Abdul-Azeez Suleiman, the spokesperson of the Northern Elders Forum (NEF), has highlighted the challenging situation faced by many Nigerians due to the recent removal of fuel subsidy and electricity tariff subsidy, leading to increased socio-economic hardship. He also addressed the belief among some Nigerians that the naira is appreciating against the dollar, despite rising inflation.
Suleiman emphasized that Nigerians have experienced hardships before, often linked to fluctuations in oil prices. He pointed out that managing an economy is a continuous process and not something that can be simply switched on or off like a TV. He mentioned various factors contributing to inflation, such as subsidy removal, naira devaluation, and reduced agricultural output due to insecurity caused by activities of bandits, kidnappers, and conflicts between farmers and herders.
In response to concerns about the naira appreciating, Suleiman suggested that it would take time for the effects of the currency's potential appreciation to positively impact the economy.
In an interview with The Sun, Suleiman said, "This is not the first time Nigerians are passing through hardship. We have passed through many circles of hardships, most of which were due to the fall in prices of oil. That is not matter of hard work. We have even passed through circles of recession. Management of an economy is not a matter of ON and OFF like the TV. That is why the president is always on the TV asking for understanding. I hope Nigerians would understand the fact that the inflation was caused by more than one factor. There was removal of subsidy on fuel, devaluation of the naira and reduced farming due to insecurity posed by activities of bandits, kidnappers, clashes between farmers and herders."