Middle East Crisis Will Spike Inflation, President Tinubu Warns Governors

Eshioromeh Sebastian in Abuja

President Bola Tinubu has alerted state governors to brace for the economic fallout of the ongoing crisis in the Middle East, warning that the conflict will trigger a spike in inflation and place additional pressure on the purchasing power of Nigerians.

The President issued the warning on Sunday in Lagos while hosting Vice President Kashim Shettima and 23 state governors at his residence for the Eid el-Fitr celebration. He urged the governors to take proactive measures to cushion the anticipated impact on energy and transportation prices.

“I know this Middle East crisis will spike inflation and affect our purchasing power,” President Tinubu told the gathering. “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 advised the governors to provide further incentives to mitigate the inflationary pressures expected to arise from the conflict, emphasizing the need to protect vulnerable citizens from the impending economic strain.

“We should care more for the vulnerable,” he stated, underscoring his administration’s commitment to shielding Nigerians from the worst effects of global economic shocks.

While acknowledging the economic challenges ahead, President Tinubu also assured the governors that his administration would intensify efforts to tackle insecurity across the country. He described insecurity as “an enemy of development, progress, and prosperity,” and called for a united front between the federal and state governments to confront what he termed the “tyranny” of criminals.

The President disclosed that he had initiated high-level discussions with foreign partners to secure equipment and support for modern security interventions. He revealed that during his recent State Visit to the United Kingdom, he held extensive talks with French President Emmanuel Macron and British Prime Minister Keir Starmer.

“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.

President Tinubu and the First Lady, Oluremi Tinubu, had returned on Friday from a three-day State Visit to the United Kingdom, where they were hosted by King Charles III and Queen Camilla. The visit, the first of its kind in 37 years, was described by the President as a significant step toward deepening Nigeria’s relationship with the United Kingdom.

The President commended Vice President Kashim Shettima for his recent condolence visit to Borno State and assured the people of the state that stronger protection would be delivered through the deployment of new technology.

In his remarks, the Chairman of the Nigerian Governors Forum (NGF) and Governor of Kwara State, AbdulRahman AbdulRazaq, thanked the President for his interventions through the Renewed Hope Agenda and extended Eid-el-Fitr greetings on behalf of his colleagues.

AbdulRazaq also provided an update on the ongoing discussions regarding state police, noting that the NGF had made its contributions and would soon take a document to the National Assembly to establish a legislative framework for state policing.

“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 stated.

Governors present at the meeting included: Sen. 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), Umar Namadi (Jigawa), Abba Kabir Yusuf (Kano), Dikko Umaru Radda (Katsina), Ahmed Usman Ododo (Kogi), Babajide Sanwo-Olu (Lagos), Abdullahi Sule (Nasarawa), Caleb Mufwang (Plateau), Siminalayi Fubara (Rivers), Agbu Keffas (Taraba), Mai Mala Buni (Yobe), and Lucky Aiyedatiwa (Ondo). The Deputy Governor of Borno State, Umar Usman Kadafur, also attended.