By Stephen Simon
President Bola Ahmed Tinubu has acknowledged that many Nigerians are still grappling with rising living costs and the economic impact of ongoing reforms introduced by his administration over the past three years.
Tinubu made the remark on Sunday while delivering his acceptance speech after emerging as the presidential flagbearer of the All Progressives Congress All Progressives Congress for the 2027 general elections.
The President said that although his administration has recorded progress in stabilising the economy and implementing key structural reforms, it remains aware of the hardship being experienced by citizens across the country.
Defending key policy decisions such as the removal of fuel subsidies and foreign exchange reforms, Tinubu described the measures as necessary steps aimed at restoring long-term stability to the Nigerian economy.
“Yet, challenges remain. Many Nigerians still struggle with rising costs and economic adjustment. We do not dismiss these concerns; we understand them and govern not in comfort, but in reality, with honesty and action,” he said.
Tinubu noted that the administration has moved away from what he described as “wasteful fuel subsidies, unstable exchange rates, and weak infrastructure,” adding that early signs of improvement were beginning to reflect in key economic indicators.
According to him, the naira is gradually strengthening, foreign reserves are rising, and Nigeria’s economic outlook remains positive despite global inflationary pressures linked to geopolitical tensions, including conflicts in the Middle East and Iran.
He also highlighted improvements in fiscal coordination, revenue generation, and financial management, saying these reforms are part of broader efforts to strengthen macroeconomic stability and rebuild investor confidence.
