Nigerians lament as rising cost of living persists under Tinubu

Nigerians have continued to lament the untamed rising inflation under the government of President Bola Ahmed Tinubu, worsening their misery  in the last nine months.

From June 2023 to February 2024, under President Tinubu, Nigeria’s inflation soared further by 8.91 per cent, caused by fuel subsidy removal and Naira floating at the foreign exchange market.

With headline and food inflation skyrocketing to 31.7 per cent and 37.95 per cent, respectively, it showed that most Nigerians’ living cost and misery index had worsened.

The nation, renowned for its resilience, is now facing a multifaceted challenge as soaring inflation directly impacts the daily lives of its people.

Basic food items such as rice, beans, vegetables, and cooking oil have experienced significant price hikes, sending shockwaves through local markets and leaving consumers with depleted purchasing power.

Families, already contending with various economic pressures, now find it increasingly challenging to put nutritious meals on their tables.

The untamed rise indicates that more citizens are finding it difficult to afford food, clothing, health care, energy, shelter, transport, Communications, education and other basic needs.

The inability of citizens to access basic needs is a problem in Urban and Rural sentiments in Nigeria.

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According to CPI, urban inflation stood at 33.66 per cent, while rural Inflation was 29.99 per cent. Either way, Nigerians in Abuja, Lagos, or a village in Gombe state are experiencing heightened hardship caused by inflation.

The development of Nigeria’s misery index rose to 75 per cent in March 2024 from 55.2 per cent in February last year. The misery index is a measure of economic distress felt by everyday people.

However, though the 2023 misery index is yet to be released, the feelings on the streets of Nigeria showed that Nigerians are poorer.

The ripple effect extends beyond food, encompassing a broad spectrum of household commodities. From toiletries to cleaning supplies, the rising prices are felt keenly by citizens across different socio-economic backgrounds.

At the popular food markets in Ile-Epo and Agege on Lagos mainland, traders and customers are unhappy about the soaring prices.

“You come to the market, just like the way you saw me pricing things, you no longer get them the same way we used to buy again. Even by themselves they keep complaining, they buy it very costly”, said Mrs. Adenike, a private sector worker.

“What used to cost N200 is now being sold at N2,000. Nigeria’s current state is marked by cash scarcity, unemployment, and economic challenges,” She said.

Nigeria is facing its worst cost of living crisis, with year-on-year inflation refusing to slow down.

In the face of a collapsing economy, Nigerians are directing their frustration towards government policies, emphasizing the need for urgent attention from the administration led by President Bola Ahmed Tinubu.

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The economic downturn, marked by rising inflation, unemployment, and a general decline in living standards, has spurred citizens to voice their concerns and call for swift corrective measures.

A renowned economist, former President, and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, said Nigeria’s heavy reliance on imports has further worsened its inflation.

He noted that the untamed inflation in the country worsened the misery index and that Nigerians were feeling the pain.

“Inflation worsens the misery index. Nobody gains from its impact. It leaves all the parties in its trails devastated. Nigerians are feeling the pain.

 “There is a need for a holistic approach to taming inflation: control cost of energy (let the local refineries work) and other infrastructures, improve the value of the Naira, tackle problems of insecurity, especially those limiting food production.

Similarly, the CEO of SD & D Capital Management, Mr Idakolo Gbolade, said the continued inflation rise in Nigeria had shown that increasing interest rates alone would not address the challenge.

He lamented that the country’s skyrocketing prices of goods and services had badly affected Nigerians’ purchasing power.

According to him, Tinubu’s administration should intensify welfare programmes for indigent Nigerians in the short term and implement agricultural policies to boost food production as a long-term solution.

 “Increased economic activities and strengthening of the Naira will lead to a gradual reduction in inflationary trend in the long run”, he said.

Prof Godwin Oyedokun, a don at Lead City University in Ibadan, said he does not see Nigeria’s inflation rate falling because there were no parameters to show that things were getting any better for Nigerians.

“The issue of inflation has become more problematic in Nigeria. This means the value of whatever we have has been eroded to 31.71 per cent. I don’t see it coming down soon because parameters showing that things will be fine are unavailable.

“The government should continue its welfare support to Nigeria and ensure those in other sectors of the economy are not sabotaged”, he said.