By Samaila Emmanuel Bzugu
President Bola Tinubu marked Nigeria’s 64th Independence Day with a promise to reduce food prices and living costs.
In his address, he assured Nigerians that his administration is working to restore peace in the North, allowing farmers displaced by bandits and kidnappers to return to their farms and boost food production ¹. This, he believes, will lead to a decrease in food costs.
Tinubu highlighted his administration’s progress in combating terrorism and banditry, stating that over 300 Boko Haram and bandit commanders have been eliminated in the past year. This achievement, he noted, has already restored peace to hundreds of communities in the North, enabling thousands of people to return home.
The country’s inflation rate has soared to 32.15%, with food inflation reaching 37.52% year-on-year. The National Bureau of Statistics attributes this surge to price hikes in essential items like bread, maize, grains, and oils
Nigeria currently faces one of its worst economic crises, triggered by the government’s removal of petrol subsidies and unification of foreign exchange windows in May 2023. The country’s inflation rate has soared to 32.15%, with food inflation reaching 37.52% year-on-year. The National Bureau of Statistics attributes this surge to price hikes in essential items like bread, maize, grains, and oils.
Despite palliative measures implemented by the administration and state governors, Nigerians continue to struggle with affordability. Tinubu’s promise offers hope, but the situation remains dire, with no immediate respite in sight.
Read Also: Police Teargas Protesters in Abuja as #FearlessInOctober Demo Turns Chaotic
