposed strict regulatory penalties, and curbed wastage without devaluing the naira.”
She further questioned the economic logic behind currency devaluation, a strategy usually employed by export-driven nations to make locally produced goods cheaper for foreign buyers, thereby boosting production and employment. But in Nigeria’s case, she lamented:
> “What exactly are we producing? Next to nothing.”
DGov referenced data from Q3 2024 which showed that Nigeria only recorded a trade surplus thanks to oil exports, which accounted for a staggering 66% of that surplus, while non-oil exports made up a mere 34%.
She decried the broader collapse of Nigeria’s manufacturing sector since 2015 under the All Progressives Congress (APC), highlighting how over 30 major companies have shut down or relocated due to crippling production costs caused by high electricity tariffs, multiple taxation, and exorbitant clearing charges imposed by Nigeria Customs.
DGov accused the Tinubu administration of “window dressing” economic statistics, boasting about revenue growth from subsidy removal while offering no tangible developmental results. Even more ironically, she said, the same government that labeled FX subsidies as “wastage” has returned to intervening in the FX market—demonstrating a lack of policy consistency.
The dire outcome of these decisions, she stated, is hyperinflation, with devastating consequences for the average Nigerian. She cited World Bank statistics that show Nigeria’s per capita income has plummeted from $2,878 in 2015 to just $835 in 2025—a dramatic decline that underscores the increasing impoverishment of citizens under APC’s rule.
DGov concluded her fiery post with a call for change:
> “These disastrous outcomes stem from APC’s refusal to acknowledge its policy missteps. I sincerely hope that by 2027, Nigerians will rise, reflect, and reject a government that consistently doubles down on failure and refuses to self-correct.”
PIONEER NEWS 