Nigeria’s economic problems have once again been acknowledged by President Bola Tinubu, who has reassured the populace that his government is “retooling” the banking system to help them.
After taking office as president of Nigeria on May 29, 2023, Tinubu, a former governor of Lagos, declared that the past few years have been “a very challenging time for us in the country.”
On Saturday, the President declared, “We are still retooling and rejigging our financial system to bring prosperity and relief to the people of this country.” The Guzape Lot II Infrastructure Project was officially opened in Abuja.
The project’s completion, according to him, is evidence of what can be accomplished with “diligent planning, collaboration, and shared commitment to excellence.”
The President expressed his appreciation to Nyesom Wike, the Federal Capital Territory’s (FCT) Minister, for fulfilling the Federal Government’s commitment to the FCT’s residents about infrastructure renewal.
“Nyesom Wike, you have shown remarkable leadership during a difficult period for the nation,” Tinubu remarked. “You (Wike) have proven that you have the ability to assemble a team, guide a team, and keep your word. I’m proud of you. Excellent work.
The President further urged the FCT’s stakeholders to settle land conflicts through negotiation rather than the legal system.
“Legal action is not the solution; dialogue is the solution, to all of you present and the Guzape district head or representing the district head,” Tinubu remarked.
“What should reside in us is development that is centered on the people for their economic prosperity and the benefit of all.”
“What is the worth of this land that is obstructed by towering mountains and stones that you are unable to reach, nor can it yield potable water?” asked the President.
It’s not a private matter. In my role as President, I am here. Although I don’t have a plot, I do have the people’s support and the mission to provide a good living environment and quality of life. That ought to be sufficient to allow each of us to enjoy the blessings of endurance, commitment, dedication, and the gifts that God has bestowed upon us.
Among the dignitaries in attendance were the FCT Minister of State, Mariya Mahmoud, and President Femi Gbajabiamila’s chief of staff.
Food and basic commodity prices have skyrocketed in recent weeks as Nigerians grapple with the nation’s ongoing economic crisis, which was brought on by the current government’s dual policy of eliminating gasoline subsidies and consolidating FX windows.
Nigerians were reassured on Sunday by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, that food prices would decline in the upcoming months.
While food inflation is alarmingly high at 40.5% and inflation at 33.65%, respectively, the good news is that inflation is declining month over month. As the dry season harvest progresses and the wet season harvest begins, it is anticipated to slow down.
“That is where the focus should be, and a lot of effort is being put there to increase agricultural output, lower prices, and that will be a major factor in lowering inflation.”
