President Bola Ahmed Tinubu has admitted that many Nigerians are still struggling with rising living costs despite the economic reforms introduced by his administration over the past three years.
Tinubu made the remarks on Sunday during his acceptance speech after emerging as the presidential flagbearer of the All Progressives Congress (APC) for the 2027 elections.
The President acknowledged that while his government has recorded progress in stabilising the economy and implementing key reforms, millions of Nigerians continue to face hardship due to inflation and economic adjustments.
Nigeria’s headline inflation rate rose to 15.69 per cent in April 2026, up from 15.38 per cent in March, according to data earlier reported, reflecting the persistent rise in the cost of living across the country.
Tinubu defended major policy decisions taken by his administration, including the removal of fuel subsidies and foreign exchange reforms, describing them as necessary steps to stabilise Nigeria’s 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.
According to the President, the government moved away from what he described as “wasteful fuel subsidies, unstable exchange rates, and weak infrastructure,” adding that the country is beginning to see improvements in key economic indicators.
He stated that the naira is gradually strengthening, foreign reserves are improving, and Nigeria’s economic outlook remains positive despite global inflationary pressures and geopolitical tensions in the Middle East, including the Iran conflict.
Tinubu also said his administration has improved fiscal coordination, revenue generation, and public financial management in a bid to strengthen macroeconomic stability.
