As Nigeria marks 64 years of Independence, the Bola Tinubu’s administration may be facing a new wave of resentment to its controversial reforms from Nigerians.
Some activists in the nation’s commercial capital of Lagos and many other states are gearing up for another round of protest, which is a follow up to the one held in August.
Across the country, many citizens have voiced their concerns about the rising cost of living and economic hardship occasioned by the reforms of Tinubu’s administration.
Many citizens are frustrated over the worsening economic situation, rise in cost of living which has significantly impacted their living condition and purchasing power in the last one year.
“I spent most of my earnings on food, this September when school resumed; I had to buy some food on credit, because of school fees,” Wale Balogun, a technician said.
With the latest inflation rate at 32.15 for August 2024 and food inflation at about 50 percent, fuel prices have added more than 500 per cent since Tinubu started his reforms last year.
Many analysts say the country is experiencing its worst economic crisis in a generation.
Nigerians are noted to be one of the most resilient people in the world and they can adapt quickly to the changing circumstances, but the present state of the economy, inflation rate and cost of essential commodities is unprecedented in the history of the country and has left many helpless.
Food prices have risen even faster, in some cases about four times more expensive than when President Tinubu assumed office and began his reforms last year may.
Many people have resorted to buying low quality rice, rotten tomatoes, while many families now eat one meal a day.
For many this is the breaking point, which had never been seen in the nation’s history.
“In my 62 years on earth things have never been this hard in Nigeria, if it was like this, I would not be able to train my children to school,” Tayo Ogunwale, a retired teacher, said.
Ogunwale stated that he can barely manage to eat twice, noting that sometimes he eats once because food is now so expensive.
“Even beans and garri that we didn’t eat before are up, if you can buy food, even what to cook it, gas is up more than 100 per cent. Tinubu’s reforms is killing us, “he added.
The President had announced the removal of petrol subsidy that his administrations say had been a drain on the nation’s treasury, costing the nation trillion of naira every year.
In the weeks that followed his assumption of office last year, Nigeria unified the segment of the foreign exchange market into a single window in order to allow the naira trade more freely.
Read also: Nigeria@64: Parliamentary system not solution to nation woes, independent institutions crucial
The new policy triggered massive devaluation of the currency.
Ironically, more than 18 months later the naira is now one of the worst performing currencies in the world.
Citizens say the reforms have brought untold hardship and further impoverished them; they are fed up with the hardship in the land, and want a reversal of his reforms and immediate return of petrol subsidy to ease their suffering.
Across the country, many people do not believe the President knows what he is doing and do not expect things to get better any time soon despite promises.
“The indices show it all, I just think everything was so soon and unplanned, some of the policies, like the floating of the naira, are turning out to be a failed policy.
“You can imagine unprecedented hardship now, I think the President and his team are even confused now,” Tolani Oke, an economist, told BusinessDay.
But despite the current economic situation and hardship across Nigeria, the President and his team appear not bothered and have vowed to continue with the reforms aimed at cutting public expenditure and putting more money in government pockets.
Some days ago, the federal government announced that it plans to tax more Nigerians and businesses despite the current economic hardship. This plan is part of the government’s Economic Stabilisation Bills approved by the Federal Executive Council last week Monday.
The Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, Taiwo Oyedele disclosed this in a statement on his official X account.
According to him, the initiative termed “Tax Identification Consolidation and Collaboration (TICC)” will help increase Nigeria’s tax base and widen revenue.
He noted that the plan is part of the 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth.
Read also: Nigeria @ 64: Stunted growth belies large economy claim
With the cost of essential commodities at all time high and hardship increasing, many Nigerians have threatened the Tinubu’s administration with protest if the reforms are not reversed.
As the country prepares to further tax more people, some Nigerians are threatening to enter the streets and protest the hardship occasioned by Tinubu’s reforms.
They warned that nothing would see them not resume the #EndBadGovernance protest seen in August.
Similarly, last week the Lagos State chapter of the #EndBadGovernance Movement after a meeting called on Nigerians to rise against the prevailing economic hardship by joining a peaceful protest on Tuesday, October 1.
During a media briefing held at the International Press Centre in Ogba, Lagos, the activists, led by the National Coordinator of the Education Rights Campaign (ERC), Hassan Soweto, outlined 10 urgent demands for President Tinubu’s government.
These demands, they stressed, must be addressed immediately to alleviate the suffering of Nigerians.
They were Joined by prominent activists, including Adegboyega Adeniji of the Movement for Fundamental Change (MFC) and Francis Nwapa of the Youth Rights Campaign (YRC), Soweto emphasised the urgency of addressing the economic crisis.
The demands focus on reversing harmful economic policies, tackling insecurity, and alleviating the daily struggles of the average Nigerian, Leadership reported.
The activists called for the masses to participate in the peaceful protest, describing it as a “warning” to the government. He warned that if the government fails to meet their demands, the protest will only be the first in a series of nationwide actions.
Soweto called for a different approach to governance, one that prioritises the well-being of all Nigerians over the interests of a few elites.
The activists also demanded the government address Nigeria’s pressing security challenges. They called for the establishment of a robust security architecture and greater support for soldiers fighting on the frontlines, as well as their families.
