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Rising cost of living: Nigerians bemoan unbearable hardship under Tinubu govt

Published

2 years ago

February 13, 2024

250 Views

Nigerians face tougher days ahead as spiralling nationwide hunger resulting from untamed inflation, food insecurity and shrinking purchasing power worsen under the President Bola Ahmed Tinubu administration.

Tinubu’s economic team, namely the Minister of Finance, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, the Governor of Central Bank of Nigeria, Olayemi Cardoso, look overwhelmed by the country’s challenges, with current interventions yet to address the burgeoning hardship.

This is the situation in the last eight months as Nigerians suffer the hardship created by Tinubu’s policies of fuel subsidy removal and Naira floating at the foreign exchange market.

the Naira increased to N1,534.39 per US dollar at the FMDQ foreign market on Monday from N460.702, which it traded in May last year when President Tinubu took the oath of office.

This was further worsened with the removal of fuel subsidy, which saw the price of fuel rise to over N550 per litre from N238 in May 2023.

Also, the continued soaring inflation rate stood at 28.92 per cent in December, while food inflation increased to 33.93 per cent.

Consequently, since then, the daily increase in prices of foods, goods and services has been a common slogan in marketplaces in Nigeria, which is exacerbated by the fluctuation in the forex market in a country heavily dependent on imports.

It was gathered that prices of food items have skyrocketed above 100 per cent.

For instance, the price of a 50kg bag of rice increased to N65,000 from N35,000; beans rose to N1,600 per mudu from N800, 50kg bag of garri increased to N39,500 from 22,000; a carton of noodles super back size increased to N11,140 from N6,000, 25 litres of groundnut oil rose to N57,000 from N34,000, size 3 and 4 of 1kg pampers increased to N900 from N400, a crate of egg rose to N3,700 from N2,500, 50kg bag of sugar increased to N85,000 from N40,000, while 900g loaf of bread rose to N1,200 from N500; the list is endless.

Mrs Amina Jibrin, a small-scale trader in Dawaki, Abuja, said she may be forced to quit business because she no longer makes gains.

“Every day we go to the market, the prices of items always increase. We cannot afford to buy goods in the market.

“It will be as if you went to the market and misplaced your money. I may quit my business because I no longer make any money.

A Lagos resident, Mabel Rufus, lamented that the rising prices of food items was biting hard on her family.

“Fresh Tomatoes is a no-go area. In most places, onion is three for 300, for the little sizable one. Egg, a crate is almost N4,000, something in the range of N2000 a few months ago.

“The situation is affecting us seriously. Salary can no longer cater for food, let alone other needs. We are dying in this country under Tinubu”, she said.

The International Monetary Fund, IMF, in its recent report titled ‘Review of Nigeria’s Post Financing Assessment’ by the IMF Executive Board, warned that Nigeria is experiencing a deepening economic crisis amid the rising cost of living, amplifying the plights of the citizenry.

Little wonder, Nigerians protested in Minna, Niger State and Lokoja Kogi State recently against the rising cost of living a week ago.

However, as a quick action to deter the crisis, President Tinubu, five days ago, ordered the release of 102,000 metric tonnes of rice and maize to Nigerians.

Speaking on Monday, a renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, blamed the situation on the badly skewed structure of the Nigerian economy.

The economist said that beyond rhetoric, the economy managers should immediately drive import substitution strategies to address the Nigerian economy’s challenges.

“The genesis of the current spiral inflation rests in the badly skewed structure of the Nigerian economy. An economy that is monolithic and hangs its foreign exchange earnings on a primary gift of nature- oil, is susceptible to price instability as it may not have the buffer to mellow down prices, which are said to be sticky downwards.

“The insatiable appetite for imported consumables further compounds Nigeria’s situation. Basic needs such as food, medicine, raw materials, and spares are largely imported. The local currency, the Naira, depreciates rapidly for the reasons mentioned. All these put pressure on local prices daily.

“Beyond rhetoric, the managers of the economy should drive import substitution strategies effectively. The idea of devoting much attention to sharing the available foreign exchange among contending users amid the local currency’s dwindling fortunes can only worsen matters.

