Nigerian president, Bola Tinubu, has said that he “almost ran away from watching the news or reading the newspapers” due to the biting hardship his administration inflicted on the country.
Tinubu claimed that despite the economic hardship ravaging Nigeria, the country has turned the corner and is on the path to recovery.
Speaking during a visit to Katsina State over the weekend, Tinubu said that when he took office, the economy was challenging, but he remained resolute in his decisions, adding that it is the hallmark of leadership.
“I almost ran away from watching the news or reading the newspapers,” Tinubu said. “I just used courage and stayed put on my decisions, believing that the ability of a leader to take a decision at the right time is the hallmark of leadership.”
The President expressed confidence that the decisions taken by his administration will yield positive results, saying, “We took it, we stayed with it, and it will be rewarding. It is already bearing fruits.”
Tinubu’s statement suggests that his administration is committed to economic reforms and is hopeful that these efforts will lead to improved economic outcomes for Nigerians.
However, despite the president’s claim of economic recovery, the reality is the opposite.
A report released by the Central Bank of Nigeria (CBN) on March 31, had confirmed the inflation crisis under President Tinubu, while placing the blame on insecurity and infrastructural deficits.
The report, which is part of Nigeria’s periodic economic update from the apex bank, was released in the Q4 2024 economic report.
“Inflation remained elevated in Q4 2024, as both food and non-food components of the CPI basket increased,” the report noted.
“Headline inflation rose to 34.80% year-on-year, up from 32.70% in the preceding quarter, driven by higher energy costs and exchange rate pass-through. Other contributing factors included hoarding, insecurity, and infrastructural challenges,” the report stated
The report further highlighted: “Inflation remained broadly distributed across the components of the CPI basket during the review period, with analytical evidence indicating an increase in its pervasiveness. Specifically, 74.62% of items in the CPI basket exceeded the historical average of 14.60% (2010-2023), compared to 70.14% in the preceding quarter.”
However, the report stated that Nigeria’s inflation is expected to moderate starting in 2025.
SaharaReporters previously reported that Nigeria’s headline inflation rate declined to 24.48% in January, according to the latest data from the National Bureau of Statistics (NBS).
The bureau had also reported that food inflation stood at 26.08% year-on-year.
On April 22, SaharaReporters reported that the food security situation in West and Central Africa is precarious, with over 40 million people struggling to feed themselves during the 2024 post-harvest season.
According to a report by SBM Intelligence, this number is projected to rise to 52.7 million by mid-2025, including 3.4 million facing emergency levels of hunger.
“The crisis is driven by multiple interwoven factors, including conflict, climate variability, economic instability, and global economic pressures,” according to reports.
In Nigeria, the situation is particularly dire, with 31% of women aged 15-49 actively malnourished in areas with security concerns, such as Northern Nigeria. “Insecurity continues to be a pressing concern, with incidents such as the killing of farmers in Benue, Borno, and Plateau States disrupting agricultural activities and limiting the local food supply,” experts note.
The SBM Jollof Index tracks the cost of preparing jollof rice, a staple dish, and uses it as an indicator of food price fluctuations in Nigeria. According to the index, the national average cost of cooking jollof rice in Nigeria has increased by 19% from ₦21,300 in September 2024 to ₦25,486 in March 2025.
“The surge in jollof rice preparation costs highlights broader systemic challenges such as fuel price increases, insecurity, transport disruptions, and climate-related supply shocks,” the report states.