Despite President Bola Ahmed Tinubu’s interventions and the Renewed Hope Mantra, Nigeria’s economic hardship has worsened in the first half of 2024, according to experts. Tinubu, marking his first year in office on May 29, 2024, has faced challenges providing relief.The Federal Executive Council recently approved N555 billion for 100,000 families, and in October 2023, an $800 million World Bank-funded ‘Conditional Cash Transfer’ was launched. The government also approved tax exemptions on essential healthcare production equipment and secured loans from Afreximbank and the World Bank.

However, inflation rates hit 33.95% for headline inflation and 40.66% for food in May 2024, reducing purchasing power. Nigeria’s debt rose to N121.67 trillion by March 2024, with $1.12 billion spent on foreign debt servicing in Q1 2024. The Naira weakened to N1508.99 per dollar amid policy changes by the Central Bank of Nigeria.

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