Tinubu Admits Economic Hardship Nearly Drove Him From News, Claims Recovery Amidst Inflation Surge

By OBSERVERS TIMES
President Bola Tinubu acknowledged the severity of Nigeria’s economic hardship, stating he “almost ran away from watching the news or reading the newspapers.” However, he asserted that the nation has “turned the corner” and is on a path to recovery, despite conflicting economic indicators.
Speaking in Katsina State, Tinubu attributed the initial challenges to the state of the economy upon his assumption of office, emphasizing his “courage” and “resolute” decision-making. “We took it, we stayed with it, and it will be rewarding. It is already bearing fruits,” he claimed.
This assertion of recovery contrasts sharply with recent economic reports. A Central Bank of Nigeria (CBN) report released on March 31, 2025, highlighted the escalating inflation crisis, attributing it to insecurity and infrastructural deficits.
“Inflation remained elevated in Q4 2024, as both food and non-food components of the CPI basket increased,” the CBN report stated. “Headline inflation rose to 34.80% year-on-year, driven by higher energy costs, exchange rate pass-through, hoarding, insecurity, and infrastructural challenges.”
The CBN report indicated that inflation is expected to moderate in 2025. This follows previous reports from the National Bureau of Statistics (NBS), which showed headline inflation at 24.48% in January 2025, with food inflation at 26.08%.
Further compounding the issue, a report by SBM Intelligence reveals a precarious food security situation in West and Central Africa, with projections of 52.7 million people facing hunger by mid-2025. In Nigeria, malnutrition and insecurity are particularly acute, disrupting agricultural activities and limiting food supply.
The SBM Jollof Index, tracking the cost of preparing jollof rice, a staple dish, shows a 19% increase from ₦21,300 in September 2024 to ₦25,486 in March 2025. This surge reflects broader systemic challenges, including fuel price hikes and supply chain disruptions.
While Tinubu expresses optimism, the economic data paints a picture of ongoing hardship, raising questions about the pace and reality of the claimed recovery.