Life is improving in Nigeria, Tinubu says
Halfway through his term, Tinubu acknowledged the pain his reforms had unleashed, adding that he did not take the patience of Nigerians for granted.
"Today, I proudly affirm that our economic reforms are working. We are on course to building a greater, more economically stable nation," he said.
On the day he took office in May 2023, he announced the end of a long-standing fuel subsidy - a move that caused a huge surge in prices, leaving many Nigerians unable to buy enough food to eat.
Tinubu said: 'Despite the bump in the cost of living, we have made undeniable progress. Inflation has begun to ease, with rice prices and other staples declining."
Inflation was 24% last month, according to the official figures, compared to 22% when he took over.
This is an improvement from this time last year when it stood at 34%. Weeks later Nigerians took to the streets in a nationwide protest that left several people dead.
A fall in the rate of inflation does not mean that prices are falling - just that they are rising at a slower rate than before.
Could Nigeria's careful ethnic balancing act be under threat?
The World Bank predicts that Nigeria's total output, or GDP, will grow by 4% this year - a faster rate than the 3% when Tinubu took over.
However, unemployment remains a major concern, with many graduates still complaining about not being able to find jobs.
The president said he had little choice about removing the subsidy, saying the huge cost was a "chokehold on our nation's neck, strangling our nation's future", while allowing corruption to thrive.
After his inauguration and under what he called a "Renewed Hope Agenda", Tinubu pledged to tackle economic instability, improve security nationwide, reduce corruption, reform governance, and lift Nigerians out of poverty.
Public affairs analyst professor Adeosun Olufemi told the BBC he feels the president has made positive gains in some areas, adding that the governors of Nigeria's 36 states should take the blame for some of the problems over the past two years.
"After the president announced fuel subsidy removal, money allocated to state governors increased heavily but what have they done with it?" he asked.
The president, 73, won the bruising 2023 election with 37% of the vote – defeating former Vice-President Atiku Abubakar and former governor Peter Obi in a three-way race.
There is massive speculation that some of the major political parties could form a coalition ahead of the next election in 2027 to challenge Tinubu, who is expected to seek a second term.
Nigeria's fierce political rivals share joke at pope's inaugural mass
'I scarred my six children by using skin-lightening creams'
Blank questions, power cuts and a suicide: Nigeria's exams fiasco
Go to BBCAfrica.com for more news from the African continent.
Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Focus on Africa
This Is Africa
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
21 minutes ago
- Newsweek
African $60 Billion High-Speed Rail Project Takes Shape
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. One of the largest infrastructure projects in Africa has received a new update that could see construction begin soon Plans for Nigeria's $60 billion high-speed rail project, which would stretch almost 2,500 miles, were submitted to the government on Tuesday. Newsweek contacted the De-Sadel Consortium, which is working in collaboration with the government on the project, and the Nigerian Federal Ministry of Transport for more information on the project via email. Why It Matters Morocco became in 2018 the first country on the continent to implement a high-speed rail project and it plans on expanding it as part of preparations for the 2030 World Cup, which it will co-host. Nigeria's proposal would make it one of the first countries in the region to benefit from this kind of infrastructure. What To Know On Tuesday, a consortium of construction companies and developers based in Nigeria, brought the proposal to the nation's secretary to the Government of the Federation. The project's $60 billion price tag will be funded by the Asian Development Investment Bank, one of the largest international development institutions in the world, backed by China. The first phase of the project aims to cover four major cities in Nigeria, including Lagos, Abuja, Kano and Port Harcourt. George Akume, the secretary to the Government of the Federation, said in a statement that the project would be reliant on international investment, like the kind that China provides, but that the technology was desirable. A view of the Nigerian Railway Corporation train at the Idu Railway Station during the resumption of Abuja-Kaduna train railway operations in Abuja, Nigeria's capital on December 5, 2022 A view of the Nigerian Railway Corporation train at the Idu Railway Station during the resumption of Abuja-Kaduna train railway operations in Abuja, Nigeria's capital on December 5, 2022 Getty Images "This is a country that is business friendly especially under the administration of President Bola Tinubu. Though we need reasonable extent of foreign investments but such partnerships would have to be reliable and credible and beneficial to all partners," he said. "About the proof of funds, this will be critically scrutinised in line with international practice so that we can be sure of the viability of the bullet train project and the timelines. The high speed trains project is a welcome development. We will look at the proof of funds that has been submitted critically and get back to them. We are going to do business with them." What People Are Saying Samuel Uko, CEO of the De-Sadel Consortium, said in a statement: "Today is a very great day in the life of this administration. The high-speed rail bullet train project that we have started 10 years ago has gotten a nod from administration. It is this administration that has given us almost 90 per cent of approvals. "Today, with our partners, I have just presented the official proof of fund for the project. The fund is coming from the Asian Development Investment Bank ad it is to cover the first phase of the project that cuts across four major cities of Nigeria. "The rail line is from Lagos to Abuja, to Kano, and from Abuja to Port Harcourt. So this is a very great work that the government have done. The federal government of Nigeria, through the ICRC, approved the outline business case. And the next step now was for us to submit the proof of fund to the government, which we just did. So I believe in the shortest possible time, Nigeria will start enjoying a high-speed rail in Nigeria". What Happens Next If approved, the first phase of the project, which costs $55 billion, will commence in the next few years. A full timeline of the project has not yet been published.
