Does Remi Tinubu Ridicule Small-Scale Business Owners?

By Olawale Ogunbusola

One of the defining economic decisions of the administration of President Bola Ahmed Tinubu since assuming office on May 29, 2023, has been the removal of fuel subsidy. The declaration that “subsidy is gone” marked a turning point in Nigeria’s economic policy. While the decision triggered hardship for many Nigerians due to rising fuel prices and inflation, the Federal Government has maintained that the policy has created more fiscal space for development initiatives, including increased allocations to state governments and the implementation of the Student Loan Scheme.

Beyond the debates over subsidy removal, the administration has continued to introduce programmes aimed at cushioning the effects of economic reforms. One of such interventions is the nationwide business grant empowerment programme spearheaded by the First Lady, Senator Oluremi Tinubu, to support women and youths engaged in small-scale businesses.

Recently, however, the programme became a subject of controversy after comments credited to the First Lady about starting businesses with as little as ₦50,000 circulated on social media. Many Nigerians interpreted the statement as insensitive and disconnected from the harsh economic realities facing citizens. Others accused her of ridiculing struggling entrepreneurs.

But did Senator Remi Tinubu truly mock small-scale business owners? Or was her statement taken out of context?
There is no doubt that the First Lady has demonstrated commitment to empowering women and young entrepreneurs across the country. Through the Renewed Hope Initiative, grants have been distributed in several states to encourage entrepreneurship and reduce poverty. Whether one agrees with the amount or not, the intention behind the initiative cannot be ignored.

In Oyo State, for instance, the office of the wife of the governor, Mrs. Tamunominini Makinde, launched a similar business empowerment programme in late 2025. Such initiatives deserve commendation because they recognise the critical role small businesses play in economic growth, job creation and poverty reduction.
Unfortunately, Nigeria’s political environment often allows partisanship to overshadow good intentions.

Many initiatives are either praised or condemned based solely on political affiliation rather than their actual impact. Until Nigerians begin to evaluate public policies objectively, meaningful national development may remain elusive.
Governor Seyi Makinde’s restructuring of major markets and motor parks across Oyo State provides a good example. When the projects commenced, they were criticised in several quarters.

Today, however, the transformed facilities at Iwo Road, Ojoo, Challenge, Bodija and Gate have become thriving commercial hubs where traders with relatively small capital continue to conduct business successfully. What initially attracted criticism has now become a model many communities desire.

The success of small and medium enterprises is not peculiar to Nigeria. Countries such as the United States, Singapore, the United Arab Emirates, Canada, the United Kingdom, Switzerland, Germany, Ghana, Rwanda, Kenya and South Africa have built strong economies by creating enabling environments where SMEs flourish. Government policies, infrastructure, access to finance and responsible citizenship all combine to support entrepreneurial growth.

Against this backdrop, it becomes difficult to conclude that Senator Remi Tinubu intended to ridicule Nigerians. Her remarks appear to have been interpreted without sufficient context. She was acknowledging the importance of small businesses, many of which begin with modest capital before expanding into successful enterprises.
Indeed, women remain major drivers of Nigeria’s informal economy. Across the country, countless women engage in petty trading, food processing, tailoring, hairdressing, farming and other micro-enterprises that sustain households and communities. With the right support, such businesses can grow into larger ventures.

My late mother, Madam Rachael, was one of such women. In addition to being a certified knitter, she sold matches, kerosene and lantern wicks during the difficult economic years of the early and mid-1990s. With less than ₦200 as working capital, she complemented the income of my father, a professional photographer. There was no bitterness or complaint only cooperation, sacrifice and determination to secure a better future for the family. Today, all five of us have become professionals because our parents never despised humble beginnings.

History also reminds us that many accomplished Nigerians came from families sustained by small-scale businesses. The late former Oyo State Governor, Abiola Ajimobi, Governor Seyi Makinde, the Registrar of the University of Ibadan, Ganiyu Saliu, former Commissioner for Information, Dr. Wasiu Olatunbosun, and Professor Grace Oloukoi of Lead City University are among those whose family backgrounds reflected the values of enterprise and hard work.

It is therefore unfair to suggest that Senator Remi Tinubu meant that ₦50,000 should be the standard capital required for every business in Nigeria. The reality is that while such an amount may not establish many ventures in today’s economy, it can still serve as seed capital for certain petty businesses capable of generating daily income and encouraging financial discipline.

The more important lesson is that dignity in labour should never be underestimated. Idleness remains one of Nigeria’s greatest socio-economic challenges. When people are empowered to engage in productive ventures, regardless of how small they begin, they contribute to economic growth and reduce dependence on government.

However, entrepreneurship alone cannot solve Nigeria’s economic problems. Governments at all levels must create policies that genuinely support small businesses. Multiple taxation should be reduced. Security should be strengthened. Access to affordable credit should be expanded. Markets and business environments should continue to receive infrastructure upgrades. Grant and empowerment programmes should also be transparent, free from political patronage and targeted at genuine beneficiaries.

Similarly, elected representatives must demonstrate greater commitment to poverty reduction through effective legislation and prudent use of public resources. Mechanisms to prevent financial mismanagement should be strengthened, while investments in education, skills acquisition and talent development should remain priorities.

The media also has a crucial responsibility. Journalists and content creators should resist the temptation to sensationalise statements for online engagement. Accuracy, fairness and context remain fundamental ethical principles of journalism and are essential for promoting informed public discourse.
Ultimately, the conversation should not revolve around whether ₦50,000 is enough to establish every business. Rather, it should focus on how governments can create an economy where even the smallest business has the opportunity to survive, grow and employ others.

Viewed from this perspective, Senator Remi Tinubu’s remarks were not intended to ridicule or demoralise struggling Nigerians. Instead, they underscored the importance of self-reliance, entrepreneurship and the dignity of labour. While many citizens continue to grapple with economic hardship, encouraging enterprise alongside policies that genuinely support small businesses remains one of the sustainable pathways to reducing poverty and building a more resilient Nigerian economy.