The National Association of Nigerian Students has lamented the rising inflation and economic hardship in the country.

NANS said the state of the economy is now a threat to the “financial stability of students”.

The NANS Senate President, Akinteye Babatunde, stated this on Tuesday while speaking with our correspondent in an interview.

Babatunde stated that the inflation impact is now deeply felt as the cost of imported educational materials, tuition fees, and cost of transport skyrockets, making life more difficult for students.

Recall that manufacturers had predicted fresh hikes in the prices of commodities in the market due to the continuous depreciation of the naira against the United States dollar.

The naira had plunged to N1,420/$ at the parallel window of the foreign exchange market.

“In the corridors of education, a growing storm is threatening the dreams of students across Nigeria. The surge in the value of the dollar has cast a shadow, creating ripples that extend far beyond economic circles. The hyperinflation gripping the nation not only inflates the cost of goods and services but is now a severe threat to the financial stability of the very students who are the backbone of the future,” Babatunde said.

He decried the Increase in the cost of living which leaves students grappling with financial strain and uncertainty, saying “This is not merely a matter of economic shifts; it’s a poignant issue affecting the essence of education.”

While imploring the Federal Government and the Central Bank of Nigeria to recognise and address the current challenges faced by Nigerians, particularly students, he called for a stabilised exchange rate.

“Combatting and Addressing hyperinflation is paramount. Strategies must be devised and executed to prevent further erosion of the purchasing power of students. An unchecked inflationary spiral threatens the very foundation upon which education rests.

“Recognising the unique challenges faced by students, we urge the initiation of a targeted palliative plan. This plan should directly address the financial burdens on students, ensuring that their academic pursuits are not derailed by economic uncertainties,” the NANS leader added. (The PUNCH)

Update news