“Six months into President Bola Tinubu’s administration, Nigerians are grappling with a significant increase in the cost of living, exacerbated by the removal of subsidies. SPRINGNEWS reports that the hardship has intensified, leading to a more challenging life for many citizens.
The World Bank reveals that Nigeria’s poverty rate surged to 46 percent in 2023, impacting 104 million people. Inflation reached 27.33% in October 2023 and rose to 28.20% in November, according to the National Bureau of Statistics (NBS), significantly affecting household spending.
The NBS attributes the rise in food inflation to increased prices of oil and fat, bread and cereals, fish, potatoes, yam, and other tubers, fruits, meat, vegetables, milk, cheese, and eggs.
A check on food prices in Nigeria in January by SPRINGNEWS indicates that a 50kg bag of rice is sold from N45,000 to N60,000. Beans range between N60,000 to N70,000 for a 50kg bag, while yam prices vary from N800 to N3,000 per tuber. Noodle prices vary by brand and size, reaching as high as N7,000 to N9,000.
Garri, a cassava-based staple widely consumed in Nigeria, is priced between N30,000 to N40,000 per 50kg bag, depending on the brand and quality. A 25kg bag of potatoes costs between N6,000 and N9,000, and a 12-pack of spaghetti is priced at N13,000, depending on the brand.
A 5-liter bottle of vegetable oil ranges from N7,500 to N9,500, while a 5-liter bottle of palm oil costs between N6,500 to N7,500. These soaring food prices have raised serious concerns among Nigerians.
Despite assurances from the President and his team about their ability to fix the country, many Nigerians feel that the pace of change is slower than expected. Citizens are urging President Tinubu’s administration to implement policies that ease the burden on the masses.
Ekong Eduok, a respondent at Utako Market, expressed concerns about the rising cost of petrol affecting survival and suggested a review of the minimum wage for civil servants. Chibuzo Nwoke, a bookshop owner, emphasized the need to address insecurity, stating that a focus on solving security issues would improve the transportation of food from farms to markets.
Mr. Abdul Sani voiced frustration, urging the government to take action and make the market more friendly. He highlighted concerns about the rising dollar and corruption. Despite the government’s talk of financial assistance for the poor, there is skepticism about the effectiveness of such measures.
Economic expert Dr. Ayo Teriba stressed the government’s responsibility to stabilize the foreign exchange market, citing increased volatility as a hindrance to economic growth and competitiveness. He pointed out that addressing exchange rate fluctuations is crucial for reducing inflation and improving living standards.
While acknowledging the 2024 budget’s provisions for mitigating the adverse effects of reforms on living costs, Dr. Teriba emphasized the urgent need to calm the foreign exchange market for sustained economic growth.”