President Bola Tinubu reassured Nigerians not to lose hope in his administration, despite the rising inflation affecting the country’s economy.
He mentioned that he and his team are actively working to reduce inflation, similar to how he successfully stabilized the naira when it faced a significant drop against the dollar.
Mr. Tinubu provided this assurance during a gathering at the State House in Abuja, where he hosted members of his political party, the All Progressives Congress (APC), specifically those involved in the Presidential Campaign Council (PCC) and Independent Campaign Council (ICC), for Iftar on Wednesday evening.
The Nigerian leader pointed out that the economy is showing signs of improvement compared to a year ago, when borrowing levels were higher.
This statement can be seen as a subtle criticism of his predecessor, Muhammadu Buhari, who was known for accumulating substantial debts from foreign countries during his eight-year tenure.
“The economy is looking much better,” Mr Tinubu said Wednesday evening. “Yes, we have challenges of inflation, but we will bring it down. When the exchange rate was going haywire, it looked like we were asleep, but we worked on it diligently, and it is going down; it is getting better.”
The president emphasized his dedication to restoring Nigeria’s lost dignity among other countries.
“Borrowing was higher a year ago, but today, we are reengineering the financial landscape, and our revenue is expanding. And we are taking up our sovereignty and earning our respect back in the comity of nations,” Mr Tinubu added in the statement released by his media aide, Ajuri Ngelale.
The value of the naira has improved, now trading at N1250 against the dollar, compared to N1825 in February.
However, despite this improvement, the prices of goods and services have not decreased, impacting the purchasing power of citizens.
In March, the inflation rate hit a record high of 31%, up from 29.9% in February.
In May 2023, Mr. Tinubu eliminated the fuel subsidy, causing inflation and economic distress as fuel prices surged from N145 to N617.
