Nigeria's economy will bounce back, Tinubu assures amid staggering rise in cost of living

Amid widespread concerns over Nigeria’s economic challenges, President Bola Ahmed Tinubu delivered a message of hope, assuring citizens of imminent improvement and a transition from hardship to prosperity. His remarks coincided with a backdrop of nationwide protests by workers demanding relief from the soaring cost of living.

President Tinubu’s reassurance came during the unveiling of the handbook on Expatriate Employment Levy (EEL), where he emphasized the collaborative efforts of key institutions such as the Infrastructure Concession Regulatory Commission and the Federal Ministry of Finance, Budget, and National Planning. He underscored the commitment of these entities, along with the leadership of the Central Bank of Nigeria, to steer the nation towards financial stability and sustainable growth.

“We must assure Nigerians that there is light at the end of the tunnel,” President Tinubu affirmed, acknowledging the current economic hardships while expressing optimism about ongoing efforts to restructure the country’s finances and prioritize economic growth.

Echoing President Tinubu’s sentiments, Speaker Tajudeen Abbas urged Nigerians to exercise patience and extend cooperation to the government in its endeavor to implement comprehensive economic reforms. Addressing the leadership of the Parliamentary Staff Association of Nigeria (PASAN), Abbas emphasized the importance of allowing the government adequate time to execute its strategies effectively.

“My appeal to you as the National President of PASAN is to please, help to tell your other colleagues in the Labour leadership to give this government a little more time,” Abbas stated, acknowledging the challenges faced by the administration while appealing for understanding and support from labor organizations.

The President and the Speaker’s statements come against the backdrop of escalating public discontent manifested through protests in state capitals and the Federal Capital Territory. Workers across the nation have expressed grievances over the escalating cost of living, underscoring the urgency for concrete measures to alleviate financial burdens on ordinary citizens.

As Nigeria navigates through these economic uncertainties, the government’s commitment to implementing reforms and fostering collaboration with stakeholders remains pivotal in restoring confidence and charting a path towards sustainable economic recovery. With assurances of concerted efforts and a shared vision for progress, the nation stands poised to overcome its current challenges and embark on a trajectory of growth and prosperity.