The administration of Chief Bola Ahmed Tinubu has admitted that its economic policies are seriously impairing Nigerians’ purchasing power and causing them great suffering.
Media assistant Dada Olusegun claimed in a piece that was released on Thursday that the naira’s floating and the elimination of fuel subsidies were to blame for the high cost of food as well as general economic hardship.
Olusegun stated, “It is undeniable that Nigerians are currently passing through difficult times characterised by high prices of food and other consumer goods. The increase in general consumer prices has not been anywhere near commensurate with the rise in the income levels of an average Nigerian. This weakened the purchasing power of a lot of our people.
Market Women Lament High Cost of Living, Threaten to Beat Up Tinubu (Video)
“The trigger for these, of course, is the very necessary decisions taken by the Tinubu administration at the onset to tackle the fuel subsidy conundrum as well as bold monetary reforms to reconfigure our foreign exchange market as well as the value and stability of the naira,” he added.
Olusegun underlined that these difficult choices were necessary for the nation’s economic survival and were backed by numerous economic experts and prominent presidential candidates, despite widespread indignation and organised statewide rallies.
In an editorial published on July 17, The Financial Times attacked Tinubu’s policies, claiming they had put “tens of millions” in difficulty.
FG Minimum Wage Proposal Matches Purchasing Parity in Market — Senator Kalu
“He allowed the country’s currency, the naira, to enter freefall, fuelling imported inflation and triggering the worst cost of living crisis in a generation. These measures have pushed tens of millions of already impoverished people deeper into misery,” Financial Times stated.
In a similar vein, the New York Times revealed in June that under Tinubu’s leadership, Nigeria is experiencing its worst economic crisis in decades, characterised by sharp increases in inflation, a collapsing national currency, and pervasive food poverty.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.