BENIN CITY: A Labour Party (LP) Senator representing Edo South in the National Assembly, Barrister Neda Imasuen, has criticized the dual policies of petrol subsidy removal and foreign exchange unification implemented by President Bola Tinubu’s administration.
Imasuen, who chairs the Senate Committee on Ethics, Privileges, and Public Petitions, expressed concern that Nigerians, particularly the middle class and the poor, are bearing the brunt of these so-called reforms by the All Progressives Congress (APC) government.
He stated that the legislature’s role is to support the executive and hope their plans yield positive outcomes. This is not the time for blame; we need to focus on how to alleviate the suffering of our people,” he said.
Imasuen emphasized, The current measures seem to impose an excessive burden on Nigerians. We rely on imports, yet we are devaluing our naira, which complicates the situation as everything is tied to the rising dollar.
He called for the development of local industries and stronger support for small and medium enterprises, suggesting that this could provide the middle class with the necessary space to thrive. Every country provides some level of subsidy, especially in agriculture. Our farmers need funding and government support to produce food. Today, many can’t afford a bag of rice, which costs around N100,000.
Imasuen also pointed out that state governments have a crucial role in alleviating public suffering but are failing to fulfill it.
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Nigerians are grappling with one of the worst economic crises in decades, characterized by soaring inflation driven by rising energy and food prices. The middle class is particularly affected, with many sacrificing their cars to cope with the unprecedented hardship.
Critics have targeted Tinubu’s policies of subsidy removal and foreign exchange unification, believing these measures have contributed to skyrocketing inflation and living costs. Recent protests have erupted as thousands of Nigerians express their frustration over the deteriorating economic conditions.
In his second Independence Day Anniversary Broadcast on October 1, 2024, Tinubu acknowledged the economic difficulties his reforms may have caused and assured citizens that his administration is working on measures to reduce the high cost of living. He urged for patience and understanding, stating that his government is committed to improving the economic situation for the benefit of all Nigerians.