Nigerians react to economic condition of the country

As the economic hardship bites harder across the country, Nigerians have continued to react, saying the high cost of commodities has made the situation unbearable.

Recall that the administration of President Bola Ahmed Tinubu in his inaugural speech in May 2023, announced an end to the subsidy era on Premium Motor Spirits (PMS), also known as petrol.

However, the sudden removal of petrol subsidy and subsequent monetary policies responsible for the volatility of foreign exchange rates against the country’s naira, have been attributed as major causes of the current hardship. 

Meanwhile, Tribune Online reports that the headline inflation rate in Nigeria has increased to 31.7% in February from the 29.90 per cent in January, according to the National Bureau of Statistics.

But in a series of interviews conducted across marketplaces in Nigeria, Tribune Online gauged the opinions of some Nigerians on the current economic situation of the country. 

Many of the business people who spoke with our correspondent described removal of petrol subsidy and rise in Dollar exchange rate as causes of high cost of commodities. 

To some, inability of farmers in the North to access their farmlands due to the ravaging insecurities in the region is hitting harder on the country’s food security.