It is now without a doubt that President Bola Tinubu will consider the economic reactions to his removal of subsidy on petroleum and the floating of the Naira. Analysts believe these decisions led to the high cost of living in the country which was borne out of spiralling Inflation, insecurity, lack of human-oriented infrastructural policies and fuel price hikes.
The Nigerian Naira is hovering around N1,500 to Dollar, pump price of fuel increased exponentially to over N1,000 per litre, which led to increase in the price of goods and services with over 34% inflation rate, and over 55% increase in unemployment rate. Multinational enterprises are not just shutting down but are moving to neighbouring African countries with favourable investment climates.
The government is yet to introduce effective and holistic national policies to address these challenges before it gets out of hand. At the moment, The country is currently plunging itself to emptiness and this is affecting every sector of the economy.Protests are now a response to Government’s anti-people policies.
Claiming to be an effort to bring about solutions to high cost of living and hike in food prices in addition to cost of services, the Federal Government approved palliative measures of 20 trucks of rice to each state of the federation and the FCT. An investigation shows that about 91.6 million poorest of the poor Nigerians are to get 1,280,400 bags of 25kg bags of rice, which would be distributed to the 36 states and the FCT. Three truckloads of the food items would also be going to each of the 109 senators for distribution.
The idea of buying grains and rice for distribution to Nigerians is indubitably a misplaced priority. It has shown the insensitivity of the federal government towards the plight of Nigerians and demonstrates the government's lack of intentional measures to put up lasting solutions to the economic crisis bedevilling the country.
Spending billions of Naira on rice and grains in the country is not a solution. The immediate past government's efforts in giving grains and palliatives to citizens didn’t go well and it is definitely uncertain that the current administration will get it right with this same approach.
Exasperatingly, while lots of Nigerians are in dire need of good governance and a good standard of living, government officials are excessively looting Nigeria’s Revenue resources to finance their expensive lifestyle, spending holidays abroad, renovation of official’s residents and mansions, and other extravagant wastefulness, without considering the pains of most Nigerians.
Another unsettling news is the alleged outrageous move that the Federal Government is allegedly, secretly paying an enormous sum of N5.4 trillion as fuel subsidy for 2024 despite the removal of fuel subsidy being announced by the President.
Rather than distributing money and rice as palliatives that are not sustainable and efficient, which corrupt government officials sidetrack and divert for their personal use, federal government should come up with People-oriented policies that will in turn provide employment opportunities, cheaper food products, Refineries, infrastructural development, etc. Lack of good infrastructure which is also a limitation to sufficient food production should also be checked.
It’s high time the government reviews their major policies to improve the living conditions of the people and encourage investors as well as manufacturers.
