Tinubu to governors: Middle East crisis will spike inflation, provide more incentives for citizens

President Bola Tinubu has warned that the Middle East crisis, triggered by the escalating tensions between the US, Israel and Iran, could push up inflation and erode Nigerians’ purchasing power.

Tinubu and Oluremi, his wife, returned to Nigeria on Friday from a three-day state visit to the United Kingdom (UK), where King Charles III and Queen Camilla hosted them.

The president also held a meeting with Keir Starmer, the British prime minister, during which key bilateral agreements were reached.

Speaking on Sunday when he hosted Vice-President Kashim Shettima and 23 governors at his Lagos home for Eid al-Fitr, Tinubu advised the governors to provide further incentives to cushion the inflationary impact of the ongoing war in the Middle East on energy and transportation prices.

“We should care more for the vulnerable. I know this Middle East crisis will spike inflation and affect our purchasing power,” the president said.

“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.”

According to a statement by Bayo Onanuga, his special adviser on information and strategy, the president urged the 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.

Tinubu stressed that his administration would intensify efforts to tackle the challenges of insecurity across various parts of the country, assuring that the safety and well-being of citizens featured in his recent meetings held in the UK.

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

“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.”

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

He thanked Shettima for the condolence visit to Borno over the recent bombings in Maiduguri, assuring the people of the state of stronger protection through new technology.

AbdulRahman AbdulRazaq, chairman of the Nigerian Governors Forum (NGF) and governor of Kwara, 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’s greetings from the people of our various states,” AbdulRazaq said.

“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.”

The NGF chairman congratulated Tinubu on the successful state visit to the UK and the investment agreements reached.

“While our mission has been to have a good relationship with the United Kingdom, the state visit, the first in 37 years, is bold and significant,” he added.

“It speaks to new levels of relationships 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.”

Some of the governors at the meeting include Hope Uzodinma, Imo; Alex Otti, Abia; Umo Eno, Akwa Ibom; Douye Diri, Bayelsa; Hyacinth Alia, Benue; Bassey Otu, Cross River; Sheriff Oborevwori, Delta; Francis Nwifuru, Ebonyi; Monday Okpebholo, Edo; Peter Mbah, Enugu; Mohammed Inuwa Yahaya, Gombe; and Umar Namadi, Jigawa.

Others are Abba Yusuf, Kano; Dikko Radda, Katsina; Ahmed Ododo, Kogi; Babajide Sanwo-Olu, Lagos; Abdullahi Sule, Nasarawa; Caleb Muftwang, Plateau; Siminalayi Fubara, Rivers; Agbu Keffas, Taraba; Mai Mala Buni, Yobe; and Lucky Aiyedatiwa, Ondo.

Umar Kadafur, deputy governor of Borno, was also at the meeting.