Nigerian President Bola Tinubu has appealed to his countrymen for “patience” as they continue to grapple with a difficult economic situation.
In an Independence Day speech, Tinubu defended his controversial economic reforms, saying they were necessary and are starting to show results.
He also emphasized that Nigeria is “winning the war” against the violence that has killed thousands of people in the north in recent years – a statement that may seem far-fetched to some.
Protesters in the capital Abuja and Lagos are using the 64th anniversary of independence from Britain to denounce what they see as the government’s poor handling of the economy.
President Tinubu began his address on Tuesday by telling Nigerians: “I am deeply aware of the challenges many of you are facing in these challenging times… I plead for your patience as the reforms we are implementing are showing positive signs, and We’re starting to see light at the end of the tunnel.”
After Tinubu came to power last year, he removed a subsidy that kept fuel prices low for Nigerians.
He also scrapped the policy of pegging the naira to the US dollar, instead letting the market determine the price of the currency. This caused the naira to decline in value and at one point hit a low point.
This – along with the end of the fuel subsidy – has been a factor in the recent rise in the cost of living.
Annual inflation – the average rate at which prices rise – has reached a high not seen in nearly three decades. Last month inflation was 32%.
In Tuesday’s speech, Tinubu said his government had no choice but to put the economy on a more sustainable path. He also noted that many other countries around the world have seen the cost of living rise.
Tinubu also focused on security, saying: “I am happy to announce to you, my countrymen, that our government is winning the war against terror and banditry.”
He added that the government has been eliminating commanders of Boko Haram – a leading Islamist militant group in Nigeria – “faster than ever”.
The country’s military has recently stepped up its campaign against armed groups, intensifying aerial bombardments and land operations.
Troops “neutralized” nearly 2,000 “terrorists” in the third quarter of the year, a military spokesman said earlier this week.
But reports of kidnappings and attacks on civilians continue to surface regularly.
Just two days ago, local media reported that armed attackers killed at least two people and kidnapped 44 others in separate attacks in Zamfara and Kaduna states.
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