Middle East Crisis Threatens Nigeria’s Inflation Stability, Purchasing Power, Says Tinubu

March 22, 2026
March 22, 2026
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President Bola Tinubu, on Sunday in Lagos, said the escalating Middle East crisis will spike inflation and affect Nigeria’s purchasing power. 

Tinubu, who spoke whenhosted the Vice President Kashim Shettima and 23 governors at his Lagos home for the Eid el-Fitr, said the government should care more for the vulnerable in order to cushion the effects of the hardship occasioned by the crisis.

“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,’’ the President added. 

He urged the state governors to remain steadfast and resilient in translating their ideas and visions into policies and programmes that directly impact citizens’ livelihoods, and to support the government in tackling the “tyranny” of criminals. 

He advised the governors to provide further incentives to cushion the inflationary impact of the war in the Middle East on energy and transportation prices. 

He thanked Vice President, Sen. Kashim Shettima, for the condolence visit to Borno State, assuring the people of the state of stronger protection through new technology. 

He hinted that his administration will intensify efforts to tackle the challenges of insecurity across various parts of the country, assuring that the safety and well-being of citizens featured at the meetings held in the United Kingdom. 

He said that he had followed up on support for modern security interventions with French President Emmanuel Macron.

“Your presence here today and the number show your sincerity, commitment and value for friendship and togetherness. 

“The next phase of our struggle is staring us in the face, and that is the challenge of insecurity in the country. 

“I am making all the efforts to ensure that we collectively share the joy of our victory over tyranny. Insecurity is an enemy of development, progress, and prosperity. I am glad you are all mindful of the challenge. 

“For me, I have committed to strengthening further the contacts and networks that are necessary. One of the major discussions in the United Kingdom was on equipment and support.  

“I can report to you that yesterday, again, I had a lengthy discussion with French President Emmanuel Macron. They are collaborating with us for equipment and support. I am also making frantic efforts to contact other nations,’’ he stated. 

The President also held a meeting with the British Prime Minister, Keir Starmer, before his return to Nigeria for the Eid-el-fitr.

Speaking,  the Chairman of the Nigerian Governors Forum, and Governor of Kwara State, AbdulRahman AbdulRazaq, thanked the President for his intervention in the states with the visionary Renewed Hope Agenda.

“On behalf of my colleagues, the governors, we bring your excellency, season greetings from the people of our various states. We thank the Almighty God for His mercies that saw us through the month of Ramadan.

“We pray that the Almighty God will see us through the period of Lent, and grant us sustainable peace,’’ he said. 

He congratulated the President on the successful State Visit to the United Kingdom and the investment agreements reached.

 “While our mission has been to have a good relationship with the United Kingdom, the State Visit, first in 37 years, is bold and significant. It speaks to new levels of relationship with Nigeria, and we thank you for it.

“Together, we must see that the issue of insecurity comes to an end. Regarding state police, discussions are ongoing with various security agencies led by the National Security Adviser, and the NGF has made its contributions. The NGF will take the document to the National Assembly to see how we can have a legislative framework for the state police,’’ the governor noted. 

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