Leadnaija
A 2024 video of President Bola Tinubu promising to reduce Nigeria’s inflation rate and economic challenges has re-emerged, a year after he gave the assurance....Don’t Miss Out! CLICK HERE TO KEEP READING..>>
Tinubu, in the video that went viral at the time, was addressing the All Progressives Congress (APC) Presidential Campaign Council at Ramadan Iftar at the State House in Abuja. At the time, the President said his government was working to reverse the skyrocketing inflation rate.
A report by the National Bureau of Statistics (NBS) noted that the country’s inflation rose to 31.70 percent in February 2024, up from 29.90 percent in the previous month.
This was a result of the removal of fuel subsidies and unification of the exchange rate upon resumption of office in May 2023. Nigeria’s inflation rate has steadily increased, causing economic hardship for the people.
“It is the hard job that you promised the people of Nigeria when you were campaigning for me. You promised them a good result, didn’t you? That’s it, I have to work for it – no magic wand.
“I campaigned on hope, I have to rest on that hope, and push for that hope for the joy of every one of us. The economy is looking good, don’t worry about that.
“Don’t worry about that. Yes, we know we have the challenge of inflation – it’s okay, we will bring it down. We are reengineering our revenue, it is getting better, and we are taking our sovereignty and respect back around the world – not that we have to go there and hire them to do the job for us, we are doing it ourselves.
“Whatever is happening to us, we have to solve it by ourselves. It is your effort, your thinking, your resourcefulness, your investment, your dedication, and hard work that can only get us there,” Tinubu said.
The President has seemingly fulfilled his promise as the latest report by the National Bureau of Statistics (NBS) indicates that inflation has dropped to 24.48% year on year in January 2025.
According to Statistician-General of the Federation, Adeyemi Adeniran, this is a sharp decline from the 34.80% headline inflation recorded in December 2024.
He said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48% year on year in January.
Adeniran, who was speaking during a briefing in Abuja, explained that urban inflation stood at 26.09 percent while rural inflation came to 22.15%.
