Tinubu to Nigerians: Have faith…we’ll tame inflation like exchange rate

President Bola Tinubu has assured Nigerians of his commitment to steer the country out of its economic woes.

Tinubu spoke on Wednesday night when he hosted members of the All Progressives Congress (APC) presidential campaign council and the independent campaign council to Iftar at the State House in Abuja.

Ajuri Ngelale, presidential spokesperson, in a statement on Thursday, quoted the president as saying that his economic reforms, which seemed stiff in the beginning, have begun to pay off.

“The economy is looking much better. Yes, we have challenges of inflation, but we will bring it down,” Tinubu said.

“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.”

In July 2023, two months into his administration, the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 24.08 percent.

An analysis by TheCable Index, TheCable’s data arm, showed that the figure was the highest in more than 10 years.

In January, the numbers soared to 29.9 percent.

But while food prices continue to go up, the naira has recorded some victories in the foreign exchange (FX) market.

Last week, the naira appreciated to N1,280 per dollar at the parallel section of the FX market. On Monday, it appreciated to N1,250 per dollar.

Tinubu urged citizens to continue to have faith in Nigeria by supporting his administration to succeed.

“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,” he said.

“Pray for Nigeria, think Nigeria. This is not playtime. 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.”