By Ify Okoli
President Bola Tinubu has openly admitted that millions of
Nigerians are still battling severe economic hardship, even as his
administration insists the country’s economy is gradually finding stability
after years of crisis.
Speaking on Sunday shortly after emerging as the
presidential candidate of the All Progressives Congress for the 2027 election,
Tinubu said his government understands the pain many families continue to face
over rising prices, expensive food, transport costs and difficult living
conditions.
The President acknowledged that life has become tougher for
many households despite the reforms introduced since he assumed office in 2023.
According to him, the government is not blind to public frustration and remains
fully aware of the sacrifices Nigerians are making daily.
Tinubu defended some of the toughest decisions taken by his
administration, especially the removal of fuel subsidies and major changes in
the foreign exchange market. He described both moves as painful but necessary
steps needed to rescue the economy from long-term instability.
“We understand the hardship people are facing,” the
President said during his speech. “We are governing with honesty and reality,
not pretending that the challenges do not exist.”
His remarks come at a time when inflation continues to
squeeze household incomes across the country. Recent figures show that
Nigeria’s headline inflation rose to 15.69 per cent in April 2026, slightly
higher than the 15.38 per cent recorded in March.
Food prices have remained one of the biggest worries for
ordinary Nigerians. Data released by the National Bureau of Statistics showed
that food inflation climbed to 16.06 per cent in April, rising above the country’s
general inflation rate for the first time in eight months.
Across many homes, the cost of rice, bread, cooking oil,
vegetables and transport has continued to stretch family budgets, forcing many
people to cut down spending and adjust their lifestyles.
Still, Tinubu insisted there are signs that the economy is
beginning to recover.
According to him, the naira has shown improvement, the
country’s foreign reserves are increasing and government finances are becoming
more organised. He also linked some of the economic pressures facing Nigeria to
global tensions, particularly the crisis in the Middle East and the ongoing
conflict involving Iran.
The President said his administration has focused heavily on
fixing what he called years of weak economic structures, poor financial
management and unstable policies.
Beyond the economy, Tinubu used the speech to highlight
projects his government believes are changing key sectors of the country.
In the power sector, he disclosed that about 2.5 million
electricity meters have been distributed under the Presidential Metering
Initiative to help reduce estimated billing and close the country’s metering
gap.
He also announced that the Federal Government created a N4
trillion bond programme to settle long-standing debts owed to electricity
generation companies and gas suppliers.
According to him, Nigeria’s electricity generation has at
some points reached 6,000 megawatts under his administration — a figure he
described as nearly 50 per cent higher than what his government inherited in
2023.
Tinubu said the broader goal is to build a power sector
capable of attracting investors while supplying steady electricity to homes,
businesses and industries.
The President further listed roads, rail, housing,
irrigation, ports, airports and digital infrastructure among areas receiving
heavy government attention.
He specifically mentioned the coastal superhighway project
and the Sokoto-Badagry road as major projects expected to improve movement,
trade and long-term economic growth across the country.
On security, Tinubu admitted that violence and insecurity
still remain serious concerns in several parts of Nigeria.
He said his administration has increased support for the
military and the police through intelligence gathering, surveillance technology
and modern security equipment.
The President also urged the National Assembly to support
constitutional changes that would allow state police, describing it as an
urgent national necessity.
As he looks ahead to another election campaign, Tinubu said
his government’s work is far from complete. He promised to continue pushing for
economic growth, industrial development, food security, stronger infrastructure
and national unity if re-elected in 2027.
He also appealed to Nigerians to set aside political and
regional differences and work together for the country’s future.
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