Home Money & Business Business Nigeria’s leader reorganizes his cabinet amid the most severe cost-of-living crisis in decades.

Nigeria’s leader reorganizes his cabinet amid the most severe cost-of-living crisis in decades.

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Nigeria’s leader reorganizes his cabinet amid the most severe cost-of-living crisis in decades.

Nigerian President Bola Tinubu has conducted a significant reshuffling of his cabinet, resulting in the dismissal of five ministers and the appointment of seven new officials, as announced by his office on Wednesday.

This change comes at a time when the nation is grappling with escalating economic challenges and growing discontent with the administration in the continent’s most populous nation.

In the recent cabinet overhaul, Tinubu designated new leaders for various ministries, including those focused on humanitarian efforts and poverty alleviation, trade and investment, labor, and livestock development. Additionally, junior ministers for foreign affairs, education, and housing have been appointed.

On the other hand, the ministers responsible for education, tourism, women’s affairs, and youth development, along with the junior minister of housing, have been removed from their positions.

Since taking office last year, Tinubu has sought to implement reforms aimed at reducing government expenditures and attracting declining foreign investments.

However, the situation has worsened, with Nigeria’s inflation rate reaching its highest point in 28 years and the naira depreciating significantly against the dollar.

The rising cost of living has triggered numerous large-scale protests in recent months. In August alone, at least 20 individuals lost their lives, and hundreds were detained during demonstrations advocating for improved job prospects and opportunities for the youth.

Despite being one of Africa’s leading producers of crude oil, Nigeria remains one of the most impoverished nations in the world. Persistent corruption means that the living standards of public officials often starkly contrast with those of ordinary citizens, while healthcare workers frequently strike in response to their inadequate salaries.

Last year, amidst these challenges, Tinubu sanctioned millions of dollars for expenditures related to a presidential yacht and luxury vehicles for his wife and senior government officials, raising questions about priorities in governance.