Nigerians vow ‘days of rage’ over economic hardships

The planned protests have commanded the Nigerian government’s attention.

In recent days cabinet ministers have held two emergency meetings to discuss how to respond.

President Bola Tinubu made an appeal through Information Minister Mohammed Idris Malagi, asking organisers to shelve the plan and urging them to be patient.

“The young people out there should allow the president more time to see to the realisation of all the goodies he has for them,” he said.

Several state governors have also spoken out in an effort to deter people from taking to the streets, warning of violence.

Abia state Governor Alex Otti said young people should “think about the implications of pouring out onto the streets”, warning it might cause more harm than good.

Over the last week, government agencies have made various announcements that to many appear to be concessions to appease the public.

They include re-opening applications for young people to receive financial support to start or expand their businesses.

The state oil company, the Nigerian National Petroleum Corporation, put a call out for job applicants, leading to its website crashing.

Protest organisers say the government’s offers are not enough and have instead further fuelled their desire to rally for change.

“We have not put our boots on the ground and already the government is granting concessions and advertising jobs here and there,” Mr Sanyaolu says.

“If young people insist and put their boots on the ground, we’ll get more.”

Nigeria’s economic difficulties can be linked to three main things – firstly, a government policy that ended the pegging of the value of the currency, the naira, to the US dollar.

The move was designed to encourage foreign investment, but it caused the naira to plunge in value by around 70%, contributing to inflation.

Secondly, the removal of a subsidy on fuel was aimed at cutting government expenditure, but sent pump prices soaring with a ripple effect on other goods.

And thirdly, the economy has also felt the aftershocks of a security crisis, with rampant kidnappings and attacks across the country, affecting supply chains and driving up costs.

The state of the economy has, in the eyes of many, marred President Tinubu’s first year in office.

However, the government has insisted the reforms were necessary to reduce public spending, something economist Muda Yusuf agrees with, but believes they were not carefully planned for.

“The policies were inevitable because the economy was almost at the brink at the time the current administration took over. Our debt level had increased significantly,” he says.

“What I think the president could have done differently is to roll out these mitigating measures to cushion the outcome of the policies more quickly.”

The “mitigating measures” the government put in place include distributing 40,000 tonnes of grains from the national reserve and giving temporary cash payments to the very poor.