Life in Nigeria has become increasingly difficult for many citizens due to the rising inflation under President Bola Ahmed Tinubu’s administration. The cost of living has gone up, and people’s purchasing power has decreased, pushing more Nigerians into poverty.
Inflation has been on the rise, with headline inflation increasing 24 times in just two years to reach 27.33% in October. This surge has been mainly driven by food inflation, which skyrocketed to 31.52% in October 2023 from 30.64% in September 2023.
The rising inflation has affected the prices of essential items such as food, accommodation, clothing, electricity, and education fees. These prices have all gone through the roof, making it harder for people to afford basic necessities.
A recent market survey revealed that food prices have increased by at least 20%. For example, the price of rice has gone up from N1,500 to N1,700 per mudu, while beans (Red) now costs N1,100 instead of N800. Groundnut oil has also seen a significant price hike, going from N2,500 to N3,000 for a 1.4-liter bottle. Even a loaf of bread has become more expensive, now costing N1,100 compared to N700 before. These price increases have made it harder for families to afford enough food to eat.
Not only are people struggling to feed their families, but they are also facing challenges in keeping their children in school due to the rising cost of education. Chinedu Odah, a resident of Abuja, shared his experience, saying that he has been on a daily survival mode. He mentioned that he has to make huge sacrifices to cover the increasing costs of both food and education. The cost of transportation has also gone up, making it more expensive for people to commute to work or school.
Many Nigerians are feeling the impact of rising inflation on their daily lives. Amina Zakaria, a resident of Kaduna, expressed how her household is now living from hand-to-mouth due to the high food prices. Nkechi Nwankwo, a resident of Port Harcourt, shared her frustration about the increasing prices of food items while her income remains the same. These sentiments are echoed by many Nigerians across the country, both in the North and South.
The World Bank has reported that accelerating inflation has pushed an additional four million Nigerians into poverty in just five months of 2023. This data aligns with the multidimensional poverty index released in November of the previous year, which stated that 133 million people in Nigeria live below the poverty line.
The rising inflation under President Bola Ahmed Tinubu’s government has had a severe impact on the lives of Nigerians. The increasing cost of living and decreasing purchasing power have pushed more people into poverty. It is crucial for the government to address this issue and implement measures to alleviate the burden on its citizens.