President Bola Tinubu has provided reassurance to Nigerians regarding the concerning rise in inflation.
He has pledged that his administration will implement effective measures to alleviate the situation.
Tinubu reiterated this commitment during the hosting of the leadership of the All Progressives Congress (APC) Presidential Campaign Council to the 2024 Ramadan Iftar at the State House in Abuja.
Despite his assurance, Tinubu acknowledged that there is no magic solution to instantly transform the economy.
Speaking on the worsening economy, Tinubu said, “It is the hard job that you promised the people of Nigeria when you were campaigning for me, you promised them a good result. Didn’t you? That is it! I have to work for it. No magic wand.
“I campaigned on hope, I have to rest on that hope, and push for that hope for the joy of every one of us.
“The economy is looking good. Don’t worry about that… we know we have the challenge of inflation, it is okay, we will bring it down. We are reengineering, our revenue is getting better.
“Not that we have to go there and hire them to do the job for us, we are doing it ourselves. Whatever is happening to us, we have to solve it by ourselves. It is your effort, your thinking, your resourcefulness, your investment, your dedication and hard work that can only get us there.”
Since the Tinubu administration removed the petrol subsidy and unified the exchange rate in 2023, Nigeria has been grappling with severe economic challenges.
The most recent report from the National Bureau of Statistics (NBS) in 2024 revealed a significant surge in inflation, climbing from 29.9 percent in January to 31.7 percent in February.
Under Tinubu’s leadership, Nigerians have also had to endure rising food costs, the depreciation of the naira, and the recent announcement of increased electricity tariffs for Band A customers.
The recent tariff hike by the Nigerian Electricity Regulatory Commission (NERC) is expected to impact a substantial number of electricity consumers, estimated at 1,974,385.
For instance, an average Band ‘A’ consumer, who previously spent N60,000 monthly on electricity for their appliances, will now face an estimated bill of around N204,000, which is an increase of 240.9%.
