Prices of goods and services in Nigeria have kept rising in recent time. Fuel price on its own, has jumped to N700 a litre.
Nigerians are currently groaning under excruciating economic hardship; this is the reality of the situation. Cost of living in the country has gone outrageously high.
This has been the situation since the subsidy on premium motor spirit, PMS, or petrol as it is commonly called, was removed by the APC administration of President Bola Tinubu which came on board on May 29, this year.
Infact the reality on ground is not just worrisome but terrifying.
The price of everything in the country has virtually more than doubled since fuel subsidy was removed making things, especially foodstuff, out of reach of the poor. Even the rich are also uncomfortable with the situation.
Suffice to say Nigerians, especially, the middle class and low income earners, are going through some of the worst economic times in the annals of the country.
The present situation tends to paint the picture of a war time scenario.
The present APC administration of Tinubu cannot justify the present economic misadventure the country has inadvertently embarked upon
As the naira continues to fall flat against the dollar and other foreign currencies, and prices of goods and services consistently skyrocketing on a daily, it has now become expedient for the authorities of the federal government to halt the on-going experiment since it has so far proved economically fatal.
Adhoc federal government palliatives have not really done much towards addressing the woes of the citizenry. So, an immediate policy reversal vis-a-vis petrol subsidy removal, is strongly suggested here; possibly a return to the status quo prior to May 29, 2023, could be the magic wand to halt the current drift.
The needs to be done with the urgency of now.
NIGERIA NEWSPOINT