Nigeria unveils revamped economic management structure amid rising hardship
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00:00 President Mbola Tinumbu's decision to set up two economic teams perhaps shows his desperation
00:06 to address Nigeria's economic crisis.
00:09 The first team, the Presidential Economic Coordination Council, whose membership comprises
00:15 senior government officials and some of Nigeria's most successful business leaders, will work
00:21 to ensure a robust economic planning and implementation.
00:25 The second team is the Economic Management Team Emergency Task Force.
00:30 The task force members include senior government officials and some of Nigeria's leading economists.
00:37 The team is charged with the responsibility of developing and executing a six-month emergency
00:44 economic plan within two weeks.
00:47 When it came to power last year, President Tinumbu removed subsidies on petrol and devalued
00:53 the Nigerian currency.
00:55 Short economic measures caused hardship in the country, with the prices of many goods
00:59 and services rising beyond the means of many Nigerians.
01:04 The situation has left many Nigerians hungry.
01:07 In the last few weeks, Nigeria witnessed disturbing scenes of people being trampled to death as
01:14 they scrambled for food given out to address the hardship in the country.
01:20 It is unclear how far the two teams will go in addressing Nigeria's economic crisis.
01:26 With tempers rising, particularly among the poor, in the face of the economic hardship,
01:32 Nigerians are hoping that the two economic teams will work to make their lives better.