Middle-East Crisis Will Spike Inflation In Nigeria, Affect Our Purchasing Power – Tinubu
Middle-East Crisis Will Spike Inflation In Nigeria, Affect Our Purchasing Power – Tinubu
Tinubu made this known during an Eid-el-Fitr gathering at his Lagos residence, where he hosted Vice President Kashim Shettima and 23 state governors.
Nigerian president, Bola Tinubu, has warned that the ongoing crisis in the Middle-East could trigger another wave of inflation and further weaken Nigerians’ purchasing power.
Tinubu made this known during an Eid-el-Fitr gathering at his Lagos residence, where he hosted Vice President Kashim Shettima and 23 state governors.
According to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said his recent diplomatic engagements in the United Kingdom were largely focused on acquiring advanced security equipment and strengthening international cooperation.
The President had recently returned from a three-day state visit to the United Kingdom, where he was hosted by Charles III and met with British Prime Minister Keir Starmer.
Beyond security concerns, Tinubu warned that geopolitical tensions in the Middle East could have direct economic consequences for Nigeria, particularly through rising inflation.
“We should care more for the vulnerable. I know this Middle East crisis will spike inflation and affect our purchasing power. The labour union and others will be gearing to ask us to support more due to the effect of the Middle East war and crisis,” he said.
He urged the state governors to move beyond rhetoric and implement policies that directly improve living conditions, particularly by cushioning the impact of rising costs in energy and transportation.
Tinubu also called for stronger collaboration between federal and state governments to combat what he described as the “tyranny” of criminal elements across the country.
He commended Vice President Shettima for visiting Borno State to condole with victims of insecurity, assuring Nigerians that new technology would be deployed to enhance protection.
Speaking on behalf of the governors, Chairman of the Nigerian Governors’ Forum and Kwara State Governor, AbdulRahman AbdulRazaq, praised Tinubu’s UK visit as “bold and significant” for Nigeria’s foreign relations.
He also confirmed that deliberations on state policing were ongoing, noting that the forum would soon submit its proposals to the National Assembly.
