President Bola Ahmed Tinubu on Saturday defended the worsening economic hardship in Nigeria, attributing the situation partly to global geopolitical tensions, including the conflict involving the United States, Iran and Israel.
Speaking at the 4th Elective National Convention of the All Progressives Congress held at Eagle Square, Abuja, the President said the current difficulties faced by Nigerians were “necessary sacrifices” required to secure long-term economic stability and growth.
Tinubu, whose administration has faced mounting criticism over rising inflation, high cost of living and insecurity, maintained that his economic reforms were already producing positive results.
“The sacrifices of today are laying the foundation for Nigeria’s prosperity tomorrow,” he said.
The President pointed to what he described as improving macroeconomic indicators, including declining inflation, trade surpluses and renewed investor confidence.
He added that Nigeria’s stock market performance and oversubscription of its Eurobond issuance signalled growing global trust in the economy.
According to him, inflation has dropped consistently in recent months, while food prices are gradually easing.
Despite these claims, many Nigerians continue to grapple with soaring food prices, reduced purchasing power and worsening poverty, raising concerns over a disconnect between government data and citizens’ lived realities.
Tinubu blamed part of the economic strain on external shocks, particularly the fallout from the ongoing tensions among the United States, Iran and Israel, which he described as an “unanticipated blowout” affecting global economic stability.
He reiterated his administration’s resolve to end what he termed “wasteful subsidies” and implement structural reforms aimed at repositioning the economy.
“No nation grows by sustaining wasteful subsidies or dysfunctional priorities,” the President stated.
On the political front, Tinubu dismissed criticisms by opposition parties over the Electoral Act 2026, describing the attacks as a “disservice” to Nigerians.
He insisted that the legislation followed due process and aligns with constitutional provisions, adding that it is part of broader efforts to strengthen Nigeria’s democratic framework.
“The constant attacks by opposition groups on the Electoral Act 2026 are a disservice to the Nigerian people,” he said.
While rejecting claims of democratic backsliding, Tinubu stressed that his administration does not support a one-party state, noting that healthy political competition remains vital to democracy.
“We do not seek a one-party state. Democracy thrives on vibrant and healthy competition,” he added.
The President also used the platform to appeal for unity within the ruling party, warning against internal divisions and urging members to remain committed to the party’s vision.
In a bid to broaden political inclusion, he promised increased opportunities for youths and women in governance, assuring that his administration would create more space for their participation in leadership.
Tinubu further highlighted recent defections of governors and lawmakers into the APC as evidence of growing public confidence in the party, although critics have argued that such moves are largely driven by political survival.
He acknowledged persistent challenges in the power sector, including debts owed to generation companies and ageing infrastructure, disclosing plans to establish a Grid Asset Management Company to boost electricity supply by about 1,600 megawatts.
The President, however, insisted that despite current hardships, his administration remains focused on stabilising the economy and delivering long-term benefits for Nigerians.
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