– Workers Must Resist with a 48-hour Warning General Strike!

By Lateef Adams

Despite the harsh and worsening economic challenges faced by millions of Nigerians, the Tinubu administration has continued to rely on rhetoric and false assurances, urging different groups to remain patient while its economic reforms supposedly take effect. The latest in this series of reassurances was directed at the Catholic Bishops, where the administration claimed that its policies are “necessary for Nigeria’s future” and will “soon” yield positive results.

While the government presents an optimistic outlook, the reality for ordinary Nigerians tells a different story. Rising inflation, declining purchasing power, and increased hardship continue to define daily life for many. As the Tinubu APC regime carried on with the illusion of hope, the regime at the same time intensified policies that further burdened the working masses. Recent hikes in electricity and communication tariffs are among the measures that have exacerbated the economic strain, making basic necessities even more unaffordable.

The administration has demonstrated little concern for the hardships faced by Nigerians, as it remains committed to implementing the policy directives of the World Bank and the International Monetary Fund (IMF). Rather than prioritising the welfare of its citizens, the government appears more focused on maintaining favourable relations with these financial institutions to secure loans and external support.

The Tinubu Neoliberal Economic Reforms

Tinubu’s economic reforms, including the removal of the fuel subsidy and the devaluation or unification of exchange rates, have had severe consequences for the economy since their implementation in May 2023. Inflation has skyrocketed from 22.2% to 34.8%, with no signs of slowing down. As the cost of living continues to spiral out of control, the government has resorted to a new statistical manoeuvre—rebasing the Consumer Price Index (CPI). This so-called adjustment conveniently brought the inflation rate down to 24.48%, a figure that the ruling elites now expect to be applauded for, despite the undeniable reality that prices of goods and services are still soaring.

Rather than addressing the economic crisis in a meaningful way, the administration continues to impose further hardships through increased tariffs and aggressive revenue generation measures. Shockingly, amidst these economic woes, the Tinubu government has borrowed a staggering $6.45 billion from the World Bank in just 16 months (Business Day). Instead of providing relief for struggling Nigerians, the government remains fixated on securing external loans while ordinary people bear the brunt of its neoliberal policies.

Aggressive Revenue Generation: Further Impoverishing Nigerians

The Tinubu administration has aggressively pursued revenue generation through incessant tax hikes and tariff increases, claiming that these measures have significantly boosted internally generated revenue (IGR) beyond that of previous administrations. However, what this really means is that the government is squeezing more money from its already struggling citizens while failing to improve their living conditions. The working people are getting poorer, yet the government celebrates its revenue growth as an achievement.

Just two months after removing the fuel subsidy, President Tinubu announced that his administration had saved ₦1 trillion that would have otherwise been spent on subsidies. However, despite these claimed savings, the government has continued to take on massive loans, with no tangible improvement in public services or infrastructure to show for it. Federal revenue allocations (FAAC) shared among the various arms of government have skyrocketed, yet the standard of living for ordinary Nigerians has steadily declined.

A regime driven by corrupt capitalist interests will never prioritise the welfare of its people, and its policies expose this reality. The recent increase in communication tariffs, endorsed by the government to benefit private telecom firms, is just one example of its commitment to protecting big businesses at the expense of the masses. These companies rake in billions of naira in annual profits while often benefiting from generous tax exemptions. Similarly, the power sector has become a tool for corporate exploitation—electricity tariffs are arbitrarily increased to unaffordable levels, leaving millions in darkness. Across the country, people continue to protest against the extortionist practices of electricity distribution companies (DisCos), yet these companies resort to using state security forces to suppress dissent, with reports of protesters being arrested and detained.

The financial sector is also profiting from this economic hardship. Banks have introduced an endless list of exploitative charges, including service fees, ATM withdrawal fees, transfer fees, POS transaction fees, and even penalties for insufficient funds. Meanwhile, transportation costs have surged, and the price of even the most basic necessities, such as drinking water, has become unbearable for many Nigerians.

The dire situation is reflected in global poverty estimates. According to figures published by Statista.com, over 93.7 million Nigerians could be living in extreme poverty by 2025, defined as surviving on a maximum of $2 (₦3,000) per day. This growing poverty crisis is a direct result of policies that prioritise revenue collection over human welfare, deepening economic inequality and making survival increasingly difficult for the majority of Nigerians.

Working People Must Rise to the Challenge

The anti-people policies of the Tinubu administration have hit working people the hardest, pushing millions further into poverty. Despite widespread economic hardship, the long-promised increase in the national minimum wage remains largely unimplemented. Many workers across different states still receive the outdated ₦30,000 (approximately $22) monthly wage—an amount that is grossly inadequate to sustain even the most basic standard of living. This dire situation underscores the urgent need for the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to take a firm stand against the mass suffering inflicted on Nigerian workers.

As the Movement for a Socialist Alternative (MSA), we have consistently called on organised labour to declare a 48-hour warning general strike as a first step in demanding that Nigeria’s vast wealth is used for the benefit of its people. With the country producing approximately 2 million barrels of crude oil per day, there is more than enough national wealth to ensure that no Nigerian is forced to survive on less than $2 a day. However, the corrupt capitalist system, sustained by the ruling elite, has allowed over 40% of the population to languish in extreme poverty while enriching a privileged few.

Nigerians must reject this exploitative system and actively fight for a new economic and political order—one where the welfare of the people is prioritised over the profits of the elite. The only viable path to real change is the establishment of a democratic socialist system, where the key sectors of the economy are nationalised and placed under the democratic management and control of the working class. This is the only way to rescue the masses from deepening hardship and ensure that Nigeria’s wealth serves the collective good rather than a handful of corrupt elites. The time to organise and resist is now. If this trend persists, millions of Nigerians will continue to bear the brunt of policies that do little to address their struggles while enriching a privileged few.