Nigerians are being hit from all sides by a combination of factors that are making their lives increasingly difficult. These include rising cost of living which is reflected in double-digit inflation, stagnant wages, non-payment or the late payment of salaries, a cash crunch and fuel scarcity.
A defining moment could come after the swearing-in of Nigeria’s new president on May 29. It is expected that President-elect Bola Ahmed Tinubu will jettison Nigeria’s fuel subsidy, which is estimated to cost the Nigerian treasury about US$10 billion annually. This is about 24% of Nigeria’s 2022 budget.
