Tinubu Admits Nigerians Still Struggle With Rising Costs Despite Three Years of Reforms

President Bola Tinubu has acknowledged that many Nigerians are still grappling with the impact of rising living costs and economic adjustments despite reforms implemented by his administration over the last three years.

Tinubu spoke on Sunday while delivering his acceptance speech after emerging as the All Progressives Congress (APC) presidential flagbearer for the 2027 elections. He said his administration has recorded progress in stabilising the economy and implementing key reforms, but the government remains aware of the hardship many Nigerians continue to face.

What the President is saying

The President defended several economic decisions taken by his administration, including the removal of fuel subsidies and reforms in the foreign exchange market. He described them as necessary steps to stabilise the economy.

“Yet, challenges remain. Many Nigerians still struggle with rising costs and economic adjustment. We do not dismiss these concerns; we understand them and govern not in comfort, but in reality, with honesty and action,” Tinubu said.

According to him, the government moved away from “wasteful fuel subsidies, unstable exchange rates, and weak infrastructure.” He added that the country is beginning to witness positive signs across key economic indicators.

Tinubu stated that the naira is strengthening, foreign reserves are rising, and the country’s economic outlook remains positive despite global inflationary pressures linked to geopolitical tensions in the Middle East and the ongoing Iran conflict. He added that the administration has also improved fiscal coordination, revenue performance, and financial management as part of efforts to strengthen macroeconomic stability.

Inflation still biting hard

Nairametrics reported that Nigeria’s headline inflation rate rose to 15.69% in April 2026, up from 15.38% recorded in March. Nigerians continue to battle with high costs of essential commodities.

Beyond the general inflation, Nigerians experienced higher costs of food in April. Food inflation stood at 16.06% in April 2026, slightly higher than the all-item inflation rate of 15.69%. This was the first time in eight months that food inflation rose above the country’s all-item inflation rate, signalling renewed pressure on household food costs.

Power sector achievements

The President highlighted achievements in the power sector. He disclosed that his administration has supplied 2.5 million meters through the Presidential Metering Initiative to reduce the metering gap. He also revealed that the Federal Government established a N4 trillion bond programme aimed at settling verified legacy debts owed to power generation and gas companies.

According to Tinubu, power generation has at times reached 6,000 megawatts under his administration. This represents about a 50% increase compared to levels inherited by the government in 2023.

“Our strategy is focused on redesigning the power sector into a bankable, investable, and capable sector that delivers power to homes and industries,” he stated.

Infrastructure and security

The President further said his administration is prioritising infrastructure investments across roads, transportation, digital connectivity, housing, irrigation, airports, and seaports to drive inclusive growth. He cited the construction of coastal superhighways and the Sokoto-Badagry route as part of efforts to develop durable infrastructure to support long-term economic growth.

Tinubu also acknowledged that insecurity remains a major concern in parts of the country. He pledged that his administration would continue investing in security operations and reforms. According to him, the government has intensified support for the armed forces and the police while investing in intelligence gathering, surveillance systems, and modern security equipment.

He called on the National Assembly to amend the Constitution to allow the creation of state police, describing it as a matter of national emergency.

Looking ahead to 2027

The President said the work of his administration remains unfinished. He pledged to continue pursuing economic expansion, industrialisation, energy security, infrastructure development, and food sufficiency if re-elected.

“With another four years of disciplined focus and national cooperation, we will firmly place Nigeria on an irreversible path of economic expansion, industrialisation, energy security, infrastructure development, food sufficiency, and democratic consolidation,” he said.

Tinubu also called for national unity and political cooperation, urging Nigerians across regional and political divides to work together in building the country.