Tinubu to Nigerians: Don’t exploit current economic situation for abnormal profit

President Bola Tinubu has urged Nigerians not to exploit the country’s current economic situation for abnormal profit.

The president spoke in an interview with The Nation on Sunday.

Prices of commodities and the cost of living have risen steadily since Tinubu announced the removal of petrol subsidy in May.

On Friday, the National Bureau of Statistics (NBS) pegged the country’s inflation rate at 28.2 percent — Nigeria’s highest since August 2005.

Speaking on the economic situation, Tinubu acknowledged the “severe impact” of the “crisis” on Nigerians.

He called on the citizens not to take advantage of the situation to accrue unfair gains.

“As your president, I am deeply aware of the economic crisis’s severe impact on Nigerians, and we are part of a global challenge with the rising costs of living. To help our people, my administration is taking proactive steps,” the president said.

“Moreover, we urge all Nigerians to be mindful of the current economic situation and avoid exploiting it for abnormal profits.”

In October, the federal government launched conditional cash transfers to 15 million households to alleviate the effect of the economic crunch.

The policy sparked debate on social media, with many criticising it.

Defending the scheme, Tinubu said he believes in the “efficacy” of the cash transfer initiatives, adding that it will assist “the most vulnerable segments of our population”.

“I am steadfast in my belief in the efficacy of our cash transfer initiatives. These initiatives are a crucial part of our strategy to target and provide relief to the most vulnerable segments of our population, especially during the last three months of the year when the prices of basic items typically rise,” he said.

“This is not just about providing temporary support; it’s about strategically delivering assistance when it’s needed most. We continue to work closely with all key stakeholders – including state governments, civil society groups, international partners, and private sector entities like telcos and fintechs – to refine these programmes.”