FG, tackle hardship, insecurity
The Nigerian economy has mostly been grappling with a myriad of challenges over the years. However, in recent times, these issues have been worsened by the federal government’s decision to remove fuel subsidies which have resulted in problems such as; a high cost of living, a growing sense of insecurity and general hardship, all of which are presently leading to widespread protests across the country.
The removal of fuel subsidies in May 2023 by the Tinubu-led administration has had a significant impact on the cost of living for ordinary Nigerians.
Fuel subsidy was initially put in place to mitigate the effects of high global oil prices on domestic consumers but after these subsidies were removed, it led to a sharp increase in the price of fuel, which in turn has affected the costs of transportation, food prices and the all-around business environment.
The price of fuel has skyrocketed, leading to an increase in the cost of essential goods. For instance, the increase in the price of transportation is causing a ripple effect on the costs of goods and services due to higher logistics and operational expenses and as a result, the cost of living for the average Nigerian has risen significantly, making it increasingly difficult for many to afford basic necessities of life.
Moreover, the difficulty caused by the high cost of living has been compounded by the country’s security challenges.
Insecurity has been a major issue in Nigeria; the country has been facing a growing wave of insecurity in recent years with widespread kidnappings, banditry and insurgency plaguing various parts of the country.
This has made it increasingly difficult for people to go about their daily lives leading to a sense of fear and uncertainty, particularly in the northern and middle-belt regions where activities of insurgent groups such as; Boko Haram, kidnappers and banditry have led to widespread displacement, loss of lives and destruction of property.
In conclusion, the hardship, high cost of living and insecurity currently being faced in Nigeria have created a volatile and challenging environment for ordinary citizens.
The federal government’s decision to remove fuel subsidies has only worsened these issues leading to a growing sense of unrest across the country.
The government must take decisive action to address these challenges and restore confidence in the country’s economy and security architecture in the interest of peace and national development.