President Tinubu Calls for Patience Amidst Economic Reforms

President Bola Ahmed Tinubu has called on Nigerians to remain patient and hardworking as his administration works on rebuilding and restructuring the nation’s economy. He emphasized that citizens must focus on sectors like agriculture and put in the effort needed to overcome the current economic challenges.

During a meeting with the Forum of Former Presiding Officers of the National Assembly, led by former Senate President Ken Nnamani, Tinubu addressed the difficult economic conditions Nigerians are facing. He said, “People say we’re hungry; yes, I understand that. We don’t want to keep the people hungry and angry, but we say be patient— we must work hard. There is no free beer parlour anymore. We’ll retool and rebuild Nigeria’s economy.”

Currently, Nigerians are dealing with the impact of the removal of fuel subsidies and the floating of the naira. The price of petrol has tripled since Tinubu's first day in office, when the fuel subsidy was eliminated.

As of Friday, petrol prices in Abuja ranged from N950 to N1,100 per litre. In addition, the naira hit a record low of over N1,500 to a dollar on May 29, 2023, following the government's decision to unify exchange rate windows. As of Friday, the official exchange rate was N1,544 to a dollar.

Despite the hardships, Tinubu reiterated the government's commitment to improving the country’s economic situation, urging citizens to work together to overcome these challenges.