Economy

SABMF Decries State Of Economy

The Sir Ahmadu Bello Memorial Foundation (SABMF) has expressed concern on the current state of the Nigerian economy, believing it is the responsibility of all to address the gravity of the situation and offer recommendations for a way forward.

The director-general/CEO of the foundation, Engr. Abubakar Gambo Umar, said in a statement that the removal of petroleum subsidy had caused hardships for the population, as it had led to increase in fuel prices and subsequent price hikes in other sectors.

“The current economic situation in Nigeria is undeniably grim. Inflation has reached an all-time high of 29.9 percent, leading to a severe crisis where citizens are finding it increasingly difficult to afford basic necessities, such as foodstuffs, as prices of essential commodities have become beyond the reach of the ordinary Nigerian, exacerbating the already challenging circumstances. Food inflation is 35. 41 per cent.

“The rise in prices of fuels and transportation costs, coupled with the drop in the supply of electricity, have further compounded the burden on the meagre earnings of Nigerians. It is disheartening to note that the wages of millions of Nigerians have not been increased, leaving them vulnerable to the inflationary pressures that have plagued the nation,” he said.

Engr. Umar further said it is crucial to acknowledge the increasing restlessness among citizens, which has manifested in the form of protests in some states, adding that the protests highlight the frustration and dissatisfaction of the Nigerian people with the current economic situation.

 

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