Tinubu's Economic Management and Oligarchy in Nigeria

The article examines the role of ideology in Bola Ahmed Tinubu's management of Nigeria's economy, particularly focusing on the entrenched oligarchy that controls state resources. Since Tinubu's administration began in May 2023, Nigeria's economy has been characterized by a patronage system, especially in the oil sector, where a small elite benefits while 63% of the population lives in multidimensional poverty.

The article notes that Nigeria's fiscal situation is dire, with approximately 97% of total revenue spent on debt servicing. From 2015 to 2024, Nigeria's average annual export value fell to about $45 billion, a 44% decline compared to earlier periods.

The article asserts that the federal administration has not demonstrated significant evidence of economic turnaround, suggesting that the oligarchic stranglehold on the economy remains unchallenged.