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Nigeria Grapples with Soaring Inflation, Food Prices, and Economic Challenges Under President Tinubu

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The current economic situation in Nigeria, under the administration of President Bola Ahmed Tinubu, paints a grim picture for its citizens. Spiraling nationwide hunger, fueled by untamed inflation, food insecurity, and shrinking purchasing power, has created an environment of increasing hardship. Despite efforts from Tinubu’s economic team, including the Minister of Finance, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, the challenges persist.

Over the last eight months, Nigerians have experienced the consequences of Tinubu’s policies, particularly the removal of fuel subsidies and the Naira’s floating exchange rate. The Naira’s value has surged to N1,534.39 per US dollar from N460.702 in May of the previous year. Simultaneously, the removal of fuel subsidies has led to a drastic increase in fuel prices, reaching over N550 per litre from N238 in May 2023.

Compounding these issues, the inflation rate has soared to 28.92% in December, with food inflation reaching 33.93%. Daily life has become more challenging as the prices of essential items have skyrocketed by over 100%. For example, a 50kg bag of rice now costs N65,000, up from N35,000, and a carton of noodles has surged to N11,140 from N6,000.

The impact of these economic hardships is palpable among ordinary citizens. Small-scale traders like Mrs. Amina Jibrin in Dawaki, Abuja, are contemplating quitting their businesses due to the inability to make profits. Lagos resident Mabel Rufus expresses the struggle of her family, stating that the rising prices of food items make it difficult for salaries to cover even basic needs.

The International Monetary Fund (IMF) has issued a warning in its recent report, highlighting Nigeria’s deepening economic crisis amid the rising cost of living. This has led to protests in various states against the challenging economic conditions. In response to the crisis, President Tinubu recently ordered the release of 102,000 metric tonnes of rice and maize.

Economists like Prof Segun Ajibola emphasize that the root cause of the economic spiral lies in the poorly structured Nigerian economy. He calls for immediate action on import substitution strategies to address challenges in the economy. He emphasizes the need for restructuring, diversification, and a focus on agriculture and technological innovations to achieve long-term stability.

Mr. Idakolo Gbolade, CEO of SD & D Capital Management, suggests implementing a price-fixing policy for certain food items and monitoring excessive profits by traders. Looking towards the future, he advocates for a comprehensive agricultural revolution plan focused on self-sufficiency, suggesting a ban on imports of staple food items to strengthen local production and promote eventual export.

In summary, the economic challenges faced by Nigerians require a multi-faceted approach, addressing both immediate concerns and implementing long-term strategies to foster economic stability and prosperity.

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Alia Gets APC Nod for Second Term in Benue

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By Samson Adeyanju

The Governor of Benue State, Hyacinth Alia, has successfully passed the screening exercise of the All Progressives Congress (APC), ahead of the 2027 governorship election and has been officially certified to contest the party’s primaries.

This was contained in the statement issued by his Chief Press Secretary, Sir Tersoo Kula.

The screening exercise was conducted on Sunday at the Plateau State Governor’s Lodge, venue designated for the screening of incumbent governors seeking the party’s ticket for the forthcoming elections.

The screening committee was chaired by the National Chairman of the All Progressives Congress, Nentawe Goshwe, who led the process to assess aspirants seeking to fly the party’s flag in the 2027 gubernatorial elections.

Governor Alia’s Expression of Interest and Nomination forms were procured by the Benue State chapter of the Nigeria Union of Pensioners and the Benue State Motorcycle Association.

Leaders of the two groups attributed their support for the governor to what they described as the remarkable transformation witnessed in the state under his administration, as well as his people-oriented style of governance. They said the governor deserved another term to consolidate ongoing developmental efforts across the state.

Political observers and stakeholders have described the certification as a major boost to Governor Alia’s political standing within the APC, particularly amid ongoing consultations and strategic alignments ahead of the 2027 general elections.

Governor Alia, who was elected in 2023 on the platform of the APC, has consistently highlighted infrastructural development, security improvement, civil service reforms and social welfare programmes as key priorities of his administration.

His successful clearance by the screening committee is also expected to trigger increased political activities within the APC as preparations intensify for the next electoral cycle.

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CSN Calls for Inclusive, Just Energy Transition in Nigeria

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By Tony Abah

The Secretary General of the Catholic Secretariat of Nigeria, Rev. Fr. Michael ‘Leke Banjo, has called for a people-centred and morally guided energy transition in Nigeria, warning that development must not continue to benefit a privileged few while leaving vulnerable communities behind.

