Nigeria’s President, Bola Tinubu, is convening with state governors to address the escalating cost of living crisis gripping the nation.
The Sultan of Sokoto, one of Nigeria’s foremost traditional rulers, emphasized on Wednesday that the country stood at a critical juncture, citing the growing hardships faced by many Nigerians in affording essential food items.
He urged President Tinubu to tackle the economic challenges arising from his decision to slash fuel subsidies.
Nigeria, known as Africa’s largest oil producer, had long subsidized petrol costs. However, following Tinubu’s election last year, he deemed this policy unsustainable.
The resulting increase in transportation expenses has further burdened Nigerians, leading to recent protests against skyrocketing food prices and stagnant wages.
Labor unions have threatened to embark on strike action in the coming weeks.