By: Manoah Kikekon
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| President Bola Tinubu and Food items |
President Bola Tinubu has hailed his administration’s economic reforms, claiming significant progress as food prices decline and inflation slows.
In a nationwide broadcast marking his second year in office, Tinubu acknowledged the initial hardships caused by his policies but insisted they are now yielding results.
"Despite early challenges, we have made undeniable progress. Inflation is easing, and prices of essential foods like rice, beans, and garri are dropping," he declared.
Tinubu pointed to his government’s fiscal policies including fuel subsidy removal and exchange rate adjustments as necessary steps to stabilize Nigeria’s economy.
"Our reforms are working. We are building a resilient economy ready for growth and global shocks," he said.
However, critics highlight that Nigerians still face severe economic strain. Since Tinubu took office: Fuel prices surged from ₦145 to over ₦1,000 (now around ₦900). Naira plummeted from ₦700/$1 to over ₦1,600/$1. Food inflation remains at 24%, with millions struggling to afford meals.
Despite Tinubu’s optimism, international agencies report worsening conditions: Nigeria leads globally in extreme poverty (World Bank, 2025). 31.8 million Nigerians face acute food insecurity (Global Network Against Food Crises). IMF warns poverty and hunger remain critical issues.
The president urged patience, stating his policies aim for long-term stability. "We are laying the foundation for a stronger economy one that attracts investment, ensures fair prices, and leaves no one behind," he said.
Yet, with living costs still high and millions in hardship, many Nigerians remain skeptical. Will these reforms truly bring relief, or is the worst yet to come?