After his personal market survey, Tope Fasua, an economist and appointee of President BolaTinubu’s government, described Nigeria’s “inflation as “killing,” adding that he has informed his employer about his findings from the market.
Mr Fasua, a special adviser on economic affairs in the office of Vice President Kashim Shettima, disclosed this in a tweet on Wednesday.
“So, over the weekend, I did a market survey. The inflation is killing,” Mr Fausa said. “I have informed the bosses. Our people need to be able to survive the skyrocketing cost of living.”
Sharing a photo of himself in a roadside makeshift shark used by traders in Abuja, Mr Fasua charged governors to pay salaries, pensions, gratuities and contractors from increased federal allocation they draw monthly.
“State governors are getting double the FAAC. All of them are busting their budgets this year. They should please start to pay owed salaries, gratuities and pensions. Pay owed contractors. Urgently issue contracts for projects with high local content, e.g. roads and housing,” Mr Fausa said.
On Wednesday, Peoples Gazette published its market survey showing prices of all food items have increased by almost 100 per cent in nine months since Mr Tinubu assumed office.
Inflation spiked after Mr Tinubu’s sudden removal of the petrol subsidy in his inaugural speech on May 29, 2023, followed by the CBN’s policy of floating the naira.
Though lauded by experts, the duo policies of Mr Tinubu have seen petrol prices rise from N145 per litre to N630, while the naira plunges against the naira in the parallel market, trading at about N1,500 to $1.
Nigerians have cried out over economic hardship with inflation and food prices spiking under Mr Tinubu’s watch. Earlier in the week, protests over soaring food prices rocked two northern states, Niger and Kano.
Some Yoruba market women in Ogun lambasted Mr Tinubu for promulgating economic policies that negatively affect the prices of goods and cause untold hardship for Nigerians, threatening to beat the president up if they saw him.
Mr Tinubu acknowledged the country’s prevalent hardship but urged Nigerians to show understanding.
“The financial re-engineering of our country is ongoing. We are determined to deliver Nigeria safely through the tunnel of hope, stability, and economic prosperity,” said Mr Tinubu in December.