One Year in Office: Disorganized Policy Execution Deepens Economic Hardships for Nigerians

Nigerians were shocked to learn last Thursday that a measure aiming to replace the nation’s current National Anthem with the previous one had been presented in both chambers of the Since President Bola Ahmed Tinubu’s eight-point programme does not address issues like growing food and headline inflation, unemployment, and a declining Gross Domestic Product, many Nigerians have experienced fresh suffering over the past year.

The nation has been inundated with smokescreens of promises without results since Tinubu’s speech, which was based on an eight-point agenda.

This is despite the fact that the country’s monetary and fiscal indexes, GDP, unemployment, and inflation are all still below zero.

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The infamous Fuel Subsidy of the President is The tone for the implementation of the withdrawal of petrol subsidies was set by Gone’s May 29 announcement.

The strategy to remove fuel subsidies was promptly put into effect, which caused the price of fuel to spike from N260 to more than N500 per litre at the pump.

As per the findings of Petrol Watch by the National Bureau of Statistics, the average cost of petrol increased to N702 per litre in April 2024 from N254.06 in April 2023.

The removal of fuel subsidies and harmonisation of the foreign exchange market caused the Naira to appreciate to 1339.33 per dollar, according to FMDQ data.

Nigeria’s headline and food inflation rates reached all-time highs of 33.69 percent and 40.53 percent, respectively, in April 2024 as a result of the double policy.

Manufacturers and Nigerians are facing even more economic hardship as a result of rising energy prices.

For band A customers with at least 20 hours of power supply, the Nigerian Electricity Regulatory Commission announced on April 3 a 240% rise in electricity tariffs.

Even with the tariff being reduced by N18, Nigerians are still suffering from increased prices for products and services.

In its monthly Food Price Watch for April 2024, NBS reported that prices for tomatoes, rice, beans, garri, yam, and garri increased by more than 130%.

Nigeria’s purchasing power was reduced by the development.

The N10, N20, and N50 Naira notes are no longer worth anything because to inflation. Aside from sweets like bubble gum or Tom-toms, which are sold for “two pieces N50,” inflation has caused Nigeria’s currency to depreciate twice as much.