Nigeria: Tinubu targets inflation of 8% or less by end-2031
By the AFREEQUE newsroom, based on Business Day Nigeria
The ruling APC party has published President Bola Tinubu’s plan, which targets inflation of no more than 8% by the end of 2031 and halving post-harvest losses. The programme also aims to almost double peak electricity production, according to Business Day.
The ruling party, the APC, has published President Bola Tinubu’s campaign plan, according to which it targets inflation of no more than 8% by the end of 2031. The plan also aims to almost double maximum electricity production and to increase food supplies, as the presidential election of 16 January approaches. Inflation has remained in double digits since Tinubu came to power in 2023, following the removal of fuel subsidies and the liberalisation of the foreign exchange market.
The plan also seeks to increase food storage capacity, halve post-harvest losses and develop local processing of agricultural products. It further sets targets to strengthen the weight of manufacturing in the economy and to increase non-oil exports and foreign direct investment.
These commitments add to measures already announced: cash transfers of 50,000 naira (37 dollars) to vulnerable households and a transport allowance of 70,000 naira for federal civil servants. A subsidy of 66 naira per litre of fuel, announced in October, has now ended. Ikenna Okonkwo, analyst at the firm SBM Intelligence, describes these direct payments as an electoral manoeuvre that responds to criticism of Tinubu’s economic policy.
