President Bola Tinubu has acknowledged the severe impact of the economic crisis in Nigeria on the citizens of the country.
He, however, assured that his government is not folding its hands on the matter but practical steps are being taken to make life better for the citizens.
Speaking in an interview with The Nation on Sunday where he addressed issues on the economic situation of the country and other concerns, President Tinubu urged Nigerians not to exploit the situation for abnormal profit.
He spoke against the backdrop of the current cost-of-living crisis in the country, rising food prices, high petrol price, and naira devaluation.
“As your president, I am deeply aware of the economic crisis’s severe impact on Nigerians, and we are part of a global challenge with the rising costs of living. To help our people, my administration is taking proactive steps,” the president said.
Moreover, we urge all Nigerians to be mindful of the current economic situation and avoid exploiting it for abnormal profits,” he added.
Tinubu added that the conditional cash transfer of N25,000 to 15 million households for three months which was launched in 2015 is one of the efforts by his administration to relieve Nigerians following the fuel subsidy removal policy.
He disagreed with some positions that the cash transfer policy is not effective.
“I am steadfast in my belief in the efficacy of our cash transfer initiatives. These initiatives are a crucial part of our strategy to target and provide relief to the most vulnerable segments of our population, especially during the last three months of the year when the prices of basic items typically rise,” he said.
This is not just about providing temporary support; it’s about strategically delivering assistance when it’s needed most. We continue to work closely with all key stakeholders – including state governments, civil society groups, international partners, and private sector entities like telcos and fintechs – to refine these programmes.”
