“Economic Challenges not Peculiar to Nigeria”- Fashola

Tunde Fashola, Minister of Works and Housing, stated on Friday that rising living costs and economic hardship are not unique to Nigeria. According to Mr. Fashola, Nigeria’s raging crisis can be compared to situations in other countries such as the United States and the United Kingdom.

When confronted with a chart of economic indices showing a 220 percent increase in fertilizer prices between 2020 and 2022, a 59.45 percent depreciation of the naira, and a 129% increase in the price of cooking gas during the same period, Mr Fashola says the statistics should not be published in isolation.

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“Just three days ago, CNN was showing a footage of Americans stealing fuel and they would not be stealing if it was cheap; these are very challenging times globally. So this is not an isolated occurrence that affects Nigeria only,” he said.

The minister’s comments come as Nigerians are witnessing increased hardship in several areas, especially fuel shortages and inflation. President Muhammadu Buhari rode to power in 2015 promising to tackle these issues, but analysts said little evidence exists to suggest anything could turn for the better in the remaining one year of the regime’s two terms.