President Bola Ahmed Tinubu has acknowledged the pressure rising fuel prices are placing on Nigerians, while urging citizens to remain hopeful amid ongoing economic challenges.
Speaking during a visit to Bayelsa State, the President admitted that the cost of petrol has become a major concern for many households across the country.
He, however, encouraged Nigerians to maintain a sense of perspective, noting that economic difficulties are not unique to the country.
According to him, several nations, including Kenya and others across Africa, are also grappling with similar financial pressures.
The President said his administration is actively exploring ways to reduce the burden on citizens, especially vulnerable groups, while maintaining that the government remains committed to improving living conditions.
He explained that current economic realities are partly driven by global developments beyond Nigeria’s control, including international conflicts and shifting market dynamics.
Since taking office, the administration has implemented key economic reforms such as the removal of fuel subsidies and adjustments to the foreign exchange system.
While these policies are aimed at stabilising the economy in the long term, they have contributed to rising living costs, with petrol prices now exceeding ₦1,200 per litre in some areas.
Recent geopolitical tensions involving countries like the United States, Israel, and Iran have also added pressure to global energy markets, further impacting fuel costs.
The government says efforts are ongoing to manage the situation and ease the impact on citizens as reforms continue.
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