President Bola Tinubu has acknowledged the deepening economic hardship facing Nigerians due to rising fuel prices, while urging citizens to remain hopeful, insisting that the country is still in a relatively better position than some others.
The President made the remarks on Friday during an official visit to Bayelsa State, where he commissioned a series of projects.
Addressing concerns over the soaring cost of living, Tinubu admitted that the impact of fuel price increases is being widely felt across the country.
“I hear you from various angles of the economy. The fuel price is biting hard, but look around, let’s just thank God together that you are better off,” he said.
The President compared Nigeria’s situation with that of other African nations, noting that economic challenges are not unique to the country.
He cited developments in Kenya and elsewhere on the continent as examples, stressing that governments across the region are grappling with similar pressures.
“Listen to them in Kenya and other African countries, what they are going through. We will not look back.
”We will continue to find ways to ameliorate the suffering of the vulnerable. This is a government that cares,” Tinubu stated.
He assured Nigerians that his administration is actively exploring measures to ease the burden on citizens.
According to him, discussions are ongoing among key government officials in finance, economic planning, and budgeting to identify practical solutions.
“I am glad the Head of Service is here. Look at the numbers with finance, economic planning, and budgeting, and we will see what we can do to ease the burden,” he added.
The President attributed the current economic strain partly to global developments, noting that Nigeria is affected by broader international dynamics.
He referenced geopolitical tensions, particularly involving the Middle East, which have disrupted global energy markets.
“But that is the development; the burden of it is what we are facing today.
”The challenge of the war we didn’t call for, but the effect of the interrelated world that we share. Both the joy and pain of it are universal,” Tinubu explained.
Since assuming office in May 2023, Tinubu’s administration has rolled out major economic reforms, including the removal of petrol subsidy and the floating of the naira.
While these policies are aimed at long-term economic stability, they have significantly increased living costs for many Nigerians.
In recent months, petrol prices have surged to over N1,200 per litre, intensifying pressure on households and businesses already grappling with inflation and reduced purchasing power.
Analysts said the situation has been further worsened by global tensions involving the United States, Israel, and Iran, which continue to impact oil supply and pricing worldwide.
Despite the challenges, the President maintained that his government remains committed to cushioning the effects on vulnerable Nigerians and steering the economy toward recovery.
