Ask Nigeria Header Logo

Nigerians are displeased with government — VP

Photo of author

By Abdulwasiu Usman

Continuous Naira devaluation and inflation affecting Nigerians.

In his address during an event in Abuja, Vice-President Kashim Shettima acknowledged the grievances of impoverished Nigerians resulting from soaring inflation and the subsequent surge in the cost of living. He emphasized that the less privileged citizens, forming the majority, hold widespread anger towards government officials. The event, organized by the National Institute for Security Studies was a graduation ceremony for the Executive Intelligence Management Course 16 participants, consisting of individuals from various security agencies and nominees from state governments.

For the very first time, a high-ranking government representative has openly acknowledged the severe distress prevailing in our nation, a crisis that has only worsened since President Bola Tinubu assumed office. Following the president’s decision to remove fuel subsidies, the cost of petrol has skyrocketed, leaping from ₦238-₦263 per liter to a staggering range of ₦580-₦615. While Nigerians were acclimating to the altered circumstances and the subsequent surge in prices of commodities and services, including transportation costs, the Federal Government disclosed its decision to establish a floating exchange rate for the naira, which would be subject to market forces of demand and supply.

Value of naira has dropped by more than 40 percent since June.

As a result, the value of the Naira fell substantially, reaching a high value against the United States dollar and other major foreign currencies. Quite recently, the naira plummeted to an unprecedented low, hitting ₦1,099.05/$ in the official Investor and Exporter forex window, putting a cap on the tumultuous months endured by the currency. This marks a significant drop of 30.36 percent compared to its previous closing rate of ₦843.07/$, as reported by the FMDQ Securities Exchange.

This recorded figure represents the lowest rate of Naira since the Central Bank of Nigeria implemented the I&E window as the official trading channel for the currency. During that period, the currency started trading at ₦844.10/$ and eventually closed at ₦1,099.05/$. Value of naira has dropped by more than 40 percent since June, adding to inflationary pressure in the country. Report has it that many families risked celebrating the approaching Christmas and New Year in hardship due to the hike in the prices of goods and services, and are seeking life-changing ways to cut costs.

People urged to remain supportive for govt endeavors.

Shettima highlighted the undeniable fact that the underprivileged harbours deep resentment towards the government due to being consistently marginalized in our society. In order to address this issue, it is imperative to enhance the standards of governance. Additionally, providing opportunities for employment and instilling optimism among the people can significantly mitigate the prevailing insecurity within the nation. Despite the ongoing challenges, he urged the people to remain understanding and supportive of the President’s endeavors to revitalize the nation. Criticizing those who aim to break away from the country, he pointed out their limited perspective, implying their failure to consider the bigger picture.

In addition, Yusuf Bichi, the Director-General of the Department of State Security Services, announced during the gathering that the service is planning to initiate the manufacturing of unmanned aerial vehicles, AK-47s, and various other armaments for utilization by their personnel. The goal behind this decision is to diminish their excessive dependence on foreign nations for weaponry and alleviate the immense financial burden involved in acquiring such equipment. The DG reaffirmed their commitment to assisting the institute with its training initiatives. The well-being of our current and former staff members is a matter of great importance to me, and we will always stand by that principle, he added.

DSS guarantees trustworthy intelligence to other agencies.

Bichi further explained that their focus on research and development will remain steadfast, as will dedication to supplying reliable intelligence to other security agencies. The DSS chief also expressed gratitude towards the agencies that have joined on this journey so far and guarantee unwavering commitment to furnishing them with trustworthy intelligence that empowers their operations. He went on to strongly request that the residents of Plateau and Kaduna states abandon their animosity and instead channel their energies into creating productive employment opportunities.


Related Link

Wikipedia:  Website


The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.

Fact Checking Tool - Snopes.com

5 1 vote
Rate This Article
5 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
AN-Toni
Editor
2 months ago

Nigerians are displeased with government — VP. – Continuous Naira devaluation and inflation affecting Nigerians. – Express your point of view.

Adeoye Adegoke
Member
2 months ago

I completely understand why Nigerians would be displeased with the government. Continuous Naira devaluation and inflation can have a significant impact on people’s lives. It’s frustrating when the value of your currency keeps decreasing, making it harder to afford basic necessities. In my opinion, it’s important for the government to take measures to stabilize the economy and address these issues. By implementing effective economic policies and providing support to the citizens, we can hopefully alleviate the burden and improve the lives of Nigerians. 🇳🇬💪🏼

SarahDiv
Member
2 months ago

The acknowledgment of Nigerians’ struggles by Vice-President Kashim Shettima is crucial. The economic challenges, including Naira devaluation and inflation, demand urgent solutions. Supporting local initiatives like the manufacturing of armaments is a positive step. Despite hardships, fostering unity and understanding is essential for the nation’s progress.

Kazeem1
Member
2 months ago

Seeing how inflation, currency devaluation, and economic difficulties affect our lives is depressing. It is imperative to demand better employment prospects, better governance, and backing for regional projects. the people deserves more than this suffering of inflation and poor economy why won’t the people be displeased by the government

Taiwo
Member
2 months ago

Naira devaluation and inflation are ongoing issues that Nigerians are unhappy with the administration.The continuous devaluation of the Naira and inflation can have a big impact on people’s livelihoods. It might be annoying when the value of your currency keeps declining. To preserve the economy and address these issues, the government must take action.