“The slogan: produce what you consume, consume what you produce should graduate from paper slogan to practicality. The list of importable items to Nigeria is unwinding and needs to be tamed. India, China, Malaysia, etc, have done it successfully recently.

“In the long run, the economy needs to be restructured via diversification. Agriculture needs total overhauling to ensure food security; a new industrial policy is long overdue, while new technological innovations should be introduced to redefine all segments of the national economy.

“In all these, infractions, economic sabotage, and rent-seeking syndrome should be chased out of this fledgling national economy.

“Where caught, heavy sanctions should be applied on the offending individuals and corporate bodies”.

On his part, the CEO of SD & D Capital Management, Mr Idakolo Gbolade, said the government must consider a price-fixing policy for some food items and monitor excessive profit by traders.

He noted that the country should look inwards in the long run and ensure the agricultural revolution plan is tailored towards self-sufficiency.

He added that staple food items such as rice, beans, and millet imports should be banned.

“The rising cost of food items can be attributed to the continued depreciation of the Naira. The US dollars are exchanged on the Nigeria customs portal for $1 – N1,380; the official rate is close to that. On the black market, it is exchanged for $1- N1,470.

“The cost of food prices is directly proportional to the strength of the Naira, and most government policies are taking too long to be formulated.

“The government had directed the release of 102 million Metric tonnes of grains from the strategic grains reserve, but that measure is not enough to bring down food prices.

“The government needs to immediately implement a price-fixing policy for some food items and monitor excessive profit by traders.

“In the long run, we must look inward and ensure the agricultural revolution plan of the government is tailored towards self-sufficiency, while major staples like rice, beans, millet, etc, should be banned from being imported into the country to strengthen local production and eventual export.

“The economy needs to be diversified from being import-dependent to export-oriented to make the country recover the lost opportunities over the years”, he said.

Related Topics:Cost of living Featured Nigerians Tinubu

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Tinubu returns to Abuja from Ankara State Visit

Published

18 hours ago

January 31, 2026

Charles Flames

12 Views

President Bola Ahmed Tinubu has returned to Abuja after concluding a successful state visit to Türkiye, where he held high-level talks with President Recep Tayyip Erdoğan and signed multiple bilateral agreements.

The President arrived in Abuja on Saturday evening, January 31, 2026, around 8:30–8:55 p.m. local time, following his departure from Türkiye.

Tinubu departed Abuja on Monday, January 26, 2026, for the state visit to Ankara, Türkiye’s capital.

The trip focused on strengthening Nigeria-Türkiye relations in areas including trade, defense, security, energy, education, media, and technical cooperation.

Key highlights included the signing of nine Memoranda of Understanding (MOUs), aimed at boosting economic ties, defense collaboration (including potential training for Nigerian Special Forces), and a targeted increase in bilateral trade volume. Both leaders described the engagements as ushering in a “new era” of strategic partnership.

The visit drew public attention, including an incident during the official welcome ceremony in Ankara where President Tinubu briefly stumbled but continued without issue, with aides confirming he was in good health.

Upon his return, focus now shifts to implementing the signed agreements, including the activation of joint committees on trade and other sectors.

The Presidency has emphasized the visit’s role in advancing Nigeria’s diplomatic and economic interests on the global stage.

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Ladoke Akintola: The Thunder of History – Nation Remembers 60 Years After Assassination

Published

2 days ago

January 30, 2026

Charles Flames

26 Views

Exactly sixty years after his tragic assassination during Nigeria’s first military coup, the legacy of Chief Samuel Ladoke Akintola former Premier of the Western Region and the 13th Aare Ona Kakanfo of Yorubaland continues to resonate as “the thunder of history,” a powerful symbol of courage, pragmatism, and unyielding leadership.

On January 15, 2026, marking the 60th remembrance of Akintola’s death on January 15, 1966, tributes poured in from across Nigeria, with events held in Ibadan and Ogbomosho emphasizing his enduring impact on the nation’s political evolution.

Chief Akintola, born on July 6, 1910, in Ogbomosho, was a multifaceted figure: lawyer, journalist, orator, nationalist, Baptist lay preacher, and conservative Yoruba leader who rose from humble beginnings to become one of the founding fathers of modern Nigeria.

