President Bola Tinubu on Sunday admitted that the severity of Nigeria’s economic crisis under his administration had at one point left him so overwhelmed that he almost stopped following media reports entirely.
Speaking during a visit to Katsina State over the weekend, the President acknowledged the intensity of public discontent over rising hardship but insisted that his administration had taken bold and necessary decisions to steer the country toward economic recovery.
“I almost ran away from watching the news or reading the newspapers,” Tinubu confessed.
“I just used courage and stayed put on my decisions, believing that the ability of a leader to take a decision at the right time is the hallmark of leadership.”
The President, maintained that the country had “turned the corner” and was beginning to see the rewards of his administration’s policies.
“We took it, we stayed with it, and it will be rewarding. It is already bearing fruits,” he added, without offering concrete evidence.
According to the Central Bank of Nigeria’s Q4 2024 economic report, inflation climbed to 34.80% — a sharp rise from the previous quarter’s 32.70%.
The report attributed the surge to higher energy prices, insecurity, and worsening infrastructure, among other factors.
“Inflation remained elevated… driven by higher energy costs and exchange rate pass-through. Other contributing factors included hoarding, insecurity, and infrastructural challenges,” the CBN noted.
Food inflation has also continued to spiral. The SBM Intelligence Jollof Index, which tracks the cost of preparing the popular dish across Nigeria, recorded a 19% increase between September 2024 and March 2025, with the average cost rising from ₦21,300 to ₦25,486.
Insecurity in food-producing regions has further compounded the crisis, with violent attacks on farmers in states like Benue, Borno, and Plateau severely disrupting agricultural activities.
A recent report warned that over 52 million people across West and Central Africa could face severe food insecurity by mid-2025, with Nigeria among the hardest-hit. Insecurity, climate shocks, and economic instability were listed as the primary causes.
While Tinubu has called for patience, many Nigerians continue to struggle with daily survival, as skyrocketing costs of living erode incomes and deepen poverty.
Despite his administration’s assurances of an economic rebound, the situation on the ground remains precarious for millions across the country.
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