President Tinubu says he is aware of high cost of living, public pains
Nigeria has declared a state of emergency over food security and inflation in the country, the president announced Friday.
“We declared a state of emergency and unveiled a comprehensive intervention plan on food security, affordability, and sustainability, taking decisive action to tackle food inflation,” Tinubu said on Twitter.
Nigeria, Africa’s leading economy, has been battling with inflation, and particularly the high cost of goods, transportation, and energy, since January.
The rise was exacerbated by rising petrol prices and the end of subsidies on oil imports to the country.
A recent mid-year assessment of the country’s inflation rate by the Central Bank of Nigeria showed that foods price inflation rose from 24.61% in April to 24.82% in May.
Dele Alake, a presidential spokesman, on Thursday said the president was “not unmindful” of the pains Nigerians are experiencing.
He said the president is unveiling many measures to tackle the challenge.
“In the immediate term, we intend to deploy some savings from the fuel subsidy removal into the agricultural sector,” he explained.
On Thursday, the president submitted a proposal to parliament seeking 500 billion naira ($643 million) to provide some relief, including subsidized transportation, fertilizers for farmers, and monthly support to citizens.
The legislature has yet to approve the proposal.