President Bola Tinubu has assured Nigerians that his administration will tackle the high inflation rates with the same determination used to address the foreign exchange crisis in the country.
The president made this disclosure in a statement when he hosted the Presidential Campaign Council and the Independent Campaign Council to Iftar at the State House in Abuja.
According to him, there already has been a noticeable improvement in the economy’s condition since he took office a year ago.
He said that his administration is transforming the economy, noting that the government’s revenue generation has increased since he assumed office.
Speaking further, the President encouraged citizens to support his administration for everyone’s benefit, noting that the progress seen in Europe and America resulted from persistent hard work over time.
As of February 2024, the National Bureau of Statistics (NBS) reported an inflation rate of 31.7%, underlining the persistent economic challenges facing the nation.
To combat these inflationary pressures, the federal government has implemented several strategies.
These include tightening monetary policy with the CBN raising MPR to 24.75% to curb excess liquidity in the system.
The government also provided subsidies for essential goods to alleviate cost-of-living increases for the population.
Additionally, the government is investing in infrastructure to enhance productivity and reduce the economy’s import dependency. This is intended to stabilize the national currency and foster economic growth by promoting local industries.
