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02-10-2024
ABUJA: Nigerian president Bola Tinubu has pleaded with his compatriots for “patience” as they continue to grapple with a tough economic situation.
In an Independence Day speech, Tinubu defended his controversial economic reforms, saying they were necessary and are beginning bear results.
He also insisted Nigeria is “winning the war” on the violence that has killed thousands in the north over recent years, a declaration that will seem far-fetched to some.
Protesters in the capital, Abuja, as well as Lagos are using the 64th anniversary of independence from Britain to denounce what they see as the government’s poor handling of the economy.
President Tinubu began his speech on Tuesday by telling Nigerians: “I am deeply aware of the struggles many of you face in these challenging times… I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”
After coming to power last year, Tinubu removed a subsidy that kept the price of fuel low for Nigerians.
He also scrapped the policy of pegging the naira to the US dollar, instead allowing the market to determine the price of the currency. This caused the naira to plunge in value at one point it hit an all-time low.
This along with the ending of the fuel subsidy have been factors in the recent rise on the cost of living.
Annual inflation, the average rate at which prices go up has reached highs not seen for nearly three decades. Last month, inflation was at 32%.
In Tuesday’s address, Tinubu said his administration had no choice but to put the economy on a more sustainable path. He also noted that numerous other countries across the world have seen an increased cost of living.
Tinubu also addressed security, saying; “I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry.”
He added that the government has eliminated commanders from Boko Haram, a leading Islamist militant group in Nigeria “faster than ever”.
The nation’s military has recently stepped up its campaign against armed groups, intensifying air bombardment and land operations.
Troops “neutralized” almost 2,000 “terrorists” in the third quarter of the year, a military spokesperson said earlier this week but reports of abductions and attacks on civilians still surface frequently.
Just two days ago, local media reported that armed assailants killed at least two people and kidnapped 44 others in separate attacks in the states of Zamfara and Kaduna.
Nigeria is currently experiencing its worst economic crisis in a generation, leading to widespread hardship and anger.
A litre of petrol costs more than three times what it did nine months ago, while the price of the staple food, rice, has more than doubled in the past year.
These two figures highlight the difficulties that many Nigerians are facing as wages have not kept up with the rising cost of living.
Like many nations, Nigeria has experienced economic shocks from beyond its shores in recent years, but there are also issues specific to the country, partly driven by the reforms introduced by President Bola Tinubu when he took office last May.
Overall, annual inflation, which is the average rate at which prices go up, is now close to 30% – the highest figure in nearly three decades. The cost of food has risen even more by 35%. (Int’l News Desk)
