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Tinubu vows to reduce inflation as economic hardship bites hard



1701574181 Bola Tinubu

President Bola Tinubu has stated that, while he does not have a magic wand, his administration will address the economic difficulties that the citizens face.

He also stated that by signing the Student Loans Re-enactment Bill into law, he has paved the way for lifting Nigerian children out of poverty.

The President addressed Wednesday night at the Old Banquet Hall of the Presidential Villa in Abuja, where he met members of the All Progressives Congress (APC), Presidential Campaign Council (PCC), and Independent Campaign Council for Iftar.

This comes as the Chairman of the House of Representatives Committee on Student Loans, Gboyega Isiaka, assures Nigerians of the current administration’s commitment to providing adequate funding for the Student Loan Scheme for the benefit of students.

The country’s inflation rate has steadily risen since the Tinubu administration eliminated the petrol subsidy scheme and harmonized the currency rate in 2023.

In its most recent report, the National Bureau of Statistics (NBS) stated that inflation increased to 31.7 percent in February 2024, up from 29.9 percent the previous month.

Tinubu, who also highlighted that the country’s revenue generation capacity was improving, said, “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 is 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. We know we have the challenge of inflation; it is okay; we will bring it down. We are reengineering; our revenue is getting better.”

Tinubu stated that Nigeria was regaining its respect and sovereignty around the world, saying, “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 your hard work that can only get us there.”