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Rising cost of living: Nigerians bemoan unbearable hardship under Tinubu govt

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Rising cost of living Nigerians bemoan unbearable hardship under Tinubu

The current administration under President Bola Ahmed Tinubu is facing severe criticism from Nigerians due to the escalating challenges of widespread hunger, inflation, food insecurity, and dwindling purchasing power.

Tinubu’s economic team, comprised of the Minister of Finance, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, and the Governor of Central Bank of Nigeria, Olayemi Cardoso, seems to be struggling in addressing the country’s economic difficulties, despite their interventions.

The situation has worsened in the last eight months, primarily due to Tinubu’s policies, which include the removal of fuel subsidy and allowing the Naira to float freely in the foreign exchange market. This has led to a significant increase in the exchange rate of the Naira against the US dollar, rising food and fuel prices, and soaring inflation rates.

As a result, the prices of essential food items have skyrocketed by more than 100%, causing immense hardship for ordinary citizens. Small-scale traders are particularly affected, with many contemplating quitting their businesses due to the lack of profitability.

The International Monetary Fund (IMF) has also recently warned about the deepening economic crisis in Nigeria, exacerbating the plight of the population. This dire situation has prompted protests in several states, with citizens expressing their frustration over the rising cost of living.

In response to the crisis, President Tinubu has ordered the release of 102,000 metric tonnes of rice and maize to alleviate the situation. However, renowned economists are pointing to the inadequacies in the structure of the Nigerian economy as the root cause of the current inflation spiral. They are advocating for immediate action to implement import substitution strategies and diversify the economy.

Additionally, they emphasize the need to tackle economic offenses and implement heavy sanctions on individuals and corporate bodies engaged in such activities. Other experts underscore the importance of instituting price-fixing policies for certain food items, monitoring excessive profits by traders, and focusing on self-sufficiency and local production of staple food items in the long term.

While the challenges facing the Nigerian economy are complex, it is evident that concerted efforts and comprehensive reforms are urgently needed to address the escalating cost of living and ensure a more sustainable and inclusive economic future for the country.

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