Akintola served as Premier of the Western Region from October 1960 until his assassination in the January 15, 1966 coup that ended the First Republic. His tenure was marked by intense political rivalries, particularly his fallout with Chief Obafemi Awolowo over ideological differences Akintola’s pragmatic, business-oriented approach clashed with Awolowo’s democratic socialism.

The crisis led to a state of emergency in the region, Akintola’s brief removal and restoration to power, and the formation of the Nigerian National Democratic Party (NNDP) in alliance with the Northern People’s Congress.

Despite controversies surrounding the 1965 elections, which many historians cite as a catalyst for the coup, supporters portray Akintola as a realist who prioritized regional development, infrastructure, and confronting realities head-on rather than ideological purity.

“He believed that leadership must confront reality as it is, not as it ought to be,” noted commentators during the remembrance.

The Samuel Ladoke Akintola Memorial Foundation organized commemorative activities, providing a platform to honor his contributions and re-examine his role in Nigeria’s political history.

Prominent voices, including former Information Minister Sunday Dare, described the gathering in Ibadan as one of gratitude rather than mourning: “Chief Samuel Ladoke Akintola did not live too long but he lived well and looms large. He did not die in silence he entered eternity in the thunder of history.

“Born into a family of traders and warriors, Akintola’s early life included education in Minna and Ogbomosho, teaching at Baptist institutions, and further studies in public administration and law in England. He returned to Nigeria in 1950, serving in various federal roles before becoming deputy leader of the Action Group and eventually Premier.

His assassination at age 55 in Ibadan remains a pivotal moment in Nigerian history, symbolizing the fragility of the young republic. Today, as Nigeria grapples with contemporary leadership challenges, reflections on Akintola’s life highlight lessons in pragmatism, sacrifice, and the burdens of power.

Stakeholders continue to call for the preservation of his legacy, including calls to restore his once-grand residence, now in disrepair, as a historical site.

Sixty years on, Chief Samuel Ladoke Akintola remains a towering, if complex, figure whose thunder still echoes through Nigeria’s political landscape.

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Benue Governor Alia begins massive road reconstruction in Gboko and environs

Engineer Tivfa Wombo, Director of Civil Engineering in the Ministry of Works, detailed the extensive works during the event, highlighting the strategic importance of these roads in connecting critical areas within Gboko township and beyond.

Published

2 days ago

January 30, 2026

Charles Flames

28 Views

Benue State Governor, Rev. Fr. Hyacinth Alia, has officially flagged off the ambitious reconstruction and dualization of 55.09 kilometres of major road networks in Gboko and its surrounding areas, in a move aimed at transforming infrastructure and boosting economic activities in the state.

The groundbreaking ceremony, held at Lubona Junction in Gboko Local Government Area on Tuesday, January 27, 2026, marks a significant step in the administration’s commitment to quality road infrastructure.

The project, valued at N62.135 billion according to the Benue State Ministry of Works, is targeted for completion within five months.

Governor Alia, while performing the flag-off, emphasized his administration’s focus on deliberate development, stating that the initiative will ease traffic congestion, enhance urban mobility, stimulate commerce, create employment opportunities, and improve the overall quality of life for residents of Gboko and environs.

The scope of the project includes the reconstruction and dualization of several key roads, such as:

– Yandev Roundabout to Lubona Junction

– Captain Dawns Road

– Tor Tiv Roundabout to Lessel Road- J.S. Tarka to Mkar Roundabout (as a dual carriageway)

– Tor Tiv Roundabout (Gondo Aluor) to Mkar and Ameladu Road- NKST Anzua Link Road

– Bristow Roundabout to Tor Tiv Palace (Akaahar Adi) Road

The governor expressed gratitude to President Bola Ahmed Tinubu for his support, underscoring the collaborative efforts between the state and federal government in driving infrastructure development. Benue State APC Chairman, Chief Titus Zam, also commended the governor for the project, describing it as part of a broader agenda to open up the state through quality infrastructure.

This Gboko road network initiative is noted as the second-longest single road project in the state, following ongoing works on a 57-kilometre network in the Benue South Senatorial District, including the Awajir–Oju road.

Stakeholders and residents have welcomed the development as a timely intervention to address long-standing road challenges in one of Benue’s major commercial hubs, with expectations high for timely delivery and lasting impact on local economies and daily commuting.