The Nigeria’s President Bola Tinubu has affirmed that millions of Nigerians were expressing frustration with the cost of living under his administration, pointing out that conversations and debates have centred on the rising cost of living.
Penpushing reports that Tinubu made this known in his new year message on Monday, adding that part of the frustration also include high inflation which is now above 28 per cent and the unacceptable high under-employment rate.
‘From the boardrooms at Broad Street in Lagos to the main streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families’, he said.
‘I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope”, Tinubu stated
Lagos, Nigeria, West Africa
Penpushing further reports that he said time may be rough and tough, but Nigerians must remain unbowed because tough times never last, adding that the socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria.
‘The time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria’.
‘Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year 2024, each and every one of us will commit to being better citizens’, he said.
Penpushing also reports that it is recalled that Tinubu during his inauguration, on May 29, 2023 announced the removal of subsidy on petrol., while this development has caused hardship for many Nigerians because of the increased prices of goods and services.
The Central Bank of Nigeria (CBN), apart from the removal of subsidy equally announced the unification of all segments of the forex exchange (FX) market as part of efforts to engender transparency in the markets and boost investors’ confidence.
Penpushing reports that, although the policy has been widely applauded as well-intentioned and necessary, it has put additional pressure on the local currency and manufacturers, with ripple effects on prices.
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