By Damilola Adeleke

In a significant recognition, President Bola Ahmed Tinubu has been named The Will newspaper’s 2024 Man of the Year.

The newspaper’s editorial team stated that the decision to honor the president was a unanimous one, citing his reform policies over the past year as having a profound impact on Nigerians, marking a pivotal moment in the nation’s history.

In its editorial, the publication highlighted that President Tinubu’s reform measures over the past year have had far-reaching effects, negatively impacting Nigerians across all demographics—young or old, employed or unemployed, in business or otherwise.

The removal of fuel subsidies and the floating of the Naira were specifically pointed out as major triggers for economic strain. The resultant surge in fuel prices significantly affected logistics costs, leading to skyrocketing food prices.

According to the latest Consumer Price Index report from the National Bureau of Statistics, Nigeria’s annual inflation rate hit 34.60% in November, up from 33.88% recorded in October. This marks a 6.40 percentage point increase compared to the 28.20% inflation rate recorded in November 2023.

The Bureau also noted that the yearly average Consumer Price Index rose by 32.77%, an 8.76 percentage point increase from the previous year. Urban inflation in November 2024 stood at 35.07%, up by 9.62 percentage points from November 2023, while rural inflation averaged 30.71% on a year-on-year basis, representing an 8.00 percentage point rise.

Food inflation also saw notable increases. Items such as yam, maize, rice, vegetable oils, and others recorded significant price hikes, contributing to an overall food inflation rate of 2.98% on a month-to-month basis in November.As a result of these reforms, Nigerians across all sectors have experienced widespread hardship, with many taking to social media to coin the term T-Pain—a reference to the difficulties associated with Tinubu’s policies. Government officials, however, have rebranded the term to Temporary Pain, while National Security Adviser Nuhu Ribadu referred to it as T-Gain, emphasizing the long-term benefits of these reforms.

This recognition comes as the nation grapples with the enduring realities of sweeping economic changes.