Nigerian Economy: Protesters urge Tinubu’s administration to address high living costs, return fuel subsidy

*Thousands of Nigerians gathered in Abuja and Lagos Tuesday, October 1, 2024, to protest against current high living and energy costs, urging President Bola Ahmed Tinubu’s administration to address the rising inflation, and attendant economic hardship in the economy, as the West African country commemorates its 64th Independence Anniversary

Isola Moses | ConsumerConnect

Several thousands of Nigerians gathered in Abuja, FCT and Lagos, the country economic capital Tuesday, October 1, 2024, to protest against current high living and energy costs, as the West African country celebrates its 64th Independence Anniversary.

It was gathered the protesters said that October 1 is not a time for celebration in view of the economic hardship in the land.

They, however, urged President Bola Ahmed Tinubu’s administration to address the rising inflation and attendant economic hardship, as well return “corruption-free fuel subsidy” regime in Nigeria.

It is recalled that some critics have faulted Preisident Tinubu’s policies of petrol subsidy removal and unification of the Foreign Exchange (Forex) rates, which several Nigerians believed are yet responsible for the soaring inflation and rising living and energy costs in the country.

Subsequently, the October 1 protest, tagged “FearlessInOctober”, had been propagated on social media two months after the August #EndBadGovernance protests in the country.

In Abuja, protesters Tuesday gathered in the Utako area of the FCT, waving the Nigerian Green-White-Green flag and banners with various inscriptions, including “EndBadGovernance”, “DiasporaVoting”, and “EndHighLivingCosts”, among others, according to reports.

Whereas in Lagos State, around Ikeja, the state capital, the situation was the same as youths besieged the popular Ikeja UnderBridge area, with vehicular movement at a standstill on a day already declared a public holiday by the government for the celebration of Nigeria’s Independence.

As in Abuja, the protesters in Lagos also carried banners bearing inscriptions, such as “Hunger Dey”, and “Reverse Anti-People, Neoliberal Policies Of Privatisation, Deregulation and Devaluation of Naira”.

Mr. Omoyele Sowore, one of the organisers of the protest, was spotted at the Lagos venue of the rally, where he and other demonstrators geared up to march to the iconic and eponymous Gani Fawehinmi Park in the ever-busy Ojota area of Lagos to continue the protest against what they have termed anti-government policies, report noted.

Both in Lagos and Abuja, scores of security agents were seen on the alert at the protest locations, as they maintained a respectable distance from the demonstrators.

Aside from Lagos and Abuja, defiant protesters also gathered in some of Nigeria’s 36 states to trumpet their demands.

The protests were held despite several warnings and dissuasions from the government and security agencies.

However, in his national broadcast during the 64th Independence Day Anniversary Broadcast Tuesday, October 1, President Tinubu, again, pleaded  to Nigerians for more patience and time for the current fiscal policy reforms to yield more fruits.

According to him, the Federal Government is re-engineering and retooling the administration’s economic policies for the good of Nigerians.

Tinubu also sympathised with Nigerian consumers over the economic hardship his reforms might have caused, assuring them that his administration had been busy implementing measures towards curbing the increasing cost of living in the economy.