The cost of living has continued to rise at an exponential rate six months into President Bola Tinubu’s term in office.
According to reports, hardships made worse by President Tinubu’s elimination of subsidies have made life even more tough for the majority of Nigerians.
The World Bank estimates that 104 million Nigerians live in poverty, or a 46 percent poverty rate in 2023.
According to the National Bureau of Statistics (NBS), inflation increased to 27.33% in October 2023 and 28.20% in November 2023. This had a major effect on household spending.
According to the NBS, rising costs for fish, potatoes, yam and other tubers, eggs, meat, vegetables, bread and cereals, oil and fat, fish, fruits, and vegetables are to blame for the annual increase in food inflation.
According to a January review of food prices in Nigeria, a 50kg bag of rice costs between N45,000 and N60,000.
A 50kg bag of beans can set you back between N60,000 and N70,000, while a tuber of yams will set you back between N800 and N3000.
The cost of noodles varies based on size and type; certain brands might cost anywhere from N7000 to N9000.
Depending on the type and quality, garri, a popular Nigerian staple derived from cassava, can cost anywhere from N30,000 to N40,000 for a 50kg bag.
Potatoes weigh between N6,000 and N9,000 every 25 kg bag. Depending on the manufacturer, 12 packs of spaghetti can cost up to N13,000.
The price range for a 5-liter bottle of vegetable oil is N7,500 to N9,500, whereas the price range for a 5-liter bottle of palm oil is N6,500 to N7,500.
The exponential increases in food commodity costs have raised major concerns among Nigerians.
Many Nigerians still believe that it is taking longer than anticipated for things to change, despite the President and his team’s constant assurances to the populace that they can fix the nation.
“The Tinubu government need to feel sorry for Nigerians and implement measures that would somewhat ease the lives of the general populace.
“How people subsist is being impacted by the price of gasoline. People typically turn to theft or other illegal means of subsistence when they are hungry.
At Utako Market, Ekong Eduok stated, “The President should also consider a review of the minimum wage for civil servants.”
Chibuzo Nwoke, an independent bookshop owner in the same market, predicted that things will only become worse as long as there is instability.
“I believe that the President need to concentrate on finding a solution to the nationwide insecurity issue. It should be safe for farmers to visit their farms.
Thus, there should be a reduction in the problem of occasional killings. Then we’ll start talking about moving foodstuff from the farm to the market.”
Speaking as well, Mr. Abdul Sani said, “We’re exhausted. The market needs to get friendly before the public can be informed that the government is doing its job, which is why the president needs to go to work. I wonder how the underprivileged are currently eating.
“I don’t see any reason for optimism. The dollar has been strengthening, and as it does, the cost of food and other necessities for the home increases dramatically.
“He mentioned giving money to the most impoverished members of society, but isn’t it the same money they’re stealing? Every now and again there is corruption. Unless God decides to step in, I don’t think anything positive will emerge from this government.
Speaking on the topic, the chief executive director of the Economic Associates and an expert in economics stated that the government needs to take all reasonable steps to stabilize the foreign exchange market.
Teriba maintained that as long as the exchange rate remained unstable, there would be no economic growth and competition.
“The increased volatility of the exchange rate, particularly in the official market, is a significant expense that still has to be handled.
Today, it might be worth N1000 to a dollar, but it might also drop to N800 or N850 to a dollar at any point.
The degree of volatility deters people from making commercial decisions. They’ll probably put off making investments. And there are ramifications from the dollar rate’s volatility.
“It is reflected in domestic consumer prices.” Such exchange rate volatility exacerbates the inflationary environment and sustains price shocks for food and energy, which lowers consumer living standards and undermines corporate viability.
Therefore, it should come as no surprise that some companies that have been doing business in Nigeria for a while are choosing to close.
In 2024, the most important question to ask is, “How soon are we putting a stop to that volatility?” Growth won’t occur under that level of volatility.
With such instability, inflation won’t decrease. Therefore, you must stabilize the foreign currency market before you can begin to speak seriously about growth,” he said.
The budget for 2024, he continued, indicates that the government is, nevertheless, “making clearly adequate provisions for the mitigation of the adverse effects of some of its reforms on living cost.”
