Nigeria’s cabinet ministers convened urgent discussions on the economy and food prices amidst mounting pressure stemming from President Bola Ahmed Tinubu’s policy reforms. In northern Niger state, protests erupted as demonstrators, predominantly women and youth, blocked a major road in the capital, Minna, demanding assistance with living expenses.
Since assuming office in May, Tinubu has eliminated fuel subsidies and currency controls, resulting in a threefold increase in petrol prices and a surge in living expenses due to the sharp depreciation of the naira against the dollar. Participating in the meetings, which commenced on Tuesday, were ministers responsible for finance, information, budget and national planning, agriculture, as well as the national security advisor, central bank director, and other senior aides.
“By the time these meetings are concluded, we’ll be able to issue a definite statement on what the position of government is in this regard,” Information Minister Mohammed Idris told reporters.
“All I can say is that discussions are ongoing, and very soon a solution is in sight for Nigerians.”
Ministerial meetings slated for Wednesday and Thursday were announced upon Tinubu’s return to Nigeria following a brief private trip to France.
Government officials have consistently urged Nigerians to exercise patience regarding the reforms, which Tinubu asserts will attract more foreign investment to Africa’s largest economy.
However, the immediate repercussions are severely impacting Nigerians: In December, inflation stood at 28.92 percent, with food prices soaring to 33.93 percent, according to the National Bureau of Statistics.
The value of the naira has plummeted rapidly against the US dollar since the government abolished a multi-tier exchange rate system and deregulated the local currency.
Prior to the reforms, the naira was trading at approximately 450 to the dollar, but on Monday, it was trading at 1,400 to the greenback, as reported by the central bank.
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