Senator Neda Imasuen, who represents Edo South in the National Assembly under the Labour Party (LP), has criticised the twin policies of fuel subsidy removal and foreign exchange unification implemented by President Bola Tinubu’s administration.
Imasuen, who also serves as Chairman of the Senate Committee on Ethics, Privileges, and Public Petitions, voiced his concerns during an appearance on the Channels Television programme Inside Sources with Laolu Akande.
He argued that Nigerians, particularly the middle class, are bearing an excessive burden as a result of the reforms introduced by the All Progressives Congress (APC) government under Tinubu’s leadership.
“The legislature can only support the executive and hope their plans will take us in the right direction,” Imasuen stated. He emphasised that instead of assigning blame, the focus should be on finding solutions to the current challenges facing the nation.
Imasuen continued, “The suffering that Nigerians are enduring right now is far too high a price for these measures. We are a country that imports everything, yet we are devaluing the naira. I don’t see how that helps us when everything is linked to the dollar, and its value keeps rising.”
He highlighted the need to strengthen local industries and provide support to small and medium enterprises (SMEs) as a way to alleviate pressure on the middle class. Imasuen also stressed the importance of subsidies in certain sectors, particularly agriculture, to ensure farmers can produce enough food for the country. He pointed out that the rising cost of essentials, such as a bag of rice now costing nearly ₦100,000, is making life increasingly difficult for ordinary citizens.
Imasuen further criticised state governments for not doing enough to ease the hardships faced by Nigerians, stating they should be playing a more active role in addressing the economic challenges.
Nigeria is currently grappling with one of its most severe economic crises in decades, with inflation soaring due to rising energy and food costs. The middle class has been hit particularly hard, with many abandoning their cars to cope with the economic strain.
Critics have attributed the worsening situation to Tinubu’s policies, which they believe have led to the sharp rise in inflation and the cost of living. In response, thousands of Nigerians have taken to the streets in protest.
In his Independence Day broadcast on October 1, 2024, President Tinubu acknowledged the difficulties caused by his reforms, expressing sympathy for the public’s suffering. He urged Nigerians to be patient and assured them that his government is working on measures to reduce the cost of living and improve the economy.