Economic situation not excuse to make unfair profit, Tinubu urges Nigerians

Nigerians are currently living through harsh economic circumstances, largely due to the new petrol and monetary policies introduced by the President.

Tinubu announced the removal of fuel subsidy and floated the naira to reform the oil and gas and financial sectors. Though many economists have argued that the measures will yield positive results in the long term, the reality is that Nigerians are currently feeling the negative impact.

The latest reports from the National Bureau of Statistics (NBC) pegged the country's inflation rate at 28.2%, Nigeria's highest since August 2005.

In an interview with The Nation on Sunday, December 17, 2023, the President said he's not oblivious to the severe impact of some of his economic policies on Nigerians but urged the citizens not to take advantage of the situation to amass unfair gain.

“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.

“Moreover, we urge all Nigerians to be mindful of the current economic situation and avoid exploiting it for abnormal profits,” Tinubu said.

Speaking on the Federal Government’s conditional cash transfers to 15 million households, the President reiterated his belief in the efficacy of the initiative, stressing that the policy will bring succour to the most vulnerable segments of the population.

“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 added.