Senator Neda Imasuen of the Labour Party, representing Edo South in the National Assembly, has expressed concerns over the economic impact of President Bola Tinubu’s policies, particularly the removal of petrol subsidies and the unification of foreign exchange rates. Speaking during a televised interview on Inside Sources on Channels Television, Imasuen argued that the middle class is bearing an excessive burden due to these reforms.
As Chairman of the Senate Committee on Ethics, Privileges, and Public Petitions, Imasuen emphasized that while the legislature supports the executive’s efforts, the current situation is untenable for many Nigerians. “This is not the time to trade blame; it’s time to sit down and say, look, our people are suffering, how do we sort out the situation we have found ourselves in?” he said.
The senator expressed doubts about the economic benefits of these reforms, pointing out that Nigeria’s reliance on imports, coupled with a devaluing naira, is worsening the situation. “Everything is tied to the dollar, and the dollar keeps going up,” he noted, calling for a focus on developing local industries and strengthening small and medium enterprises (SMEs).
Imasuen also highlighted the importance of government intervention, particularly in agriculture, stating that subsidies are necessary to support farmers and stabilize food prices. He lamented that many Nigerians can no longer afford basic food items, with a bag of rice now costing around ₦100,000.
He further criticized state governments for not playing a sufficient role in easing the suffering of their people, urging a collective effort to address the crisis. Nigeria is currently facing one of its worst economic downturns in decades, with soaring inflation driven by skyrocketing energy and food costs. The middle class, in particular, has been hit hard, with many forced to abandon personal vehicles due to rising fuel prices.
Critics have increasingly faulted the Tinubu administration’s economic reforms, which they argue are fueling inflation and exacerbating the cost of living. In response, thousands of Nigerians have taken to the streets in protest against the country’s worsening economic conditions.
During his Independence Day address on October 1, 2024, President Tinubu acknowledged the hardships caused by his reforms and assured Nigerians that his administration is working to lower the cost of living. He pleaded for patience, noting that his government is retooling its economic policies to benefit ordinary Nigerians.
