Tinubu says ‘worst is over’ despite worsening hardship

Nigerian President Bola Tinubu declared yesterday that the “worst is over” following a series of painful economic reforms that have left millions struggling with rising costs and deepening poverty.

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Tinubu: Claims reform a success

In a national address marking Nigeria's 65th Independence Day, Mr Tinubu defended his administration’s decision to scrap fuel subsidies and unify the foreign exchange rate — moves that triggered inflation and widespread public anger but, he said, were necessary to “reset” the economy.

“Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit? Mr Tinubu said.

He cited second-quarter GDP growth of 4.23% — the fastest in four years — and a decline in inflation to 20.12% in August, the lowest in three years.