2023-08-01 07:32:43
Nigerian President Bola Tinubu announced several measures once morest the cost of living on Monday, July 31, following massive looting of foodstuffs in the east of the country. Since his inauguration in late May, Tinubu has taken a series of economic measures aimed at reviving long-term investment, but with serious effects on household wallets, deepening poverty in Africa’s largest economy.
Last month, the president notably ended fuel subsidies, quadrupling gasoline prices and, indirectly, skyrocketing food prices. “The price of fuel has gone up. Food and other prices followed. Households and businesses are strugglinghe acknowledged Monday in a speech broadcast on television. I wish there were other solutions. But this is not the case. »
Pour “reduce the burden” of the economic crisis, the Head of State promised at least 240 million euros for the agricultural sector, 150 million euros for SMEs and 90 million euros for the manufacturing sector. “I ordered the release of 200,000 tonnes of grain from strategic reserves”he said, eager to explain his decisions, a style that contrasts with that of his predecessor, Muhammadu Buhari.
On Sunday, a total curfew was imposed in the eastern state of Adamawa, where hundreds of residents engaged in massive looting of shops and public food storage warehouses, authorities said. local. In mid-July, Bola Tinubu announced a “state of emergency on food security”promising massive investments in agriculture and money transfers to the poorest.
Nigeria has been facing a serious economic crisis since 2016, aggravated by the Covid-19 pandemic and then the Russian offensive in Ukraine. Nearly half of its 215 million people live in extreme poverty (on less than $2 a day) despite its huge oil reserves. The north-east of the country is particularly affected by food insecurity, as a fourteen-year-old conflict between the army and jihadist groups there has displaced millions of people and alienated farmers from their land.
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