Politics
Hardship: I stopped watching television, reading newspapers – Tinubu
Nigerian president, Bola Tinubu, has revealed that he “almost ran away from watching the news or reading the newspapers” as a result of the biting hardship his administration imposed on the country.
Tinubu stated that in spite of the economic hardship inflicted on Nigerians, the country has turned the corner and is on the path to recovery.
He said this during a visit to Katsina State over the weekend, Tinubu noted that when he took office, the economy was a big challenge , but he remained resolute in his decisions, adding that it is the hallmark of leadership.
“I almost ran away from watching the news or reading the newspapers,” Tinubu said. “I just used courage and stayed put on my decisions, believing that the ability of a leader to take a decision at the right time is the hallmark of leadership.”
The President noted that he was confident that the decisions taken by his administration will yield positive results, saying, “We took it, we stayed with it, and it will be rewarding. It is already bearing fruits.”
Tinubu’s statement suggests that his administration is committed to economic reforms and is hopeful that these efforts will lead to improved economic outcomes for Nigerians.
However, despite the president’s claim of economic recovery, the contrary seems to be the case.
A report released by the Central Bank of Nigeria (CBN) on March 31, had confirmed the inflation crisis under President Tinubu, while placing the blame on insecurity and infrastructural deficits.
The report, which is part of Nigeria’s periodic economic update from the apex bank, was released in the Q4 2024 economic report.
“Inflation remained elevated in Q4 2024, as both food and non-food components of the CPI basket increased,” the report noted.
“Headline inflation rose to 34.80% year-on-year, up from 32.70% in the preceding quarter, driven by higher energy costs and exchange rate pass-through. Other contributing factors included hoarding, insecurity, and infrastructural challenges,” the report stated
The report further spotlighted : “Inflation remained broadly distributed across the components of the CPI basket during the review period, with analytical evidence indicating an increase in its pervasiveness. Specifically, 74.62% of items in the CPI basket exceeded the historical average of 14.60% (2010-2023), compared to 70.14% in the preceding quarter.”