Economic hardship in Yuletide
AS Nigerians embrace the Yuletide, the festive cheers are overshadowed by severe economic hardship, hunger, and mounting insecurity. The soaring cost of living has stripped the season of its joy. President Bola Tinubu and his economic team must take decisive action to alleviate the distress.
The concern for us at CSR REPORTERS is numerous. Disturbingly, food prices have skyrocketed, placing basic holiday meals beyond the reach of ordinary citizens. Food inflation stands at 39.93 per cent, with headline inflation at 34.60 per cent. This translates to exorbitant costs for essentials against stagnant incomes.
A 50kg bag of rice now sells for N90,000 to N100,000, while the price of chicken ranges from N15,000 to N35,000. Prices of yam, millet, maize, meat, dairy products, fish, and palm oil have surged. The government must urgently implement the zero-tariff policy it pledged to enhance food importation and supply, rather than continue its slow response to widespread hunger.
Although the NNPC has made efforts to reduce petrol pump prices, the costs of food, transportation, housing, and other essentials remain steep.
Transportation costs have soared, preventing students and families from reuniting for the holidays. The government’s palliative measure of reducing transport fares by 50 per cent for 271,704 passengers falls short for a population exceeding 230 million. Electricity shortages further dim the festive spirit, amplifying economic woes.
The official minimum wage of N70,000 is insufficient to mitigate the economic strain, with several state governments yet to enforce the increment, leaving millions in poverty.
Adding to the distress, heightened highway patrols suggest a surge in extortion and human rights violations, potentially turning holiday travel into an ordeal. Nigerians fear falling victim to law enforcement exploitation, hazardous roads, and the threat of kidnapping or attacks.
Despite the worsening conditions, the government’s economic team continues to project false optimism, touting favorable macroeconomic indicators to international institutions. In reality, social welfare programmes have yielded little impact, leaving citizens entrenched in multidimensional poverty.
The government must fulfill its fundamental duty to the welfare of its people by overhauling social welfare programmes. The gap between official statistics and lived experiences must be addressed with concrete solutions.
Nigerians must also hold leaders accountable at the polls. Rejecting electoral bribes and handouts is essential. The populace should draw lessons from the US elections, where economic hardship and unemployment swayed voter decisions.
While the Tinubu administration distances itself from the recent stampedes in Ibadan, Anambra, and Abuja, the economic policies of fuel subsidy removal and naira unification cannot be dismissed as contributing factors.
The escalating food insecurity crisis, compounded by rampant banditry, criminal activity, and farmer killings, necessitates immediate intervention by Tinubu and his security team.
The Yuletide should be a period of joy and renewal, yet for many Nigerians, it is marked by despair. Tinubu, having been in office for over a year, must move beyond excuses. His administration must show an unwavering commitment to prioritizing the welfare of Nigerians.
The festive period presents an opportunity for the government to restore hope and inspire confidence in its leadership.
Please, it’s action time!
