Nigerians Endure Rising Cost of Living as Naira Devalues and Energy Prices Soar
The Labour Party in Nigeria has condemned the deteriorating economic conditions faced by citizens, which have been exacerbated by the depreciation of the naira and soaring energy costs.
Naira Devaluation
The party pointed out that the country’s currency has lost significant value since the inception of the current administration, making it more difficult for Nigerians to afford basic necessities. The reverse floatation of the naira, a policy aimed at stabilizing the currency by allowing it to fluctuate freely, has failed to achieve its intended goal, resulting in a surge in inflation.
Energy Crisis
Compounding the economic woes is the ongoing energy crisis. The Labour Party lamented the sharp increase in gasoline and diesel prices, which has had a ripple effect on transportation and manufacturing costs. Additionally, the epileptic power supply has disrupted businesses and made life difficult for families.
Impact on Households
These factors have resulted in a sharp decline in the purchasing power of Nigerians. Ordinary citizens are struggling to meet basic needs such as food, shelter, and healthcare. Small businesses and entrepreneurs are also facing challenges due to the high cost of operations.
Labour Party’s Appeal
In light of these dire circumstances, the Labour Party has called on the government to take immediate action to address the economic crisis. The party has urged President-elect Bola Tinubu to focus on implementing policies that will stabilize the naira, reduce energy costs, and boost the economy.
The party emphasized that it is imperative to prioritize the well-being of the Nigerian people and implement effective solutions to alleviate their suffering.