The prices of food and fuel have shot up but many are struggling as their wages are not keeping up with the changes.

The severe economic difficulties have led to widespread hardship and mounted pressure on Mr Tinubu's administration.

Some have pointed to the government's dropping of the fuel subsidy and allowing the currency, the naira, to devalue as being among the causes of the problems. But the authorities have argued that reforming the economy is essential for the future of the country.

The president has directed the team to "submit a comprehensive plan of economic interventions" within two weeks, which will then be implemented over the next six months.

The taskforce is made up of key government officials and industry leaders.

The president also established the Presidential Economic Coordination Council (PECC) - which he will chair - to oversee the economic reforms.