Tinubu Admits Cost Of Living Increasing, Says Gov’t Taking Action

President Bola Tinubu has acknowledged rising cost of living in the country, reassuring Nigerians that his administration is taking steps to alleviate hardship and stabilise the economy.

Tinubu stated this on Monday in his remarks after swearing in seven new ministers at the Presidential Villa in Abuja.

“Yes, cost of living is gone up, I recognise that, and we have satisfied the obligation of paying a new minimum wage across the board,” he added.

The president highlighted Nigeria’s efforts to navigate a challenging global economic environment, which has impacted countries worldwide, including those in Europe and the United States.

“We have our head above the water,” he stated. “All other countries too, around us and across the world, are facing challenges. The pandemic brought a lot of strain to the world’s economies, but we are navigating through this and working hard.”

Reflecting on the nation’s fiscal constraints, Tinubu noted the considerable progress made in managing debt obligations.

“For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue,” he said. “It was nothing but the end of the cliff. But today, I can report to you that we brought that down to 65 percent, and we have never defaulted in paying or meeting all obligations, both foreign and domestic.”

Addressing the newly sworn-in ministers, the president commended their willingness to serve during such challenging times.

“It’s not easy to find people who will surrender their lives, freedoms, and responsibilities to serve their nation, especially in this time of challenges,” he remarked.

“I am sincerely happy that you have done that, and that you are here today to be part of a very committed team of Nigerians who have been working tirelessly.”

Tinubu called for unwavering dedication from the ministers, describing service as the “hallmark of this human endeavour.”

He urged them to focus on their duties despite potential public criticism, saying, “You will be part of criticism and abuse. Don’t worry; stay focused, stay resilient. Your thanks will come with the history of growth and prosperity for this country.”

Expressing confidence in Nigeria’s trajectory toward economic recovery, Tinubu underscored the long-term importance of these efforts, not only for the present but for future generations.

“Economic recovery is on the horizon. We have a good path to realise our dreams, and it is not just for us; it is for our children and grandchildren,” he said.

The President also reaffirmed his administration’s commitment to tackling corruption and preventing exploitation of national resources.

“We have taken the bull by the horns. We have stopped the scavengers. We are going to stop completely the profiteers and smugglers of our resources across the country.

“We are not going to run away from our responsibility. We are going to face it, and we have been facing it head-on,” he asserted.

Tinubu welcomed the new ministers as crucial members of his team during a pivotal time for Nigeria, noting, “With you as a member of this team, I am proud and honoured that I am leading you, and we will lead to success and prosperity. This ship will not sink,” he affirmed. “God bless you, and God bless Nigeria.”

The new ministers and their portfolios include Dr. Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction; Muhammadu Maigari Dingyadi, Minister of Labour & Employment; and Bianca Odinaka Odumegwu-Ojukwu as Minister of State for Foreign Affairs.

Also joining the administration are Dr. Jumoke Oduwole as the Minister of Industry, Trade, and Investment (Trade and Investment); Idi Mukhtar Maiha as Minister of Livestock Development; Yusuf Abdullahi Ata as Minister of State for Housing and Urban Development; and Dr. Suwaiba Said Ahmad as Minister of State for Education.