Chief Bola Ahmed Tinubu’s government has acknowledged that its economic policies are causing significant hardship and weakening the purchasing power of Nigerians.
In an article published Thursday, media aide Dada Olusegun stated that the removal of fuel subsidies and the floating of the naira have led to high food prices and overall economic distress.
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.
“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.
Despite public outrage and planned nationwide protests, Olusegun emphasized that these tough decisions were essential for the country’s economic survival and were supported by many economic experts and major presidential candidates.
The Financial Times, in an editorial on July 17, criticized Tinubu’s policies, stating they have pushed “tens of millions” into hardship.
“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.
Similarly, the New York Times reported in June that Nigeria is facing its worst economic crisis in decades under Tinubu’s administration, marked by spiking inflation, a declining national currency, and widespread food insecurity.
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