Nigeria’s economic problems have once again been acknowledged by President Bola Tinubu, who has reassured the populace that his government is “retooling” the banking system to help them.
After taking office as president of Nigeria on May 29, 2023, Tinubu, a former governor of Lagos, declared that the past few years have been “a very challenging time for us in the country.”
“Up till now, we are still retooling and rejigging our financial system to bring prosperity and relief to the people of this country,” the President said when he commissioned the Guzape Lot II Infrastructure Project in Abuja on Saturday.
He said the completion of the project was testament to what could be achieved through “diligent planning, collaboration and shared commitment to excellence”.
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The President said commended the Minister of the Federal Capital Territory (FCT), Nyesom Wike, for delivering on the infrastructure renewal promises of the Federal Government to the people of the FCT.
“Nyesom Wike, you have provided exceptional leadership at a trying time for the country,” Tinubu said. “You’ve (Wike) demonstrated the capacity to build a team, to lead a team and to deliver on promises. I commend you. Well done.”
‘Pursue Dialogue, Not Litigation’
The President also urged the stakeholders in the FCT to pursue dialogue and not litigation to resolve land disputes.
“To all of you here and the district head of Guzape or representing the district head, litigation is not the answer, conversation is the answer,” Tinubu said.
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“Development that is focused on the people for the economic prosperity, the benefit of all, is what should reside in us.
“Of what value is the land that is blocked by these high mountains and rocks that you cannot access, nor provide drinkable water?” the President queried.
“It’s not a personal thing. I stand here as the President. I don’t have a plot here but I have the people’s support and the mandate to deliver good quality of life and living environment. That should be enough for all us to share in the joy of commitment, dedication, perseverance, and the gifts that God has endowed us with.”
The Chief of Staff to the President, Femi Gbajabiamila; and the FCT Minister of State, Mariya Mahmoud; among other dignitaries were also at the event.
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Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians battle the country’s current economic crisis sparked by the current government’s twin policies of petrol subsidy removal and unification of forex windows.
On Sunday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assured Nigerians that food prices would come down in the coming months.
“Inflation, yes, it is high at 33.65%, food inflation at 40.5% is worrisomely high but the fact is that inflation is coming down, month-on-month. It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest.
“That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a big factor in bringing down inflation.”