Washington Post
4 hours ago
- Washington Post
A U.S.-led triumph of ‘trade over aid' for Africa lapses next month
For 25 years, the United States has enjoyed a mutually beneficial trading relationship with the African nation of Lesotho. American shoppers have been able to buy affordable Wrangler, Levi and Gap jeans. And the tiny, impoverished, landlocked country encircled by South Africa saw a boom in textile manufacturing jobs, providing a regular income for thousands of families and leading to a reduction in the country's grinding poverty. By any measure, this has been a win-win arrangement.
NBC News
5 hours ago
- NBC News
Israel is in talks to possibly resettle Palestinians from Gaza in South Sudan
TEL AVIV, Israel — Israel is in discussions with South Sudan about the possibility of resettling Palestinians from the Gaza Strip to the war-torn East African country, part of a wider effort by Israel to facilitate mass emigration from the territory left in ruins by its 22-month offensive against Hamas. Six people familiar with the matter confirmed the talks to The Associated Press. It is unclear how far the talks have advanced, but if implemented, the plans would amount to transferring people from one war-ravaged land at risk of famine to another, and raise human rights concerns. Israeli Prime Minister Benjamin Netanyahu says he wants to realize President Donald Trump 's vision of relocating much of Gaza's population through what Netanyahu refers to as 'voluntary migration.' Israel has floated similar resettlement proposals with other African nations. 'I think that the right thing to do, even according to the laws of war as I know them, is to allow the population to leave, and then you go in with all your might against the enemy who remains there,' Netanyahu said Tuesday in an interview with i24, an Israeli TV station. He did not make reference to South Sudan. Palestinians, rights groups, and much of the international community have rejected the proposals as a blueprint for forcible expulsion in violation of international law. For South Sudan, such a deal could help it build closer ties to Israel, now the almost unchallenged military power in the Middle East. It is also a potential inroad to Trump, who broached the idea of resettling Gaza's population in February but appears to have backed away in recent months. Israel's Foreign Ministry declined to comment and South Sudan's foreign minister did not respond to questions about the talks. A spokesperson for the State Department said it does not comment on private diplomatic conversations. Joe Szlavik, the founder of a U.S. lobbying firm working with South Sudan, said he was briefed by South Sudanese officials on the talks. He said an Israeli delegation plans to visit the country to look into the possibility of setting up camps for Palestinians there. No known date has been set for the visit. Israel did not immediately respond to a request for confirmation of the visit. Szlavik said Israel would most likely pay for makeshift camps. Edmund Yakani, who heads a South Sudanese civil society group, said he had also spoken to South Sudanese officials about the talks. Four additional officials with knowledge of the discussions confirmed talks were taking place on condition of anonymity because they were not authorized to discuss them publicly. Two of the officials, both from Egypt, told the AP they've known for months about Israel's efforts to find a country to accept Palestinians, including its contact with South Sudan. They said they have been lobbying South Sudan against taking the Palestinians. Egypt is deeply opposed to plans to transfer Palestinians out of Gaza, with which it shares a border, fearing an influx of refugees into its own territory. The AP previously reported on similar talks initiated by Israel and the U.S. with Sudan and Somalia, countries that are also grappling with war and hunger, and the breakaway region of Somalia known as Somaliland. The status of those discussions is not known. Szlavik, who has been hired by South Sudan to improve its relations with the United States, said the U.S. is aware of the discussions with Israel but is not directly involved. South Sudan wants the Trump administration to lift a travel ban on the country and remove sanctions from some South Sudanese elites, Szlavik said. It has already accepted eight individuals swept up in the administration's mass deportations, in what may have been an effort to curry favor.
