Many Nigerians are still faced with a rising cost of living and consistent difficulties in accessing basic necessities, following policies put in place by the present administration.
Development Diaries reports that, according to the World Bank, it is estimated that at least one out of every ten extremely poor people lives in Nigeria.
We find it surprising that instead of focusing more on addressing the economic woes Nigerians are facing, Vice President Kashim Shettima recently referred to some Nigerians as ‘clowns’ for taking ‘pleasure’ in the fall of the nation’s currency, naira, against the U.S. dollar.
Apart from the policy on fuel subsidy removal, the Central Bank of Nigeria (CBN) also announced the unification of all segments of the forex exchange market, and this has put additional pressure on the local currency and manufacturers, with ripple effects on prices.
Even though the government has made some palliative moves to lessen the impact of the removal of fuel subsidy and other shocks on the populace, many Nigerians are still struggling because the supposed palliatives have done nothing to reduce the hardship.
The effects of economic hardship on citizens have contributed to a decline in living standards.
Figures from the National Bureau of Statistics (NBS) showed that the headline inflation rate in December 2023 increased to 28.92 percent relative to the November 2023 headline inflation rate, which was 28.20 percent.
At this point, Nigerians want to hear what the government is doing to reduce the hardship, what the plans are to solve the problem of the naira, and what the way forward is for the country and the people.
Development Diaries finds it unacceptable that the masses have continued to suffer hardship when the cost of governance in the country remains high and the four state-owned refineries are not operational.
We call on President Tinubu to implement a comprehensive and strategic approach to economic development that will contribute to improved living standards and increased opportunities for all Nigerians.
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