In a country where inflation has soared into double digits and millions of citizens are struggling to afford basic meals, the Honorable Minister of Finance, Mr. Wale Edun, continues to dazzle Nigerians with glowing macroeconomic figures and reform narratives. From podiums in Abuja to international summits in Europe, Edun paints a picture of hope, recovery, and growth — a tale that increasingly sounds alien to the lived realities of most Nigerians.
But as the numbers shine, the stomachs groan. In marketplaces from Kano to Calabar, onions, rice, and tomatoes have become luxury items. Transportation costs are suffocating, healthcare is almost entirely out-of-pocket, and education is in disrepair. So, the question lingers: Who exactly is Edun’s economic miracle meant for? And more importantly, who’s buying it?
Edun’s Optimism: A View from the Top
Since assuming office, Wale Edun has been relentless in his campaign to sell President Bola Ahmed Tinubu’s economic reforms as the only sustainable path to national prosperity. In numerous public statements, he has consistently argued that the removal of fuel subsidy, floating of the naira, and stricter fiscal discipline are the pillars of a “renewed hope” agenda that will ultimately stabilize Nigeria’s economy.
In July 2024, at the Presidential Economic Coordination Council (PECC) meeting, Edun confidently announced that Nigeria had “turned the corner” economically. According to him, inflation had begun to slow, exchange rate volatility was stabilizing, and capital inflows were picking up.
“Foreign investors have shown renewed interest. The World Bank and IMF have commended our policies. Nigeria is on track for sustainable growth,” Edun declared, citing a projected GDP growth of 3.9% for 2025 and a narrowing fiscal deficit.
His office later released detailed figures showing a 22% increase in non-oil revenue, and a reduction in fuel import bills by nearly $3 billion since subsidy removal.
But the Streets Say Otherwise
Contrary to the cheer from the Ministry of Finance, the streets tell a different story — one of economic suffocation and widespread suffering. According to data from the National Bureau of Statistics (NBS), over 133 million Nigerians live in multidimensional poverty. Food inflation stood at a staggering 41.2% as of June 2025 — the highest in decades — with basic staples like garri, rice, and maize more than tripling in price over the past year.
The naira, despite alleged stabilization, still trades well above ₦1500 to $1 in the parallel market, leaving importers, businesses, and average citizens scrambling to make ends meet. Transport fares have doubled in several states, while fuel now sells between ₦700 and ₦900 per litre depending on location.
Even civil servants — supposed beneficiaries of government policy — are groaning. In states like Kogi, Osun, and Ekiti, salary arrears and deductions are common, while the proposed ₦62,000 minimum wage remains stuck in negotiation deadlock.
“This economy is not working for the poor,” lamented Zainab Ahmed, a food seller in Kaduna. “They say subsidy is gone, but what did they bring to help us? Hunger? Our children don’t eat well anymore. Some now beg to go to school.”
Experts Disagree With Edun’s Narrative
Several economists have warned against the dangers of over-relying on fiscal theory without cushioning the masses. Professor Uche Igwe, a development economist, noted that while reforms are needed, the sequencing has been disastrous.
“You do not yank off subsidies, float the currency, and raise taxes all at once in a consumption-based economy without comprehensive palliatives,” Igwe said. “What we are seeing now is a transfer of national pain to the poorest. Edun’s numbers may be technically correct, but they do not reflect social reality.”
The International Labour Organization (ILO) recently warned that Nigeria risks civil unrest if rising poverty levels are not addressed. Even the International Monetary Fund (IMF), usually supportive of austerity policies, advised the Nigerian government to provide targeted cash transfers and food support to vulnerable populations.
Palliatives and Political Firefighting
In response to public backlash, the federal government, through the Ministry of Finance, has launched several intervention programs. These include ₦75 billion funding for small businesses, agricultural loans for rural farmers, and the controversial ₦8,000 monthly cash transfer to vulnerable households — a plan that was suspended after public outcry.
Despite these, there is growing concern that such interventions are both too little and too slow. The distribution of palliatives has been riddled with allegations of corruption, favoritism, and inefficiency.
“Nigerians are not angry because they don’t understand economics,” said activist Hamzat Lawal of Follow The Money. “They are angry because they are starving, and no amount of PR can change that.”
Politics of Statistics: A Government in Echo Chamber?
Observers have pointed out that the Tinubu administration may be too focused on international validation rather than domestic impact. Edun, a seasoned banker and economic adviser to Tinubu for years, appears more comfortable in boardrooms than in town halls. His speeches — often rich in metrics — rarely connect with the ordinary Nigerian.
In contrast, critics argue that a finance minister in a time of hardship must embody not just policy competence but emotional intelligence and visibility.
“Where is Edun when rice is ₦80,000 a bag?” asked a social media user, referencing the trending hashtag #RiceOverReform. “Let him buy food like the rest of us before he speaks again.”
Conclusion: Reform Without Relief Is Regression
At the heart of the crisis is a legitimate policy debate: Can long-term reforms justify short-term suffering? For many Nigerians, the answer is increasingly no. Hunger, job losses, and economic despair have turned Edun’s spreadsheets into symbols of government insensitivity.
President Tinubu’s “Renewed Hope” agenda hangs in the balance — and so does the credibility of its chief economic architect. If Wale Edun wishes to retain the public's trust, he must bridge the widening gulf between data and dinner tables.
Until then, every new statistic released by his office will be met with the same response across Nigeria: “Who’s fooling who?”
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