Despite Hardships, Petrol Price Hike, Nigerians Enjoying Better Life Under Tinubu, Says Dele Alake

Asked to assess the performance of the new Nigerian leader in the past two weeks in an NTA (a state-owned TV station) interview Thursday night, Mr Alake said, “It’s been exhilarating. It’s been very exciting. It’s been refreshingly different for Nigerians. In fact, President Tinubu has broken all myths in this country. This man, President Tinubu, has demonstrated that public trust and confidence can be won.”

The presidential spokesman added, “This afternoon, when we were reviewing policies — that’s what we do; that’s what he (Tinubu) does; he monitors very effectively and efficiently — we concluded that the title of his action plan, ‘Renewed Hope’, has actually come to reality because Nigerian have been given a new lease of life.”

Mr Tinubu assumed office on May 29, 2023, announcing the immediate removal of the fuel subsidy, which saw the petrol pump price skyrocket to N540 from N195. The president did not mention plans to cushion his decision’s adverse effects on the Nigerian masses. 

Thursday, the National Bureau of Statistics (NBS) reported that Nigeria’s annual inflation rate rose to 22.41 per cent amid an increase in food prices. The bureau noted that within a year, the rate had accrued a difference of 4.70 per cent from May 2022, where the inflation was 17.71 per cent, until May 2023.

Items like food and non-alcoholic beverages (11.61 per cent), housing, water, electricity, gas and other fuel (3.75 per cent), clothing and footwear (1.71 per cent), transport (1.46 per cent), among others, contributed largely on the divisional level to the increase in the headline.

Also, the report on the food inflation rate showed that the food inflation rate quickened from 24.61 per cent in April to 24.82 per cent in May and, on a year-on-year basis, was 5.33 per cent points higher compared to the rate recorded in May 2022 (19.50 per cent).