President Bola Tinubu has reassured Nigerians that his government is taking concrete steps to reduce the high cost of living and food prices across the country. He emphasized that his administration is prioritizing the restoration of peace in conflict-affected areas of the North, which have been plagued by banditry and kidnappings. The President noted that bringing stability to these regions would allow displaced farmers to return to their farms, which would increase food production and ultimately drive down food prices.
In his address during the 2024 Independence Day Anniversary on October 1, 2024, marking Nigeria’s 64th anniversary, Tinubu expressed optimism about the ongoing efforts to combat insecurity. He stated that the government is making significant progress in the fight against terrorism and banditry, particularly with the goal of eliminating threats posed by groups like Boko Haram and criminal networks involved in kidnapping for ransom and violent extremism.
Tinubu highlighted that his administration has achieved swift results in the elimination of high-profile terrorist and bandit leaders. He claimed that within one year of his administration, over 300 commanders of Boko Haram and bandit groups have been neutralized, especially in the Northeast, Northwest, and other affected regions. This, he believes, will enable the return of peace to many communities in the North, allowing farmers to resume cultivation, which is expected to boost food production and reduce prices.
However, the President acknowledged that the work is far from complete, but security forces remain committed to restoring peace as soon as possible. He reiterated his administration’s resolve to continue addressing the security challenges, which he linked directly to food insecurity and rising costs.
Tinubu’s speech comes at a time when Nigeria is grappling with severe economic difficulties, including surging costs of living and energy prices. These challenges have been exacerbated by the government’s removal of the fuel subsidy and the unification of the country’s exchange rate policies in May 2023.
The impact of these policies has been felt across the economy, prompting widespread protests in August 2024. Inflation in the country reached 32.15% in August 2024, with food inflation hitting 37.52% year-on-year, according to the National Bureau of Statistics (NBS). This represents a sharp increase from the food inflation rate of 29.34% recorded in August 2023.
The NBS attributed the rise in food inflation to price hikes in essential commodities such as bread, maize, grains, cereals, yam, cassava, palm oil, and vegetable oil.
Despite palliative measures rolled out by the Tinubu administration and state governors, many Nigerians continue to suffer under the weight of inflation, as prices of basic food items and other essential goods remain high.
