Tinubu's Policy Comparison Criticized - The Presidency Accuses Peter Obi of Putting Tinubu's Policies in Line with Argentina's Economic Reforms, Drawing Controversy
In the global arena, the economic journeys of Argentina and Nigeria have taken different turns since the beginning of 2023, when both countries welcomed new presidents, Javier Milei in Argentina and Bola Tinubu in Nigeria.
Argentina under Javier Milei
Upon taking office, Milei inherited an economy grappling with high inflation and economic challenges. His reforms, implemented in 2023, aimed to open the economy, attract foreign investment, and pursue trade autonomy, including potential withdrawal or redefinition of Argentina's Mercosur membership.
Despite these efforts, Argentina's inflation rate remained persistently high into 2025, reflecting structural inflationary pressures and lingering economic instability typical of recent years in Argentina. Inflation is closely tied to fiscal deficits, monetary expansion, and currency instability.
Nigeria under Bola Tinubu
Tinubu, on the other hand, faced a different set of economic conditions in Nigeria, including reliance on oil exports and exposure to global commodity price fluctuations. Although explicit inflation data for Nigeria post-2023 under Tinubu is not available, Nigeria's inflation trends generally reflect both commodity price shocks and domestic monetary policies.
Tinubu’s policies emphasized macroeconomic stabilization, currency reform, and boosting non-oil sectors. Inflation has been a concern but is generally lower than Argentina’s hyperinflationary environment.
Comparison
| Aspect | Argentina (Milei) | Nigeria (Tinubu) | |------------------------|------------------------------------|-------------------------------| | Inflation Trend | Persistently high, structural | Moderate to high but lower than Argentina | | Economic Reform Focus | Trade liberalization, Mercosur autonomy, foreign investment attraction | Macroeconomic stabilization, currency reform, diversification | | Inflation Drivers | Fiscal deficits, monetary expansion, currency instability | Commodity price shocks, fiscal constraints | | Regional Context | Southern Cone, Mercosur trade bloc with internal tensions | West Africa, oil export dependent economy |
Inflation in Argentina, under Milei's reforms, peaked at about 289 per cent just four months into his tenure, and prices more than tripled in 12 months. In contrast, Nigeria's inflation under Tinubu started at 22.41 per cent in May 2023, peaked at 34.80 per cent in December 2024, and is now down to 22.22 per cent.
Peter Obi, a former presidential candidate, compared Nigeria's poverty and inflation rate with that of Argentina, describing Argentina's economic reforms, including the removal of petrol and electricity subsidies, currency devaluation, and deep public sector cuts, as a model for Nigeria. However, Ogra, a notable figure, questions Obi's inconsistency in his stance on the removal of subsidies and economic reforms, suggesting that he either lacks knowledge, does not do his homework well, or is being disingenuous.
Ogra argues that Obi's endorsement of Milei's "pain first, stabilize later" reforms abroad while opposing similar measures at home shows a double standard. Ogra did not express support for any specific political candidate or party in his statements.
As both countries move forward, Ogra urges Nigerians to focus on sustaining reforms, cushioning the impact on citizens, and maintaining policy consistency, rather than abandoning course for gradualist approaches that have failed in other economies.
[1] Source: Reuters, Bloomberg, and The Economist
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