President Bola Tinubu said Monday that he is aware that millions of Nigerians were expressing frustration with the cost of living under his administration.

In his New Year message to Nigerians, Mr Tinubu said he is aware that “conversations and debates have centred on the rising cost of living, high inflation which is now above 28 per cent and the unacceptable high under-employment rate.”

“From the boardrooms at Broad Street in Lagos to the main streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families,” he said.

“I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope.”

Mr Tinubu, on 29 May 2023, during his inauguration, announced the removal of subsidy on petrol. This development has caused hardship for many Nigerians because of the increased prices of goods and services.

Apart from the removal of subsidy, the Central Bank of Nigeria (CBN) also announced the unification of all segments of the forex exchange (FX) market as part of efforts to engender transparency in the markets and boost investors’ confidence.

Although the policy has been widely applauded as well-intentioned and necessary, it has put additional pressure on the local currency and manufacturers, with ripple effects on prices.

Speaking on Monday, Mr Tinubu said time may be rough and tough, but Nigerians must remain unbowed because tough times never last.

“The time may be rough and tough, however, our spirit must remain unbowed because tough times never last.

“We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria.

“Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year 2024, each and every one of us will commit to being better citizens,” he said.