Tinubu’s Reforms Worsening Nigerians’ Hardship, Catholic Bishops Declare
The Catholic Bishops Conference of Nigeria has voiced concern over the impact of the Bola Tinubu administration’s reform agenda, stating that it has exacerbated the hardships faced by citizens.
During the commencement of the 2024 First Plenary Assembly of the CBCN in Abuja, the President of the CBCN, Lucius Ugorji, remarked that the reform agenda, including the withdrawal of fuel subsidies and the unification of the foreign exchange market, has led to a sharp increase in the cost of living.
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Inflation, in particular, has made it challenging for ordinary Nigerians to afford essential commodities like food and medication.
Ugorji expressed that millions of Nigerians have been pushed into grinding poverty, immense suffering, and unprecedented hardship due to the Tinubu’s economic reforms. The bishop highlighted the increase in begging among the poor, and with over 80 million Nigerians living below the poverty line, the country now ranks as the world’s second-largest poor population.
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Despite the struggles faced by impoverished Nigerians, Ugorji noted that the president has called for more sacrifices, promising brighter days ahead. He urged the government to consider drastic cuts in the cost of running the government at all levels as Nigerians endure economic challenges.
On the issue of insecurity, Ugorji pointed out the persistence of insecurity despite monthly allocations for security votes. Kidnappings for ransom and escalating bloodshed across the country remain ongoing concerns.
In response to the bishops’ concerns, the Secretary to the Government of the Federation, Senator George Akume, conveyed the administration’s commitment to economic transformation, security enhancement, food production, infrastructure development, social services improvement, economic diversification, and governance efficiency.
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Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, attributed the high inflation rate to excessive liquidity in the market. Despite acknowledging the difficulties, Cardoso expressed optimism about the country’s economic trajectory, emphasizing that recent reforms had attracted $1.8 billion into the markets. He suggested that sustained positive efforts could lead Nigeria out of its economic challenges, with the foreign exchange market gradually stabilizing.
As critical decisions loom in the upcoming Monetary Policy Committee meeting, the CBN governor anticipates further measures to make the economy more investor-friendly. The nation awaits developments in these ongoing efforts to address economic concerns.
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