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.
It was gathered that 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.
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.