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Investor's Crypto Daily > Blog > Headlines > Economy > Economic News > Tinubu, President of Nigeria addresses protests in the face of cost-of-living crisis
Economic News

Tinubu, President of Nigeria addresses protests in the face of cost-of-living crisis

Last updated: August 4, 2024 3:07 pm
By Michelle Whelan 5 Min Read
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Bola Tinubu, the President of Nigeria, addressed Nigerians on Sunday in a television address. He specifically reached out to the youth who had been protesting the rising cost of living.

Contents
Amnesty International reports deaths amidst protestsTinubu defends economic reformsNigerian economic challenges and Government ResponseDialogue and the Way ForwardGovernance and stability: broader implications

He called on the protestors to stop and urged them to refrain from violence.

Dear Nigerians and especially to our young, I’ve heard you. My government will listen to and address the concerns and pain of its citizens.

He stressed that it was important to maintain peace in the country and avoid actions which could destabilize things further.

Amnesty International reports deaths amidst protests

Amnesty International reported on Monday that security forces have killed at least thirteen protesters since last week’s demonstrations. Nigerian Police, on the other hand, have admitted seven deaths but denied any responsibility.

In the first days, nearly 700 people were arrested for offenses like armed robbery and arson.

Amnesty International released a statement that said: “Security staff at the sites where people died deliberately used tactics to kill when dealing with protests by those who were angry about hunger and poverty.”

Rights group urges police not to use lethal force in dispersing crowds and to free detained protesters.

Tinubu defends economic reforms

Tinubu has held office in May 2023 and defended the economic policies of his administration, including the removal of partial petrol and electric subsidies, and devaluation the naira. He argued that these measures are necessary to reverse years of mismanagement.

Tinubu stressed the importance of peace, and the adherence to conventions on human rights.

The security operatives in Nigeria should maintain law and order, peace and harmony, by adhering to the human rights conventions to which Nigeria has signed.

Nigerian economic challenges and Government Response

The protests began August 1 with thousands of Nigerians mobilizing on the internet and in the streets to call for reductions in electricity and petrol tariffs.

Discontent with government policies and high living costs has fueled the demonstrations.

Tinubu’s response to economic problems was to highlight several initiatives of the government aimed at alleviating this situation.

There are also increased expenditures on infrastructure, a new loan program for students at universities, and construction of thousands housing units in all 36 Nigerian states.

Tinubu said that government revenues had doubled in the first six months of this year to 9,1 trillion Naira (about $5.55 billion).

Since he was elected, the percentage of revenues allocated to debt service has dropped from 97 to 68.

Dialogue and the Way Forward

Tinubu’s request for dialogue, and his promise to respond to protesters’ grievances mark a crucial juncture of his administration’s response to this crisis.

It will be important to determine the direction of future protests in Nigeria and to implement necessary reforms if he is committed to hearing the concerns of citizens.

The President’s acknowledgement of protesters’ frustration and call for peace could help ease tensions. However, it remains to be determined whether his administration is able to address the economic problems at the root of these demonstrations.

These protests highlight the need for comprehensive solutions that are sustainable to Nigeria’s economic problems.

Tinubu will have to balance the need for economic reforms and the needs of Nigerians.

Governance and stability: broader implications

Recent protests in Nigeria have brought to light the wider implications of decisions made by economic policy makers and how they impact social stability.

In order to maintain economic growth and keep the economy in good shape, it is crucial that government can manage discontent among citizens and introduce effective reforms.

Tinubu’s administration is faced with a dual challenge: addressing the immediate needs of the economy while also laying the foundations for growth and stability on a long-term basis.

In his recent speech, the President acknowledged these issues and committed to finding solutions.

As new information becomes available, this post may change.

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