President Bola Tinubu has assured Nigerians that his administration will tackle the high inflation rates with the same determination used to address the foreign exchange crisis in the country.
The president made this disclosure in a statement when he hosted the Presidential Campaign Council and the Independent Campaign Council to Iftar at the State House in Abuja.
According to him, there already has been a noticeable improvement in the economy’s condition since he took office a year ago.
He said that his administration is transforming the economy, noting that the government’s revenue generation has increased since he assumed office.
“The economy is looking much better. Yes, we have challenges of inflation, but we will bring it down. When the exchange rate was going haywire, it looked like we were asleep, but we worked on it diligently, and it is going down; it is getting better.
“Borrowing was higher a year ago, but today, we are reengineering the financial landscape, and our revenue is expanding. And we are taking up our sovereignty and earning our respect back in the comity of nations,” President Tinubu said.
Speaking further, the President encouraged citizens to support his administration for everyone’s benefit, noting that the progress seen in Europe and America resulted from persistent hard work over time.
“Europe and America did not get to where they are today in one day, but through persistence and hard work, which takes time and consistent focus.
“Pray for Nigeria, think Nigeria. This is not play time. Let us believe in ourselves. We must ask questions. What is happening to our solid minerals? No rival wants you to be bigger than them. We must be dogged. We have to sort out our problem ourselves,” he added.
Infact, as at February 2024, the National Bureau of Statistics (NBS) reported an inflation rate of 31.7%, underlining the persistent economic challenges facing the nation.
To combat these inflationary pressures, the federal government has implemented several strategies.
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These include tightening monetary policy with the CBN raising MPR to 24.75% to curb excess liquidity in the system.
The government also provided subsidies for essential goods to alleviate cost-of-living increases for the population.
Additionally, the government is investing in infrastructure to enhance productivity and reduce the economy’s import dependency. This is intended to stabilize the national currency and foster economic growth by promoting local industries.