Tinubunomics: Ten things Nigerians are doing to survive hard times

<p>It is no longer news that when faced with difficult socio-economic conditions, Nigerians often resort to desperate measures to cushion the resultant effects.</p>, <p>Little wonder since President Bola Tinubu announced the discontinuation of the petrol subsidy during his inaugural speech on May 29, 2023, and the recent hike in the price of petrol, Nigerians have devised strategies to ameliorate the resultant effects.</p>, <p>For years, the Nigerian government subsidised the price of petroleum products, especially petrol, and kerosene, to alleviate the burden of high costs on consumers.</p>, <p>In the past, the subsidy removal was often met with public outrage and stiff resistance, because it would result in higher fuel prices for consumers which eventually led to protests and demonstrations.</p>, <p>However, such was not the case when President Tinubu stated during his inaugural speech that “fuel subsidy is gone” finally because it (subsidy) could no longer justify its ever-increasing costs.</p>, <p>He said; “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions.”</p>, <p>Below are 10 things Nigerians are doing to survive the hardships imposed by subsidy removal.</p>, <p>Menial jobs/entrepreneurship Since the prices of commodities have doubled and income has hardly increased, many Nigerians are beginning to engage in menial jobs, as well as establishing small-scale businesses to generate more income to support their families. This might include street vending, artisanal crafts, or starting small businesses.</p>, <p>Farming No doubt, agriculture plays a significant role in the Nigerian economy, which is why during hard times, many people resort to subsiste