Former Nigerian Lawmaker Laments Drastic Currency Depreciation, Calls for Urgent Economic Policies

Dr. Farah Dagogo, a former member of the National Assembly, has raised significant concerns over the depreciation of the Nigerian currency, lamenting that ₦40,000 in 2015 is now equivalent to over ₦500,000 in 2024. In a poignant Eid-ul-Adha message to Muslim faithfuls nationwide, Dagogo criticized the current economic hardships faced by Nigerians despite the country’s abundant natural resources.

Dagogo, who represented Degema/Bonny Federal Constituency during his tenure, emphasized the dire state of living standards in Nigeria, describing it as ‘grim’ and predicting further challenges for the citizenry. He highlighted the unprecedented hyperinflation plaguing the nation, surpassing even the hardshi.

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In a statement issued from Port Harcourt through his media aide Ibrahim Lawal, Dagogo called on the Federal Government, under President Bola Tinubu’s leadership, to implement effective economic policies aimed at alleviating the sufferings of the majority. He criticized current economic policies as ‘anti-people’ and ‘inhuman’, attributing them to the severe economic downturn and loss of purchasing power among Nigerians.

“The value of money has plummeted drastically, rendering the earnings of many Nigerians insufficient to meet basic needs,” Dagogo stated. He pointed out that while salaries have stagnated, the costs of essential goods and services have skyrocketed, pushing many into deeper poverty.

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Reflecting on the central message of Eid-ul-Adha, which signifies sacrifice, Dagogo acknowledged the resilience of Nigerians amid challenging times. However, he urged the government to translate its promises into tangible improvements in the lives of citizens, rather than cosmetic changes that fail to address the root causes of economic hardship.

“The government must renew hope among the populace through meaningful actions that improve living standards and restore confidence in the economy,” Dagogo asserted. He called for a paradigm shift in governance that prioritizes the welfare of Nigerians and ensures equitable distribution of resources.

Dagogo concluded by urging Nigerians to remain steadfast and hopeful, emphasizing the need for collective efforts in demanding accountability and transparency from the government.

Source Link: Read more on Punch NG

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