President Bola Ahmed Tinubu has confessed that the mounting economic crisis under his administration nearly pushed him to avoid media entirely, stating he “almost ran away from watching the news or reading the newspapers” due to the hardship engulfing the nation.
Speaking over the weekend during a visit to Katsina State, Tinubu acknowledged the devastating impact of his economic policies on everyday Nigerians but insisted that the country had “turned the corner” and was now “on the path to recovery.”
“When I assumed office, the economy was in dire straits,” the president remarked. “But I chose to stand firm. I just used courage and stayed put on my decisions, believing that the ability of a leader to take the right decision at the right time is the hallmark of leadership.”
Despite the president’s optimism, many Nigerians have found little to celebrate. Data from the Central Bank of Nigeria (CBN) paints a starkly different picture. In its Q4 2024 Economic Report released on March 31, the apex bank confirmed that inflation remains alarmingly high — surging to 34.80% year-on-year from 32.70% in the previous quarter.
The report attributes this spike to multiple factors, including rising energy costs, exchange rate instability, insecurity, hoarding, and widespread infrastructural decay. It further revealed that inflation had spread deeply across the economy, with 74.62% of items in the Consumer Price Index (CPI) basket exceeding the historical average — a rise from 70.14% the previous quarter.
While the CBN projects a potential easing of inflation pressures beginning in 2025, current conditions remain dire. A separate report by the National Bureau of Statistics (NBS) showed that food inflation stood at a staggering 26.08% in January 2025, worsening the burden on millions of households.
Even more troubling is the growing food insecurity crisis. According to an April 22 report by SaharaReporters, over 40 million people across West and Central Africa — including Nigeria — are currently struggling to feed themselves, a figure projected to climb to 52.7 million by mid-2025. Of that number, 3.4 million are expected to face emergency levels of hunger.
SBM Intelligence, in its recent food security analysis, highlighted Nigeria’s precarious position. Northern regions plagued by insecurity — including Benue, Borno, and Plateau States — have seen widespread malnutrition, especially among women and children. Insecurity has forced farmers off their lands, crippling local food production and supply chains.
One of the starkest symbols of the economic squeeze is reflected in the SBM Jollof Index, which tracks the cost of preparing jollof rice — a staple meal in Nigeria. Between September 2024 and March 2025, the national average cost jumped by 19%, from ₦21,300 to ₦25,486. The report attributes this spike to a toxic cocktail of surging fuel prices, insecurity, transportation breakdowns, and climate-related disruptions.
While President Tinubu remains defiant and assures that his administration’s tough decisions will eventually yield results, critics argue that the human cost of these reforms is escalating beyond control.
For many Nigerians, Tinubu’s remarks offer little solace. As food prices soar, inflation deepens, and insecurity tightens its grip, the president’s hope may be too little — and far too late — for a nation already buckling under the weight of economic despair.
PIONEER NEWS 