As Nigeria continues to grapple with a high cost of living and rising national debt under the ruling All Progressives Congress, President Bola Tinubu on Sunday said the party would not allow opposition parties to reverse the country’s progress.
Mr Tinubu, in his acceptance speech after clinching the APC’s presidential ticket with over 10 million votes cast at the primary, praised the party’s achievements and said the opposition lacked a clear vision for the country.
He stated that the general election must reflect that Nigeria’s democracy has matured under the APC.
“As a government, we have taken giant steps forward. Let’s not give in to complacency by allowing politicians with no clear alternative vision to take our country backwards,” he said.
According to Mr Tinubu, Nigeria’s economy has witnessed a turnaround since the APC took over governance in 2015.
The president cited his tax reforms and other fiscal policies, which he said had boosted revenue collection for the federation, despite concerns that the administration’s economic reforms had increased hardship for many Nigerians.
“As leaders and members of this great party, we should all be proud of what we have achieved for our country since our party took over governance in 2015 and of the outstanding economic progress we have recorded in the last three years of my administration,” he said.
Mr Tinubu further stated that under his administration, macroeconomic stability had been strengthened through improved revenue performance and financial management, adding that power generation had increased by 50 per cent above inherited levels.
He said, “We moved away from wasteful fuel subsidies, unstable exchange rates, and weak infrastructure.
“Today, we are witnessing a turnaround: the naira is strengthening, foreign reserves are rising, and our economic outlook is positive despite the inflationary disruption caused by the war in Iran and the geopolitical crisis in the Middle East.”
However, the president acknowledged that many Nigerians continue to face economic hardship.
The Tinubu-led APC has repeatedly blamed the Peoples Democratic Party for Nigeria’s economic challenges, maintaining that former President Muhammadu Buhari rescued the country from 16 years of PDP “misrule” in 2015.
Economic data, however, reflects a significant rise in public debt and living costs over the past decade. According to figures from the Debt Management Office, the federal government’s debt stood at N10.95 trillion as of December 31, 2015, comprising N8.84 trillion in domestic debt and over N2 trillion in foreign debt based on the Central Bank of Nigeria exchange rate of N197 to the dollar at the time. By December 31, 2025, total public debt had risen to N159.28 trillion.
The naira exchange rate currently stands at N1,369.07 to the dollar, compared to N197/$1 in 2015 and an average of about N306 between 2016 and 2019. Following the 2023 exchange rate unification policy, the naira weakened sharply, averaging N1,544 at the official market in 2025.
Data from the apex bank also showed that Nigeria’s inflation rate rose from 9.55 per cent in December 2015 to 15.69 per cent in April 2026, while food inflation increased from 10.6 per cent to 16.06 per cent within the same period.
Since the removal of fuel subsidy and the floating of the naira in 2023, Nigerians have faced rising costs of transportation, food and household essentials. The government has maintained that subsidy removal was necessary to prevent economic collapse.
The economic situation has significantly affected household spending, with reports indicating that lower-income families now spend up to 70 per cent of their earnings on food.
Last year, the World Bank projected that inflationary pressures, particularly rising food prices, could push about 141 million Nigerians into poverty by 2026.
Market prices have also surged sharply over the years. A 50kg bag of garri, which sold for about N6,000 in 2015, now costs between N35,000 and N65,000. Rice, previously sold at about N10,000 per bag, now ranges between N55,000 and N75,000, while a crate of eggs has risen from N600 to between N6,000 and N6,500.
Petrol, which retailed at N87 per litre in December 2015, surged to around N900 per litre following the subsidy removal in 2023, with prices increasing further in recent weeks amid rising global oil prices linked to tensions involving Iran and the wider Middle East crisis.
For cooking gas, National Bureau of Statistics data for March 2026 showed that the average retail price of 12.5kg rose to N19,652.83, compared to N4,047.88 recorded in December 2015.
