President Bola Tinubu reaffirmed his commitment to address Nigeria's economic challenges during an Iftar event at the State House, where he hosted the leadership of the All Progressives Congress (APC) Presidential Campaign Council. Despite acknowledging the absence of a "magic wand," Tinubu assured citizens that his administration would work tirelessly to overcome the nation's economic hurdles.
Since the Tinubu administration terminated the petrol subsidy regime and unified the exchange rate in 2023, Nigeria has witnessed a steady rise in inflation rates. According to the National Bureau of Statistics (NBS), inflation soared to 31.7 percent in February 2024, marking a significant increase from the previous month's 29.9 percent.
Addressing the attendees, Tinubu emphasized the importance of hard work and perseverance in achieving economic stability. He reminded the audience of the promises made during the campaign, stressing the need for a collective effort to deliver positive results for Nigerians.
While acknowledging the prevailing challenges, Tinubu expressed optimism about the country's economic outlook. He assured Nigerians that efforts were underway to mitigate inflation and enhance revenue generation.
Tinubu's remarks underscored the administration's commitment to self-reliance and sovereignty. He emphasized the importance of domestic solutions to Nigeria's economic woes, rejecting the notion of relying on external assistance.
