Nigeria’s President Bola Tinubu assures citizens of forthcoming economic recovery amid ongoing inflation and a cost-of-living crisis. Following significant reforms in 2023, including removing fuel subsidies, the GDP has shown growth. He cites reforms and wage increases as indicators of positive change, yet many Nigerians still face financial hardships, particularly with rising rents.
President Bola Tinubu of Nigeria has assured citizens of a promising path towards economic recovery, despite the ongoing challenges posed by a severe cost-of-living crisis. The country is facing high inflation rates following significant reforms enacted in 2023, including the elimination of a costly fuel subsidy and the decision to allow the naira to float freely against other currencies. The repercussions of these reforms have led to difficult economic conditions for many Nigerians.
In a speech delivered during the signing of the 2024 budget, valued at 55.99 trillion naira (approximately $37 billion), President Tinubu expressed optimism about the nation’s economic trajectory. He stated, “The past year tested our resolve but through the economic discipline and strategic reform, we achieved what many deemed impossible.” The country’s GDP reported an increase of 3.8 percent in the final quarter of 2024, representing the highest growth rate in three years.
President Tinubu highlighted that economic reforms, including an increase in minimum wage and government revenue rising to 21.6 trillion naira in 2024, are signs his policies are beginning to yield positive results. He asserted, “After the initial turbulence… the take-off was very cloudy and uncertain. Today, we see a light at the end of the tunnel.” Analysts have responded with cautious optimism regarding these developments, noting early signs of price stabilization.
As he nears the midpoint of his initial term, President Tinubu emphasized priorities such as macroeconomic stability and security in the 2025 government spending plan. This comes against a backdrop of a persistent 15-year insurgency in Nigeria’s central and northern regions, where armed groups are linked to Boko Haram and ISWAP. The government is hopeful that improved economic performance in 2025 will stem from increased domestic refinery output and a robust agricultural harvest.
Recent adjustments to Nigeria’s inflation calculation have resulted in a revised year-on-year rate of 24.48 percent for January, a decrease from 34.80 percent in December. Nevertheless, many Nigerians, particularly in Lagos, continue to grapple with skyrocketing living costs. Reports indicate that rents have surged by up to 200 percent in some areas, imposing significant financial strain on tenants, particularly as wages have stagnated amid rising inflation.
In summary, President Tinubu remains optimistic about Nigeria’s economic recovery, emphasizing the importance of recent reforms and budgetary priorities. Despite ongoing inflation and a cost-of-living crisis, there are signs of GDP growth and emerging stability. Challenges remain for many citizens, particularly with soaring rental costs and stagnant wages, but the government aims for significant improvements in the coming years.
Original Source: newscentral.africa
