By Obinna Ejianya
ABUJA (9News Nigeria) – The Nigerian Senate committee is currently meeting with President Tinubu’s economic team which includes the Central Bank Governor, Olayemi Cardoso to address the astronomical rise both in the cost of food and commodities and foreign exchange values against the Naira.
Following the free fall of the naira in the foreign exchange market coupled with the worsening economic situation in Nigeria, the Senate summoned President Bola Tinubu’s economic team to appear before it.
President Tinubu’s Economic Team includes Minister of Finance, Olawale Edun, Minister of Agriculture and Food Security – Abubakar Kyari, Minister of State for Budget and Economic Planning – Atiku Bagudu, Central Bank of Nigeria Governor – Cardoso, Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji and Comptroller General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi.
Nigeria has faced heightened economic challenges in recent years, including issues such as inflation, currency devaluation, and rising commodity prices. These factors can contribute to an increase in the cost of living and hardship for the citizens.
When such economic difficulties arise, it is not uncommon for government officials and relevant stakeholders to be summoned by legislative bodies, such as the Senate, to provide explanations and propose solutions to address the situation. In this case, the Senate committee would likely question President Tinubu’s economic team, including the Central Bank Governor and other ministers, on their strategies and policies to mitigate the economic hardship facing the country.
Protests and demonstrations by citizens expressing their dissatisfaction with the government’s handling of the economy are also not uncommon during periods of economic hardship. Citizens may voice their concerns about rising prices of essential goods and services, such as food and fuel, and call for government intervention to alleviate the situation.
There have been serious uproars among Nigerian citizens because of the unbearable cost of living occasioned by the devaluation of the naira, and hike in fuel prices among other afflicting polices of the government. Recently, hundreds of residents of Minna, Niger State, and Kano, Kano State staged protests to register their grievances.
The protesters who lamented the hikes in the prices of gas and fuel in the country, blocked major roads in the state to register their displeasure over the rising cost of living. They lamented that there was no government effort to arrest the situation of the rising cost of food items.
Report by Obinna Ejianya (9News Nigeria)
