Tinubu: My Government is Performing – Prices Are Dropping

[justseyi]

“Today, I proudly affirm that our economic reforms are working. We have stabilised our economy and are now better positioned for growth,” President Bola Ahmed Tinubu declared on Thursday, marking his second year in office.

In a nationwide broadcast, President Tinubu asserted that his administration is making “undeniable progress” despite the significant rise in the cost of living. He pointed to a reduction in inflation and falling prices of key staple foods as signs of recovery.

“Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining,” he said.

Acknowledging the hardship brought on by some of his administration’s bold and rapid policy changes, Mr. Tinubu admitted that Nigerians have faced an unprecedented cost-of-living crisis. Still, he remained firm in his belief that the sacrifices are part of a larger plan.

“These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian. Together, we are creating a system where prosperity is shared, and no one is left behind,” he explained.

Mr. Tinubu praised Nigerians for their resilience through what he described as a challenging transition period, caused by policies that many critics have labelled as “haphazard.”

Among the major reforms introduced since he assumed office in 2023 are the removal of fuel subsidy and the unification of the exchange rate. These moves triggered sharp spikes in prices: fuel rose from ₦145 to over ₦1,000 per litre before settling around ₦900, and the naira depreciated drastically from ₦700/$1 to over ₦1,600/$1.

The ripple effects have been widespread. Food, transport, and other essential living expenses soared, contributing to the highest inflation rate in recent history—24 percent as of 2025.

These developments have placed Nigeria under scrutiny in several global reports. The 2025 Global Report on Food Crises, compiled by the Global Network Against Food Crises in collaboration with the Food Security Information Network and UNICEF, revealed that:

“In West Africa and the Sahel, in Nigeria, an additional 6.9 million people faced high levels of acute food insecurity, bringing the total to 31.8 million.”

Similarly, the International Monetary Fund (IMF) noted that poverty and food insecurity remain high under Mr. Tinubu’s leadership. The World Bank’s April 2025 Africa Pulse report echoed this, stating that Nigeria currently has the highest number of people living in extreme poverty on the continent.

Still, President Tinubu insists that his administration is building a long-term foundation through a new national fiscal policy aimed at sustainability and resilience.

“We have stabilised our economy and are now better positioned for growth and prepared to withstand global shocks,” he affirmed.

[Shekinah Brama]

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