Nigerians grappling with inflation, soaring prices – Akpabio

Senate President, Godswill Akpabio, has said Nigerians are battling to survive the harsh realities imposed by the economic reforms of the President Bola Ahmed Tinubu-led administration. While addressing fellow Senators in a welcome address on Tuesday to mark their return from their annual recess, Akpabio said the National Assembly is fully aware of the economic […]

Senate President, Godswill Akpabio, has said Nigerians are battling to survive the harsh realities imposed by the economic reforms of the President Bola Ahmed Tinubu-led administration.

While addressing fellow Senators in a welcome address on Tuesday to mark their return from their annual recess, Akpabio said the National Assembly is fully aware of the economic struggles Nigerians are facing including inflation, high living costs, and market volatility.

He expressed sympathy with the citizens for enduring these challenges.

Describing the reforms of the present administration as ‘courageous’, the senate president exornorated president Tinubu over the situation.

Daily Trust reports despite this admittance, the Central Bank of Nigeria (CBN) has again raised interest rate to 27.25 percent from 26.75.

Addressing the media at the end of the 297th MPC in Abuja, the CBN Governor, Olayemi Cardoso, said the committee was unanimous in further tightening policy.

The development is coming in the wake of the alarm raised by industrialists that businesses are folding up and struggling to survive due to high interest.

Recently, billionaire businessman, Aliko Dangote, cautioned the CBN against further increase of the interest rate adding that no business can survive in such an environment.

But Akpabio during the session sympathised with Nigerians over the harsh economic situation.

According to him, “In the face of rising economic pressures, our fellow citizens have been grappling with the harsh realities of inflation, soaring living costs, unpredictable markets and economic indices.

“The challenges have tested the very fabric of our society. And and we stand together to express our deepest empathy for every Nigerian who may be buried in the brunt of the current reforms as a result of the need to reposition the economy for most of our country and take us out of the doldrums from the messy situation we met when we assumed office in 2023.

“We want Nigerians to know that their struggles are not lost on this side”, he said.

Akpabio said the upper chamber would respond to the economic challenges of the country.

“Our security duty, as your earnest representatives, remains to respond with the audacity and compassion that the current situation deserves.”

He thanked the president for the courageous reforms being carried out on the Nation’s economy which he claimed have started yielding fruits.

“Amidst these trials, we have also seen commendable strides in various sectors from the executive arm of the government led by President Bola Tinubu. Our agricultural initiatives are beginning to bear fruits. The strides made in infrastructure can be seen by all, even starting from the federal capital territory.

“These glimmers of hope pave the way for a brighter future. The hard-won gains will not overshadow the pressing issues that still loom large before us.”, he stated.

On insecurity, the Senate President assured that lawmakers will prioritise the security of people’s lives and properties.

He stated, “We must, as senators, prioritize the issues of security of our great nation, ensuring that every citizen can walk down any street in this country without fear.

“In the sense of such, insecurity in some parts of the country remains a source of concern for the Nigerian Senate. It is also a clear calling for us to double our efforts in crafting laws and taking decisive actions in the National Assembly to safeguard our communities. There cannot be development in the face of insecurity.”