Business Briefings
Tinubu Admits Hardship As Prices Climb
President Bola Tinubu has acknowledged that many Nigerians are still grappling with rising living costs despite ongoing economic reforms introduced by his administration, as fresh inflation figures revealed renewed pressure on hofeusehold food costs and consumer purchasing power across the country.
Tinubu made the remarks while delivering his acceptance speech after emerging as the presidential candidate of the All Progressives Congress for the 2027 election.
The President said although his administration had implemented major reforms aimed at stabilising the economy and restoring investor confidence, many Nigerians were yet to feel the impact positively because of persistent inflationary pressures and rising costs of living.
“Challenges still exist because many Nigerians continue to feel the pressure of rising prices and economic adjustments. We are not ignoring these difficulties; we fully recognise them and remain committed to leading with sincerity, realism, and concrete action,” Tinubu said.
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The President defended key policy decisions introduced by his administration, including the removal of fuel subsidies and reforms in the foreign exchange market, describing the measures as necessary steps required to reposition the Nigerian economy and restore long-term macroeconomic stability.
According to him, the administration deliberately moved away from inefficient fuel subsidy payments, unstable exchange rate systems, and weak infrastructure policies which he said had slowed economic growth for years.
Tinubu maintained that early signs of recovery were beginning to emerge across critical sectors of the economy despite prevailing economic pressures facing households and businesses.
He stated that the naira had continued to strengthen, foreign reserves were improving, and Nigeria’s economic outlook remained positive despite global inflationary pressures linked to geopolitical tensions in the Middle East and the Iran conflict.
The President added that the administration had strengthened fiscal coordination, improved revenue generation, and enhanced public financial management as part of efforts to sustain macroeconomic stability and improve confidence in the economy.
His comments came as new inflation data showed that Nigeria’s food inflation rate rose above the country’s all-item inflation rate for the first time in eight months, signalling renewed pressure on food prices despite broader moderation in headline inflation.
Analysis based on data compiled from the National Bureau of Statistics Consumer Price Index reports showed that food inflation stood at 16.06 per cent in April 2026, slightly higher than the headline inflation rate of 15.69 per cent.
The development marked the first time since August 2025 that food inflation exceeded the all-item inflation rate, reversing a trend that had persisted for seven consecutive months.
Data reviewed showed that food inflation stayed below headline inflation between September 2025 and March 2026, reflecting slower growth in food prices during that period compared to broader consumer prices.
In August 2025, food inflation stood at 25.30 per cent compared to headline inflation of 23.14 per cent. However, from September 2025 onward, headline inflation consistently remained higher than food inflation until the reversal recorded in April 2026.
In September 2025, food inflation was recorded at 20.16 per cent compared to all-item inflation of 20.98 per cent. The gap widened further in subsequent months as food inflation slowed more rapidly than overall consumer prices.
By January 2026, food inflation had dropped sharply to 8.89 per cent while headline inflation remained significantly higher at 15.10 per cent, representing the widest gap recorded within the reviewed period.
However, the trend reversed during the first quarter of 2026 as food prices began accelerating steadily.
Food inflation climbed from 12.12 per cent in February to 14.31 per cent in March before rising further to 16.06 per cent in April 2026.
In contrast, headline inflation moved at a slower pace, increasing from 15.06 per cent in February to 15.38 per cent in March and 15.69 per cent in April.
The April crossover indicated that food prices were rising faster than the broader basket of consumer goods and services captured in Nigeria’s inflation index, intensifying concerns over food affordability and household purchasing power.
Further analysis of inflation trends showed that food inflation recorded a significantly sharper increase than headline inflation between January and April 2026.
Food inflation increased from 8.89 per cent in January to 16.06 per cent in April, representing a rise of 7.17 percentage points or approximately 80.6 per cent within four months.
By comparison, headline inflation increased marginally from 15.10 per cent in January to 15.69 per cent in April, reflecting an increase of 0.59 percentage points or about 3.9 per cent over the same period.
The figures highlighted the speed at which food prices accelerated compared to broader consumer prices during the first four months of the year, reinforcing concerns over worsening pressure on household incomes and food affordability.
According to the National Bureau of Statistics, the rise in food inflation was driven largely by increases in the average prices of staple food items consumed across the country.
