Nigeria’s economic hardship has become a a major issue for the less-than-a-year-old administration of President Bola Tinubu and experts like the Senior Partner of SPM Professionals, Paul Alaje have argued that minimum wage review or release of food from reserves will not solve the current crisis.
The labour unions led by the Nigerian Labour Congress and the Trade Union Congress are bargaining with the federal government for a wage increase while the spike in food prices has led to the call on the Nigerian government to release food from its reserves.
Last week, the Minister of Budget and Economic Planning, Abubakar Bagudu spoke on plans to close the borders and open food reserves to bring down the high prices.
Since Tinubu took over office, inflation has risen from 22.41 per cent in May 2023 to 28.9 per cent in January 2024. Food inflation rose from 24.82 per cent to 33.93 per cent by January this year.