Neda Imasuen, the Labour Party (LP) Senator representing Edo South, has criticized President Bola Tinubu's administration for its concurrent implementation of petrol subsidy removal and the unification of the foreign exchange window.
Imasuen, who chairs the Senate Committee on Ethics, Privileges, and Public Petitions, voiced his concerns during an appearance on Inside Sources with Laolu Akande, aired on Channels Television on October 20, 2024.
Imasuen argued that these policies are placing a heavy burden on Nigerians, particularly the middle class.
He highlighted that the timing of these reforms has led to economic hardship, with many citizens struggling under the weight of increased fuel prices and currency instability, which has further eroded their purchasing power.
He said the legislature “can only support them (the executive) and hope that their plan takes us to the destination.
“This is not the time to trade blame; it’s time to sit down and say, look, our people are suffering, how do we sort out the situation we have found ourselves in?
"The steps that are being taken, I’m afraid that the suffering that Nigerians are going through right now is too much a price to pay for it.
“Now, this is a country that we don’t produce, we import, and we are devaluing our naira. I don’t see how that is going to help us. Everything is tied to the dollar, and the dollar keeps going up.
“Let’s develop our industries. These SMEs work a lot if we can strengthen small and medium enterprises and give the middle-class breathing space to do what he has to do.
“On this question of subsidy, there is no country that does not subsidise, especially in the area of agriculture. Our farmers need access to funding and they need government intervention to produce the food that we need. Today, many cannot buy a bag of rice; it’s about ₦100,000,” he stated.
Imasuen also argued that state governments have roles to play in lessening the people's suffering but they have failed in that regard.
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