Former House of Representatives member Dr. Farah Dagogo has expressed deep concern over the deteriorating economic situation in Nigeria, noting a dramatic decline in the value of the Nigerian Naira. He highlighted that ₦40,000 in 2015 holds the same value as over ₦500,000 today, illustrating the severe impact of hyperinflation. Dagogo emphasized that this significant loss in purchasing power is unprecedented, even compared to historical periods of crisis, such as the civil war.
Dagogo criticized the economic policies in place, describing them as anti-people and inhuman, which have exacerbated the hardships faced by Nigerians. He pointed out the disparity between stagnant incomes and skyrocketing costs of goods and services, using the example that the amount of money that could once purchase over 10 bags of rice in 2015 can now only buy one.
In his Eid-ul-Adha message, Dagogo urged the administration led by President Bola Tinubu to implement effective economic policies to alleviate the suffering and hardships endured by the populace. He called for immediate action, stressing that the current situation is untenable and that continued suffering will persist if no remedial measures are taken.