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Politiics/Governance

Nigeria's Economic Crises Deepens

23 October

Reported by Ibadan Media

Nigeria's economic crisis is taking a devastating toll on its citizens, with skyrocketing petrol prices, inflation, and unemployment wreaking havoc on millions. Since President Bola Ahmed Tinubu's inauguration 16 months ago, the country has been plagued by these issues, which worsened after he announced the removal of fuel subsidies .

The numbers are staggering. Petrol prices have surged from N865 per litre to N1,030 per litre, a drastic increase from N175 per litre in May 2023. Inflation has risen from 22.41% in May 2023 to 32.15% in August 2024, making basic foodstuffs unaffordable for many. The price of a kilogram of brown beans has skyrocketed by 262.98% in just one year, and the minimum wage of N70,000 is now practically meaningless.

The impact on Nigerians is heartbreaking. Hunger is widespread, affecting schoolchildren, and poor nutrition is increasing child and maternal mortality rates. Many children are dropping out of school due to unaffordable tuition fees. The unemployment rate has increased to 5.3%, and the number of Nigerians facing acute hunger is predicted to rise to 26.5 million by mid-2024.

Experts argue that the government's approach has been ineffective, with excessive spending and poor financial management exacerbating inflation. The Naira's depreciation and soaring interest rates have further worsened the economic situation.

To alleviate the hardship, the government must prioritize job creation, resolve chronic power problems, and invest gains from subsidy removal in productive areas. Transparency and curbing wasteful spending and corruption are crucial. Most importantly, the government needs to show empathy and develop home-grown solutions to the economic crisis, rather than relying on harsh measures imposed by international organizations.


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