During an interview from 35:18 on Channels Television, Muhammed Hayatudeen, ADC Member spoke on the economic impact of recent government reforms, particularly focusing on rising costs across essential goods and services.
Hayatudeen, who is a presidential aspirant under the African Democratic Congress (ADC), argued that while the removal of fuel subsidy had significant effects, the more far-reaching impact came from fluctuations in the exchange rate, which he said has driven up the cost of imported goods.
He noted that Nigeria’s heavy reliance on imports has made the economy highly sensitive to currency changes, leading to sharp increases in the prices of both foreign and locally produced items.
He added that economic reforms must be implemented with careful coordination, stressing that policies such as subsidy removal and exchange rate adjustments should be considered together to avoid unintended consequences on the cost of living for ordinary Nigerians.
According to him, “I had a bacterial infection. I sent my driver with N25,000 to go and get me an antibiotic. He came back and told me it is actually N110,000. Across almost every commodity that is import-dependent and even those that are local, prices have jumped six, seven times. So what I’m saying to you is that when you are implementing the reforms, you have to look at it from an integrated approach.”…Read_More…