May 29 is around the corner, the president-elect, Bola Tinubu will be inaugurated as the President of the Federal Republic of Nigeria and huge responsibilities awaits him.
The incoming administration will inherit lots of challanges; Subsidy Crisis, Economic Instability facing the country which summounted under the present regime of President Muhammadu Buhari.
Nigeria has been saddled with lots of economic challenges ranging from high rates of loans, inflation, unemployment, poverty, among others.
A report by the United Nations, UN, had claimed that Nigeria’s economy under Buhari is worse than 10 years ago.
The UN, in its 2023 World Economic Situation and Prospects report published on its website, said high inflation and power supply issues are impacting growth in Nigeria.
In its flagship report titled ‘Global Economic prospect,’ the UN said: “The pandemic has reversed at least a decade of gains in per capita income in some countries— in almost a third of the region’s economies, including Angola, Nigeria, and South Africa, per capita incomes are forecast to be lower in 2022 than a decade ago.”
DAILY POST identifies some economic issues Tinubu’s administration would have to tackle upon resumption of office.
Prior to the 2023 presidential election, the Central Bank of Nigeria, CBN, which announced the redesign of some denominations of the naira. The apex bank redesigned the N200, N500, and N1000 notes, a situation that brought about so much hardship in Nigeria.
The policy almost brought Nigeria’s economy to a standstill as citizens found it difficult to have access to their money, thereby, making it hard to perform transactions.
(Daily Post)