President Bola Tinubu has assured Nigerians, that the ongoing national reforms were not intended to inflict pain, but to “fix” the economy.
Tinubu while addressing the nation in the wake of the 2024 Democracy Day on Wednesday, said the various initiated reforms are intended to create a stronger, and better foundation for future growth.
“There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.
“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you,” the president assured.
Tinubu sympathised with the masses, saying he understood the current economic difficulties ravaging the nation.
“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.
“I say to you here and now that as we celebrate the enshrinement of our political democracy, let us commit ourselves to the fulfilment of its equally important counterpart, the realisation of our economic democracy.
The president’s kind words follow several economic policies, reforms and new taxes being put in place by his administration, which have resulted in skyrocketing inflation and a rise in the cost of living.
Prices of food and basic commodities have gone through the roof recently, as Nigerians continue to battle with the country’s toughest economic crises sparked by the current government’s twin policies of petrol subsidy removal and unification of forex windows.
Statistics by the National Bureau of Statistics (NBS), puts the current inflation rate at 33.9 per cent.
“In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%,” the Bureau said in its report.
Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%). This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”
The President, however, said “I understand the economic difficulties we face as a nation,” adding that as the economic reforms continue, “I shall always listen to the people and will never turn my back on you.”