Rising cost of living: Nigerians bemoan unbearable hardship under Tinubu govt

DAILY POST

Nigerians face tougher days ahead as spiralling nationwide hunger resulting from untamed inflation, food insecurity and shrinking purchasing power worsen under the President Bola Ahmed Tinubu administration.

Tinubu’s economic team, namely the Minister of Finance, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, the Governor of Central Bank of Nigeria, Olayemi Cardoso, look overwhelmed by the country’s challenges, with current interventions yet to address the burgeoning hardship.

This is the situation in the last eight months as Nigerians suffer the hardship created by Tinubu’s policies of fuel subsidy removal and Naira floating at the foreign exchange market.

DAILY POST gathered that the Naira increased to N1,534.39 per US dollar at the FMDQ foreign market on Monday from N460.702, which it traded in May last year when President Tinubu took the oath of office.

This was further worsened with the removal of fuel subsidy, which saw the price of fuel rise to over N550 per litre from N238 in May 2023.

Also, the continued soaring inflation rate stood at 28.92 per cent in December, while food inflation increased to 33.93 per cent.