President Bola Tinubu has cautioned that the ongoing crisis in the Middle East may drive up inflation and further reduce Nigerians’ purchasing power.
He made this statement during an Eid-el-Fitr gathering at his Lagos residence, which was attended by Vice President Kashim Shettima and 23 state governors.
According to his Special Adviser on Information and Strategy, Bayo Onanuga, the President said his recent diplomatic efforts in the United Kingdom were aimed at securing advanced security equipment and strengthening international partnerships.
Tinubu’s three-day state visit to the UK included meetings with King Charles III and British Prime Minister Keir Starmer. Beyond security concerns, he highlighted the potential economic effects of geopolitical tensions, particularly the risk of rising inflation.
“We must protect the vulnerable. I know the Middle East crisis will push inflation higher and impact purchasing power. Labour unions and other groups will seek support to mitigate the effects of this crisis,” he said.
He urged governors to take actionable steps that directly improve living conditions, especially by addressing rising energy and transportation costs.
The President also emphasized the need for tighter collaboration between federal and state governments to tackle criminal activities. He commended Vice President Shettima for visiting Borno State to console victims of insecurity and assured that new technology would be deployed to enhance citizen protection.
Chairman of the Nigerian Governors’ Forum and Kwara State Governor, AbdulRahman AbdulRazaq, described Tinubu’s UK visit as “bold and significant” for Nigeria’s international relations. He added that discussions on state policing were ongoing and that proposals would soon be submitted to the National Assembly.
