Joshua Bouska
On January 10, 2025, Nicolás Maduro was sworn in for a third six-year term as President of Venezuela, a ceremony fraught with controversy and international condemnation. The inauguration took place within the heavily guarded National Assembly in Caracas, underscoring the tense political climate surrounding his disputed re-election.
The swearing-in ceremony was conducted amidst tight security, with police, military, and intelligence officers surrounding the legislative palace. Maduro took the oath of office, invoking historical figures such as Simón Bolívar and Hugo Chávez, and declared his commitment to Venezuela’s sovereignty. In his speech, he accused external powers of attacking Venezuela and promised to guarantee peace and national sovereignty.
Contested Election Results
Maduro’s inauguration followed an election widely viewed as illegitimate. Opposition leaders and international observers have alleged significant electoral fraud, asserting that opposition candidate Edmundo González was the true victor. González, currently in exile, has vowed to return and assume the presidency, further intensifying the nation’s political crisis.
One of the key issues was the lack of a fair playing field. Opposition leaders accused the Maduro regime of weaponising state institutions to suppress dissent. Several prominent opposition candidates, including María Corina Machado, were either barred from running or detained under dubious charges. Machado, for instance, had her candidacy invalidated on allegations of inciting unrest, effectively sidelining one of Maduro’s strongest challengers.
The election was also marred by reports of voter suppression, especially in regions known to favour the opposition. These areas experienced polling station closures, voter roll purges, and disruptions on election day, making it difficult for citizens to cast their ballots freely. In addition, government employees and citizens reliant on state benefits faced coercion, with threats of losing their jobs or access to essential services if they voted against the ruling party.
Further allegations of fraud came from inconsistencies in the vote count. Independent observers reported irregularities in how votes were tallied, with inflated numbers favouring Maduro in certain regions. Access to independent election monitors was heavily restricted, and the process lacked the transparency needed to ensure public trust.
The National Electoral Council (CNE), which oversees elections in Venezuela, was widely criticised for its bias. The CNE is dominated by Maduro loyalists, and its actions throughout the electoral process fuelled accusations of complicity in enabling electoral fraud. This perception was further reinforced by the absence of credible international observers, as key monitoring organisations, including the European Union, were either not invited or declined to participate due to concerns about the election’s integrity.
The aftermath of the election saw widespread protests across the country. Citizens took to the streets to denounce what they perceived as a stolen election, and opposition leaders called for an independent investigation into the alleged irregularities. Internationally, many countries, including the United States and several in the European Union and Latin America, refused to recognise the results. Instead, they reiterated their support for opposition leader Edmundo González, who they believe was the rightful winner.
The election’s flawed nature highlights the continued erosion of democratic norms in Venezuela under Maduro’s rule. By leveraging state power to suppress opposition and manipulate the electoral process, his administration further alienated a population already suffering under economic and humanitarian crises. This has left Venezuela at a political impasse, with Maduro clinging to power amidst growing calls for democratic reform and international intervention.
On January 6, 2025, González met with U.S. President Joe Biden at the White House. During this meeting, President Biden expressed support for a peaceful transition to democratic governance in Venezuela, emphasising the importance of honouring the will of the Venezuelan people as expressed in the electoral process. Both leaders condemned the Maduro administration’s repression of peaceful protesters and civil society. President Biden reiterated his commitment to Venezuela’s democratic aspirations and underscored the United States’ support for González’s efforts. In addition to his meeting with President Biden, González held discussions with Mike Waltz, the security advisor to President-elect Donald Trump. These conversations aimed to ensure bipartisan U.S. support for a democratic transition in Venezuela. González’s outreach to both current and incoming U.S. administrations highlights his strategy to secure
consistent international backing amid Venezuela’s political crisis. However, incumbent President Nicolás Maduro, supported by nations such as Russia, China, and Iran, disputes these claims and has labeled González’s actions as attempts to undermine Venezuelan sovereignty. The Maduro administration has issued arrest warrants against González, who remains in exile due to the threat of detention upon his return to Venezuela.
The international community’s reaction has been predominantly critical. The United States notably increased its reward for information leading to Maduro’s arrest to $25 million, signalling a hardening stance against his regime. Western nations have largely refused to recognise Maduro’s presidency, with many imposing additional sanctions on Venezuelan officials.
Within Venezuela, the opposition has denounced Maduro’s inauguration as a “coup,” leading to widespread protests and civil unrest. Prominent opposition figures, including María Corina Machado, have been active in mobilising supporters, calling for a return to democracy and the establishment of a transitional government. The government’s response has been marked by increased repression, with reports of detentions and human rights abuses.
Economic Fallout
Maduro’s continued presidency occurs against a backdrop of severe economic decline and humanitarian crisis in Venezuela. Hyperinflation, shortages of basic necessities, and a collapsing healthcare system have led to widespread suffering among the population. The political instability exacerbates these challenges, hindering efforts for economic recovery and international aid.
Venezuela’s ongoing economic crisis has been a defining feature of Nicolás Maduro’s tenure and is central to the country’s political turmoil. Once one of Latin America’s wealthiest nations, Venezuela has endured a dramatic economic collapse over the last decade, characterised by hyperinflation, widespread poverty, and the near-total breakdown of public services. The disputed elections and Maduro’s contested swearing-in for a third term only exacerbate this crisis, further dimming prospects for recovery.
Since 2014, Venezuela has experienced one of the worst cases of hyperinflation in history, with annual inflation rates peaking at over 1,000,000% in 2018. Although government interventions have somewhat stabilized inflation in recent years, it remains exceedingly high, eroding purchasing power and forcing millions into poverty. The Venezuelan bolívar, once a stable currency, has lost virtually all value, and U.S. dollars are now widely used for transactions in major cities, reflecting the public’s loss of confidence in the local currency.
Venezuela’s economy is heavily reliant on oil exports, which account for nearly 90% of government revenue. However, years of mismanagement, corruption, and underinvestment in the state-run oil company, Petróleos de Venezuela, S.A. (PDVSA), have led to a sharp decline in production. From producing over 3 million barrels per day in the early 2000s, output has fallen to less than 700,000 barrels per day in 2025. Compounding the issue are U.S.-led sanctions targeting Venezuela’s oil sector, further restricting its access to global markets and revenues.
The economic collapse has had devastating social consequences. Over 90% of Venezuelans now live in poverty, with more than 75% experiencing extreme poverty, according to independent estimates. Unemployment remains rampant, with many citizens turning to informal economies or emigrating in search of work. Venezuela’s minimum wage, which once provided a decent standard of living, is now insufficient to cover basic necessities like food and medicine.
The economic and humanitarian crises have triggered one of the largest migration exoduses in modern history. Over 7 million Venezuelans have fled the country since 2015, seeking refuge in neighbouring nations like Colombia, Peru, and Brazil. This mass migration has placed immense strain on regional economies and created tensions between Venezuela and its neighbours.
The current political and economic situation further complicates any recovery. Maduro’s contested presidency discourages foreign investment and international aid, while the absence of credible political reform limits access to global financial institutions such as the International Monetary Fund (IMF). Opposition leader Edmundo González has promised to implement reforms to stabilise the economy, including restructuring PDVSA and seeking international support. However, his ability to enact such measures depends on resolving the political stalemate.
Nicolás Maduro’s third-term inauguration has deepened Venezuela’s political divide, drawing sharp international rebuke and igniting domestic opposition. The legitimacy of his presidency remains contested, with significant implications for the nation’s future governance and stability. As the situation unfolds, the resilience of Venezuelan civil society and the international community’s response will play crucial roles in shaping the country’s path forward.