By: Chioma Madonna Ndukwu
President Bola Tinubu has declared that Nigeria is making strong economic progress under his leadership, pointing to a drop in the prices of staple foods such as rice, beans, and garri as evidence that his reforms are taking effect.
In a national broadcast on Thursday to mark his second year in office, Mr. Tinubu said, “Despite the challenges in the cost of living, we have made undeniable progress. Inflation is easing, and food prices are beginning to come down.”
The president acknowledged that his administration’s sudden economic policies, particularly the removal of fuel subsidies and unification of exchange rates, triggered hardship for many Nigerians. Still, he insisted the pain was necessary to lay the groundwork for long-term growth and stability.
“Today, I proudly affirm that our economic reforms are working. We have stabilised our economy and are now better positioned for growth and to withstand global shocks,” he said.
According to People’s Gazette, Mr. Tinubu praised Nigerians for enduring the difficulties and said the reforms would eventually build a more just, inclusive economy.
“These reforms are designed to reduce the cost of living, promote economic justice, and create a business environment that benefits every Nigerian. Together, we are building a future where prosperity is shared,” he said.
Since taking office, Tinubu’s policies have seen fuel prices surge from ₦145 to over ₦1000 before settling around ₦900, while the naira has dropped sharply from about ₦700 to over ₦1600 per U.S. dollar. As a result, food, transport, and general living costs have soared across the country.
Inflation stands at 24 percent, and Nigeria experienced the world’s largest rise in acute food insecurity in 2024, with 31.8 million people affected, according to the 2025 Global Report on Food Crises. The report was produced by the Global Network Against Food Crises in collaboration with the Food Security Information Network and UNICEF.
Both the International Monetary Fund and the World Bank have warned that poverty and hunger remain widespread under Mr. Tinubu’s administration.
The World Bank’s Africa Pulse report released in April 2025 ranked Nigeria as the country with the highest number of extremely poor people and predicted that poverty levels could worsen by 2027 if current trends continue.
