Labour Party Senator Neda Imasuen, representing Edo South in the National Assembly, has voiced concerns over President Bola Tinubu’s twin policies of petrol subsidy removal and the unification of foreign exchange rates.
Imasuen, who also chairs the Senate Committee on Ethics, Privileges, and Public Petitions, expressed his reservations during an appearance on Channels Television’s Inside Sources on Sunday.
He argued that Nigerians, particularly the middle class, are paying an excessive price for the All Progressives Congress (APC) administration’s economic reforms.
“The suffering that Nigerians are going through right now is too much a price to pay for these steps,” Imasuen stated, adding that the legislature can only “support the executive and hope that their plan takes us to the destination.”
Imasuen further emphasized the challenges posed by the devaluation of the naira, which, he noted, affects a country like Nigeria that heavily relies on imports.
“Everything is tied to the dollar, and the dollar keeps going up,” he said.
He stressed the importance of developing local industries, supporting small and medium enterprises (SMEs), and providing relief to the middle class.
The senator also highlighted the need for government intervention in agriculture, pointing out that “no country does not subsidize,” especially in key sectors.
He called for more government support for farmers to improve food production, adding, “Many cannot buy a bag of rice today; it’s about N100,000.”
Imasuen criticized state governments for failing to play their part in alleviating the hardship Nigerians face.
The country is currently grappling with high inflation driven by soaring energy and food costs, and many citizens are struggling to cope, with some even giving up their cars to survive the economic crisis.
The Tinubu administration’s policies, particularly the removal of petrol subsidies and the unification of forex rates, have drawn widespread criticism, with many blaming them for the current economic woes.
Despite this, Tinubu has urged patience, assuring Nigerians that his government is working on measures to reduce the high cost of living.