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Rising inflation pushes more Nigerians into poverty under Tinubu govt
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.
News
NMDPRA, EFCC Storm Illegal Chinese Refinery in Ogun (Video)
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday stormed an illegal Chinese-operated refinery in Ogere-Remo, Ikenne Local Government Area of Ogun State.
The joint operation followed intelligence reports that revealed a well-fenced but crude yet technically sophisticated facility occupying more than three hectares of land.
During the inspection, officials observed underground tanks believed to have been used for heating and processing sludge oil, refining waste products, and substances suspected to be Automotive Gas Oil (AGO), popularly known as diesel. NMDPRA officials immediately sealed the facility.
Ogun State Coordinator of NMDPRA, Dr. Atilola Akinyemi, described the plant as a complete illegality operating without any permit from regulatory authorities.
“The underground storage facility behind the site has an estimated capacity of more than 90,000 litres, complete with underground heating systems, water hydrants for cooling, locally fabricated tanks and silos for separation,” Akinyemi told journalists.
He warned that if such adulterated products entered the market, they would pose serious risks to vehicles and engines. All recovered products have been confiscated by the Federal Government.
Director of the Department of Proceeds of Crime Management at the EFCC, Gbolahan Latona, stressed the need for collective patriotism in tackling economic crimes.
“Upon conclusion of investigation, the suspects will have their day in court and the proceeds of crime will be put to meaningful use,” Latona said.
Watch video below:
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Sanusi: Critics Are Not Enemies Of The Govt
” It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
The Emir of Kano, Alhaji Muhammadu Sanusi II, has advised the Federal Government against treating every comment about the administration as an attack on President Bola Tinubu.
The royal father gave the advise on the occasion of the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tan.
Speaking virtually to the audience at the event, on Tuesday, Sanusi advised the government to tolerate constructive criticism.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
News
Urbanisation: Lagos To Fall Behind Luanda as sub-Saharan Africa’s biggest city by 2050
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
A report conducted by the World Bank and the European Commission’s Joint Research Centre, has projected that Angola’s capital, Luanda,will overtake Lagos as sub-Saharan Africa’s most populous city by 2050, rising by 78 percent from 11.4 million to 20.3 million.
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
The report estimated that Luanda’s population would increase from 11.4 million in 2025 to 20.3 million in 2050, adding 8.9 million residents over the period.
Lagos, the region’s most populous city in 2025 with an estimated 12.8 million residents, is projected to grow to 16.2 million by 2050, an increase of more than 25 percent.
Despite the growth, Lagos is expected to fall behind Luanda, whose population is projected to exceed that of Nigeria’s commercial hub by 4.1 million.
“Over this period, the population of Angola’s capital city, Luanda, is projected to increase by 78 percent from 11.4 million to 20.3 million.
In doing so, Luanda will overtake Lagos as SSA’s most populous city,” the report said.
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