Daily Post News report that, Despite President Bola Ahmed Tinubu's efforts to address Nigeria's economic challenges, his interventions have failed to alleviate the country's economic hardship in the first half of 2024. Economists and financial experts have expressed concerns that the government's measures, including cash transfers and fiscal policies, have not had a significant impact on the lives of Nigerians.
The government's initiatives, such as the approval of N555 billion for cash transfers to 100,000 families and the reduction of tariffs and taxes on essential goods, have not been effective in addressing the rising inflation and poverty levels. The country's debt burden has also increased, with a total debt of N121.67 trillion as of March 2024
Financial experts, such as Gbolade Idakolo, have criticized the government's welfare policies, stating that they have not reached the intended beneficiaries and have failed to address the root causes of poverty. Muda Yusuf, director of the Centre for the Promotion of Private Enterprise, has called for more fiscal interventions in key sectors such as agriculture, construction, and mining.
Prof. Godwin Oyedokun, an economist, has cautioned that the recent cash disbursement approval could exacerbate inflationary pressures if not accompanied by measures to increase supply and stabilize prices. He emphasized the need for a holistic approach that combines short-term relief with long-term economic reforms.
Overall, despite the government's efforts, Nigerians continue to suffer from the effects of economic hardship, and more needs to be done to address the underlying issues causing inflation-induced hardship and achieve sustainable growth.
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