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Rising inflation pushes more Nigerians into poverty under Tinubu govt

Published

2 years ago

November 21, 2023

263 Views

Nigeria’s rising inflation continues to bite harder, pushing more citizens into poverty as the cost of living and purchasing power shrink under President Bola Ahmed Tinubu’s administration.

This is as headline inflation increased 24 times in two years to 27.33 per cent in October, propelled by food inflation, which soared to 31.52 per cent in October 2023 from 30.64 per cent in September 2023.

Food items, accommodation, clothing, electricity, education fees and other prices have all hit the rooftop.

The Central Bank of Nigeria, CBN, quickly insisted that its recent monetary policy has started yielding results despite not holding the Monetary Policy Committee’s meeting since September.

But, a recent market survey showed that food prices have recently skyrocketed by at least 20 per cent.

For instance, a mudu of rice had moved to N1,700 from N1,500, beans (Red) to N1100 from N800, 1.4-litre of groundnut oil to N3,000 from N2500, a loaf of bread N1100 from N700, eggs to N3000 from N2700 for a crate, garri (Red) N700 from N500 a mudu.

Chinedu Odah, an Abuja resident explaining the impact of inflation on him, said, “Through the past months, I have been on a daily survival mode because of hikes in the price of goods and services.

“At the same time, there is also an upsurge in the cost of education, so I am not only struggling to cater to feed my family but I am also met with the battle to keep them in their various schools regardless of the increment.

“So, truthfully, I derive my strength from a saying: when it gets overwhelming, remember God is too big to owe you.

“Huge sacrifices are being made on my end, given my position and responsibility in the home, just to try and keep up with the running costs.

“Months back, we budgeted and spent N10,000 to provide basic needs for the family in a week. Currently, N20,000 is barely enough to cover the same costs.

“Months ago, I spent N1,000 for daily transportation to work in the Central Area and back home. Currently, I spend N2,500 from my house to the same Central Area and back home.”

Odah is not alone, Amina Zakaria, a resident of Kaduna, said her household is living from hand-to-mouth due to the hike in food prices.

“We no longer eat three square meals, sometimes one, at other times it is two, walahi Nigeria hard for my family”, she said.

Nkechi Nwankwo, a resident of Port Harcourt Rivers State, said, “The prices of food items are increasing daily, the worst thing is that my income has remained the same. Money has value, too. One can’t buy things in the market.”

This is the lamentation on the lips of many Nigerians, whether in the North or South.

According to the World Bank, in the five months of 2023, accelerating inflation pushed four million Nigerians into poverty.

The Washington-based development bank’s data came months after the multidimensional poverty index released in November last year said 133 million people in Nigeria live below the poverty line.

But upon the emergence of President Tinubu, he vowed to take Nigeria’s economy out of the woods with his renewed hope mantra, but months down the line, Nigerians are yet to have the feelgood factor.

Since June this year, the fuel subsidy removal and foreign market liberalisation have negatively impacted the nation’s economy.

Though the government said that after subsidy removal, its revenue jumped from an average of N650 million monthly to over N1 trillion in the last four months, the impact on the well-being of Nigerians is yet to be felt.

Related Topics:Featured Inflation Poor Nigerians

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JUST IN: IGP Disu Assigns Portfolios to New DIGs

DIG Zachariah Fera Achinyan has been deployed to Legal Services, DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.

Published

28 minutes ago

March 10, 2026

OCHEFA

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The Inspector-General of Police (IGP) Olatunji Disu has assigned the new Deputy Inspectors -General of Police (DIGs) their duties responsibilities.

Sources said that the DIGs were assigned departments based on their areas of competence.

DIG Zachariah Fera Achinyan has been deployed to Legal Services,

DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.

Similarly, DIG Margaret Agebe Ochalla has been posted to the Force Criminal Investigation Department (FCID);

DIG Mohammed Abdul Sulaiman to Finance and Accounts; DIG Kenechukwu Onwuemelie will oversee the Force Intelligence Department (FID); DIG Fayoade Adegoke will head Information and Communication Technology, while DIG Umar Shehu Nadada has been posted to Operations departments.

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Airport Access Gates: FG Approves Cash and FAAN Go Cashless Cards for Payment

The statement also noted that motorists who already possess FAAN Go Cashless Cards can continue using them until further notice.

In addition, other electronic payment channels, including Point-of-Sale (POS) terminals and approved digital platforms, will remain available

Published

2 hours ago

March 10, 2026

OCHEFA

17 Views

The Federal Government has directed the Federal Airports Authority of Nigeria (FAAN) to accept both cash and electronic payments at airport access gates nationwide, as part of efforts to ease traffic congestion.

The directive followed a meeting between the Minister of Aviation and Aerospace Development and officials of the FAAN, alongside senior officials of the ministry, on Tuesday.

The move comes after President Bola Ahmed Tinubu ordered the suspension of the full cashless payment system at airport access gates following complaints that it had caused traffic gridlocks.

In a statement issued in Abuja by the minister’s Special Adviser on Media and Communications, Tunde Moshood, the government has resolved to gradually transition to a fully automated payment system at airport access points.

As part of the interim measures, the ministry announced that a hybrid payment system allowing both cash and card payments will take effect at all airport access gates from March 13, 2026.

The statement also noted that motorists who already possess FAAN Go Cashless Cards can continue using them until further notice.In addition, other electronic payment channels, including Point-of-Sale (POS) terminals and approved digital platforms, will remain available

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LASEMA Cautions Social Media Platforms Against Circulating False News

LASEMA Permanent Secretary, Dr. Olufemi Damilola Oke-Osanyintolu, made the call today following his visit to a collapsed three-storey school building at Yemco Schools, Daycare Nursery, Primary and Comprehensive College, located at 11, Adu Street, Behind County Hospital, Aguda, Ogba, Lagos State.

Published

2 hours ago

March 10, 2026

OCHEFA

17 Views

The Lagos State Emergency Management Agency (LASEMA) has cautioned news platforms, especially social media against the circulation of misleading information.

He said : “In situations like this, inaccurate reports and exaggerated claims can create unnecessary panic within the public.

“We urge members of the public and media platforms to rely only on verified information released by official government agencies such as LASEMA and other authorized emergency management bodies.

Spreading unverified information during emergencies can hinder response operations and misinform the public.

” First and foremost, I want to reassure the public that this incident did not result in any loss of life.”

He emphasised:” After careful assessment and rescue operations, I can confirm that all individuals within the vicinity of the building were accounted for and no casualties were recorded. Because no lives were lost, we categorize this situation not as a disaster but as an emergency incident, which was quickly managed through coordinated response efforts.”

According to him, emergency responders from the Lagos State Emergency Management Agency and other first responders were immediately deployed to the scene to conduct a thorough search and safety assessment.

Our emergency teams promptly secured the environment, carried out safety checks, and ensured that there were no trapped victims within the structure.

The safety of residents, students, and staff remains our top priority.

The Lagos State Government remains committed to protecting lives, ensuring rapid emergency response, and maintaining public safety across the state.

We will continue to work with relevant authorities to assess the structural integrity of buildings across Lagos and enforce safety regulations where necessary.

Once again, I want to reassure residents that the situation has been fully contained and there is no cause for alarm.”