A public commentator, David Adenuga, has warned President Bola Ahmed Tinubu against implementing fresh tax measures recommended by the International Monetary Fund, cautioning that such policies could worsen Nigeria’s economic hardship and heighten public discontent.

Adenuga said that SAP 2.0 is a dangerous gamble and President Tinubu must tread carefully. Hw said that the proposed expansion of taxation, particularly on fuel and telecommunications services, is already generating concern among Nigerians facing rising cost of living.

He drew parallels between the IMF-backed proposals and the Structural Adjustment Programme (SAP) introduced in 1986 during the military administration of Ibrahim Babangida, noting that the policy remains one of the most controversial economic reforms in Nigeria’s history.

SAP, which included currency devaluation, subsidy removal, trade liberalisation and privatisation, was designed as a stabilisation measure but later became associated with widespread economic hardship, including inflation, loss of purchasing power and declining living standards.

The Commentator said the experience continues to shape public perception of similar economic policies, with many Nigerians now describing current proposals as “SAP 2.0.”

He also recalled that Babangida’s SAP-era reforms triggered widespread public anger, culminating in the Anti-SAP riots of 1989, which reflected the depth of opposition to the economic measures at the time.

Adenuga said Nigerians are still struggling with the impact of recent reforms, including fuel subsidy removal, which has led to higher transport fares, rising food prices and increased financial pressure on households.

“The average Nigerian family is spending more on food, transportation, healthcare and education than ever before. Any additional tax on fuel or telecommunications will be seen as further hardship,” he said.

He warned that fuel taxation could worsen inflation due to its impact on transport and production costs, while telecom taxes would affect millions who depend on digital services for banking, education, business and communication.

According to him, economic policies are ultimately judged by citizens based on their daily living conditions, not technical economic indicators.

“Governments do not lose elections because of economic theories. They lose when people feel their lives have become worse under their leadership,” he added.

The commentator urged the Federal Government to prioritise reducing the cost of governance, blocking revenue leakages, improving efficiency in public spending and strengthening productive sectors instead of introducing new taxes on essential services.

While acknowledging the need for fiscal reforms, he stressed that policy decisions must reflect current social realities to avoid worsening hardship and triggering public resistance.