"Our administration knows that many of you struggle with rising living costs and the search for meaningful employment."
President Bola Tinubu has again acknowledged that his policy is causing hardship for Nigerians.
Speaking in a televised Independence Day broadcast Tuesday morning, the president said he is "deeply aware of the struggles many of you face in these challenging times."
"Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard," he said.
Nigeria is witnessing its worst cost-of-living crisis in a generation, caused by the removal of petrol subsidies and the devaluation of the naira by the Tinubu administration.
PREMIUM TIMES reported that the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange (FX) market as part of efforts to engender transparency in the markets and boost investors' confidence. This led to the devaluation of the naira from less than N1,000 to a dollar to over N1,600 to a dollar.
Although the policy has been widely applauded as well-intentioned and necessary, it put additional pressure on the local currency and manufacturers, with ripple effects on prices.
The two policies have led to increased prices of goods and services with basic food items like rice increasing by over 200 per cent over the past year.
"I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens," the president said on Tuesday. "Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel."
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Protest against hardship
Young Nigerians staged protests in August against economic hardship and hunger in the country. The protests, which turned deadly in at least six northern states, saw 22 people killed during demonstrations.
Many of the protesters returned to the streets on Tuesday to protest against what they described as bad policies and programmes of the Tinubu administration.
In response, the Inspector General of Police, Kayode Egbetokun, ordered a 'water tight' security across the nation.
The Defence Headquarters also said on Monday that troops had been placed on alert to support the police during today's nationwide protest.
Last month, the government commenced the trial of 10 Nigerians who participated in the #EndBadGovernance protest in Abuja. Part of the charges against them was that they collaborated with a 70-year-old Briton, "with intent to destabilise Nigeria" and that they "called on the military to take over the government from President Bola Tinubu." They have all denied the allegations.