The agency identified millet, yam flour, fresh ginger, beef, garri, yam tuber, fresh pepper, crayfish, cassava tuber, beans, Irish potatoes, tomatoes, wheat grain, soybeans, and plantain among the major items responsible for the increase recorded in food inflation during the period under review.
The National Bureau of Statistics stated that food inflation rose to 16.06 per cent year-on-year in April 2026 from 14.31 per cent recorded in March.
However, the agency noted that month-on-month food inflation moderated slightly to 3.63 per cent in April from 4.17 per cent recorded in March, suggesting a slight easing in the pace of monthly food price increases.
At the broader level, headline inflation rose marginally to 15.69 per cent in April 2026 from 15.38 per cent recorded in March, reflecting a 2.9-point increase in the Consumer Price Index from 135.4 to 138.3.
The National Bureau of Statistics also stated that food and non-alcoholic beverages remained the largest contributors to headline inflation, accounting for 6.40 percentage points of the overall inflation figure.
Restaurants and accommodation services contributed 3.56 percentage points, while transport accounted for 1.70 percentage points.
The data underscored the extent to which food-related costs continued to drive inflationary pressure across the country despite efforts by the government to stabilise prices and improve supply conditions.
Despite the broader moderation in inflation compared to levels recorded in 2025, food price pressures remained elevated across several states.
According to the National Bureau of Statistics, Enugu recorded the highest food inflation rate at 32.67 per cent in April 2026, followed by Kwara at 30.77 per cent and Adamawa at 30.14 per cent.
The figures reflected severe pressure on food costs across different parts of the country, particularly in states already facing supply chain disruptions and transportation challenges.
On a month-on-month basis, Niger recorded the sharpest increase in food inflation at 8.53 per cent, followed by Bauchi at 6.78 per cent and Kogi at 6.72 per cent.
The inflation data emerged amid continued concerns over the impact of economic reforms on consumer spending, living standards, and business operations across the country.
Economists and market analysts have repeatedly warned that rising food prices remain one of the biggest threats to household welfare because food accounts for a significant portion of consumer spending among Nigerian households.
The sharp increase in food inflation within the first four months of 2026 has further intensified concerns about worsening affordability pressures, especially among low-income earners already struggling with rising transportation, electricity, and accommodation costs.
On infrastructure and electricity reforms, Tinubu disclosed that about 2.5 million electricity meters had been distributed under the Presidential Metering Initiative to reduce the country’s metering gap and improve electricity billing transparency.
He also revealed that the Federal Government had introduced a N4tn bond programme aimed at settling verified legacy debts owed to electricity generation and gas supply companies.
“Our focus is to transform the power sector into one that is investment-driven, financially sustainable, and capable of providing stable electricity to households and industries,” the President stated.
Tinubu further said electricity generation had at certain periods reached 6,000 megawatts under his administration, representing nearly a 50 per cent increase compared to levels inherited in 2023.
The President added that the administration was prioritising investments in roads, transportation, digital connectivity, housing, irrigation systems, airports, and seaports to stimulate inclusive economic growth and improve productivity across major sectors.
He cited projects such as the coastal superhighway and the Sokoto-Badagry route as strategic infrastructure investments designed to support long-term economic expansion and strengthen connectivity across regions.
Addressing insecurity, Tinubu acknowledged that security challenges remained a major concern in several parts of the country and pledged continued investment in security operations and institutional reforms.
He said support for the armed forces and the police had been intensified through investments in intelligence gathering, surveillance systems, and modern security equipment aimed at improving security response capacity.
The President also called on the National Assembly to amend the Constitution to allow the establishment of state police, describing the proposal as an urgent national necessity.
Tinubu said the work of his administration remained unfinished and pledged continued efforts toward economic expansion, industrialisation, energy security, infrastructure development, food sufficiency, and democratic stability.
“Our mission is far from complete. With another four years of disciplined leadership and collective national support, Nigeria can be firmly placed on a lasting path of economic growth, industrialisation, energy security, infrastructure development, food sufficiency, and democratic stability,” he said.
He also appealed for unity and political cooperation across regional and political divides, urging Nigerians to work together in supporting national development and economic recovery efforts.