Speaking at the GreenFaith Nigeria Multifaith and Multisectoral Forum on Nigeria’s Just Energy Transition Plan held on May 7, Fr. Banjo said energy should not be seen merely as an economic issue but as a matter tied to “life, health, education, work, food security, industrial growth, national stability and human dignity.”

Addressing participants at the forum themed, “Faith, Justice, and Power: Advancing an Inclusive Just Energy Transition in Nigeria,” the Catholic priest welcomed members of GreenFaith Africa and other stakeholders, describing the gathering as a shared effort to defend creation and promote justice.

“We gather today not merely as advocates, policy actors or religious leaders, but as stewards,” he said. “We gather to ask a deeper question: what kind of future do we want to leave behind, and who will be allowed to share in it?”

Fr. Banjo stressed that true development should not be measured only by “megawatts, investment figures or economic indicators,” but also by how society treats “those on the margins of energy poverty” and communities already suffering the effects of climate change.

Drawing from Scripture and the 2015 encyclical Laudato Si’, he described creation as “God’s gift entrusted to our responsible care,” insisting that environmental stewardship must go hand in hand with development and innovation.

The cleric lamented the environmental degradation affecting different parts of Nigeria, citing oil pollution and gas flaring in the Niger Delta, desertification in the North, gully erosion in the South-East, and flooding in parts of Kogi State and Benue State.

“In our cities, plastic waste and poor sanitation have turned public spaces into sources of disease and avoidable hardship,” he said. “When we fail to keep the earth, the earth becomes wounded; and when the earth is wounded, human dignity is also wounded.”

Fr. Banjo called on governments at all levels to develop “clear, consistent and just policies” that would protect affected communities, expand access to affordable clean energy, support small businesses and create decent jobs.

He also urged investors and development partners to ensure that renewable energy investments are guided by conscience and accountability.

“The new energy economy must not reproduce old injustices in cleaner language,” he warned, adding that policies should encourage local capacity, community ownership, skill development and transparency.

Beyond government and institutions, Fr. Banjo challenged ordinary citizens to embrace environmentally responsible habits, including proper waste disposal, water conservation, tree planting and keeping public spaces clean.

“We must stop throwing refuse into gutters, streams and open spaces,” he said. “In these simple daily choices, we show whether we truly understand that creation is God’s gift and our common home.”

He commended GreenFaith Nigeria, GreenFaith Africa and The Kukah Centre for promoting climate justice and interfaith collaboration, assuring them of the continued support of the Catholic Secretariat of Nigeria.

“The Catholic Secretariat of Nigeria stands ready to walk with you in this effort to protect creation, uplift the poor, and advance a truly just energy transition for our nation,” he said.

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Alia, Akume, Suswam Meet as Benue APC Moves to Rebuild Unity

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By Samson Adeyanju

Governor Hyacinth Alia has commended stakeholders of the All Progressives Congress in Benue State for their commitment to reconciliation and party unity following a high level meeting held at the New Banquet Hall of Government House, Makurdi.

In a statement issued on Monday by his Chief Press Secretary, Sir Tersoo Kula, the governor expressed appreciation to party leaders and stakeholders who attended the reconciliation meeting convened to strengthen cohesion within the party.

Among those present at the meeting were the Secretary to the Government of the Federation, George Akume, former Benue State Governor, Gabriel Suswam, former Deputy Governor Chief Stephen Lawani, past and serving members of the National Assembly, members of the Benue State House of Assembly, federal government appointees, and other party stakeholders.

Governor Alia said the large turnout of influential party figures reflected a shared resolve to promote unity, stability, and progress within the APC in Benue State.

He particularly praised the peaceful atmosphere of the meeting and the spirit of reconciliation displayed by participants, describing the outcome as a significant step toward rebuilding trust, confidence, and togetherness among party members.

According to the governor, the resolutions reached at the meeting would usher in a new phase of peace, harmony, and cooperation within the party.

He urged stakeholders and their supporters to sustain the reconciliation process through dialogue, mutual respect, and collective responsibility in advancing the interests of the APC and the development of Benue State.

Governor Alia also wished all stakeholders success in their political aspirations and called for continued collaboration in the pursuit of peace, development, and good governance in the state.

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