Instead of taking a confrontational approach, the Nigeria Labour Congress (NLC) has called on President Bola Tinubu’s administration to hold talks with the people behind the August 1 demonstration. The NLC recognized the validity of the complaints made by the demonstration organizers in a statement issued by its President, Joe Ajaero. The statement stated that 133 million people are living in multidimensional Poverty as a result of the government’s economic policies. The NLC highlighted the dire economic circumstances that many Nigerians are facing. The rising Cost Of Living has made it difficult to distinguish between those who are employed and those who are not, leading many families to eke out a single meal a day or even turn to scavenging for food.
Due to the general outrage among the public, the NLC cautioned that if the government takes a hard stance in reaction to the protests, it may have unforeseen harmful effects. In addition to urging the demonstrators to maintain their composure, the NLC advised the administration not to stifle dissenting views. Aiming to raise awareness of important concerns including malnutrition, hunger, insecurity, and poverty, the statement draws attention to the massive rallies that happened across Nigeria on August 1.
The floating of Nigeria’s currency, the naira, has caused hardship.
With the Protest over, there is hope for a peaceful conclusion, as the NLC’s appeal for discussion highlights worries that the government’s response to the demonstrations could further destabilize the situation. The August 1 protests are a result of a number of economic policies that President Bola Tinubu’s administration has put in place, chief among them the elimination of gasoline Subsidies and the floating of Nigeria’s currency, the naira. Gasoline prices sharply increased as a result of the withdrawal of gasoline subsidies, a move intended to reduce Government Spending and promote expansion in the Petroleum Industry by the private sector.
As a result, the cost of living, which was already high, was then made much more expensive by increased transportation expenses and a spike in the price of products and services. Ifeanyi Okonkwo, a protest organizer from Lagos, said, “We are not against reform, but the poor bear a disproportionate amount of the burden of these policies. We want quick action to lessen the effects, including bringing back subsidies or giving the most needy people direct cash transfers.”
Demonstrators are calling for government action to generate jobs.
In an effort to lessen the economic suffering of Nigerians, the demonstration organizers on August 1st have outlined a number of important requests. To lower the cost of products and transportation, which has increased dramatically since the subsidies were eliminated, demonstrators are demanding the rapid reintroduction of gasoline subsidies. They are calling for the implementation of palliative measures to lessen the effects of the economic changes, such as direct financial transfers to groups that are at risk.
Protesters demand that the government act quickly to stabilize the naira, which has significantly depreciated in relation to the US Dollar and is now more expensive for imported goods and services. In light of the nation’s growing Insecurity due to acts of terrorism, banditry, and kidnapping, they are pushing the government to enact stronger Security protocols. In addition, the demonstrators are calling for government action to generate jobs and other economic possibilities, especially for young people who are disproportionately impacted by underemployment and unemployment.
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Alarming evidence backs up the economic issues raised by the protest organizers. The National Bureau of Statistics (NBS) reports that surges in Food Prices and transportation costs were the main causes of Nigeria’s Inflation rate, which hit 24.08% in July 2023—the highest level in almost two decades. According to estimates from the World Bank, 133 million Nigerians are estimated to be living in multidimensional poverty, which takes into account a variety of factors other than just money, such as living standards, health, and education. Many Nigerians, even those who work, are finding it difficult to pay for basics as a result of the confluence of these issues. The planned demonstrations are being driven by the enormous economic suffering that people are experiencing, and their desire for immediate government action to address their predicament.