They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja.
NAN reports that Nigerians have been expressing discontent over the impact of recent economic policies.
They particularly complained about the removal of fuel subsidies, which has led to a sharp rise in the cost of living, causing widespread complaints about high food prices, transportation costs, and general economic hardship.
This has made it difficult for many as they are struggling to afford basic necessities.
The most prominent complaint is the dramatic increase in prices of food items, fuel, and other essential goods, directly impacting household budgets.
The relaxation of foreign exchange restrictions has also led to a devaluation of the Naira, further impacting purchasing power.
The economic hardship is particularly affecting low-income families, civil servants and individuals who are struggling to meet basic needs.
A Pharmacist, Ibrahim Abbas, said that the cost of medicines and other medical services have affected ordinary Nigerians, forcing most to seek alternative treatment.
Abbas said that the removal of fuel subsidy and hike in electricity tariff had affected the cost of drugs badly.
“The situation is so bad that most patients can no longer afford preventive medicines for certain ailments. Everything is so expensive now,” he said.
He urged the Federal Government to revisit some of these policies in the interest of ordinary Nigerians.
A civil servant, Aisha Musa, said that federal civil servants were the worst hit by the harsh realities of the policies.
“The removal of fuel subsidies and devaluation of the Naira have left civil servants poorer, as our take-home pay can no longer take us home.
“Even the minimum wage which civil servants expected to give them some succour has had very little or no impact at all.
“Imagine the Federal Government approving N70,000 as minimum wage only to add N40,000 to salaries of all categories of workers, instead of the usual consequential adjustments. That is unfair,” she said.
A trader, Bashir Mustapha, said that he had to increase the price of his commodities due to the increase in transportation fare and other logistics, adding that the step had resulted in low patronage.
However, a recent report by the World Bank said that the economic policies were necessary to urgently avert a fiscal crisis and place Nigeria on a stronger development path.
The report acknowledged that the policies had imposed short-term pressures on households and businesses.
Titled “Staying the Course: Progress Amid Pressing Challenges,” it highlighted the need to sustain these policies while addressing structural issues to combat inflation and promote long-term investment, growth, and job creation.
“The positive results from these reforms are starting to show at the macroeconomic level.
“For example, output growth has remained modest overall, as oil sector output has stabilised and activity in some services has been robust.
“The fiscal position is also improving, with the Federal Government’s fiscal deficit narrowing to 4.4 per cent of Gross Domestic Product (GDP) from 6.2 per cent in the first half of 2023.
“This has helped to mitigate debt-related risks,” the report said.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assured Nigerians that President Bola Tinubu was addressing the high cost of living in the country.
Edun spoke at a recent sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living.
He said that the country was in a much better place economically.
According to Edun, Nigeria was on the road to economic disaster by way of subsidy on fuel
“It was expected that there would be challenges due to subsidy removal.
“Inflation has increased and the cost of living has spiked, but Mr President is committed to protecting the poorest and the vulnerable.
“As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living.
“Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector,” he said.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said that the bold economic reforms were beginning to yield positive results.
Speaking at the Inaugural Economic Policy Conference for Emerging Market Economies in Riyadh, Saudi Arabia recently, Cardoso expressed confidence in the country’s economic trajectory in spite the initial challenges associated with the reforms.
He said that the apex bank’s policies were stabilising the economy and strengthening the banking sector.
“These tough but necessary policy decisions are paying off,” he said.(NAN)
