The Cost of Living Kills the Living In Nigeria.
By Adamu Bello Mai-Bodi
Over the past six months, Nigerians have grappled with an unprecedented increase in the prices of essential commodities, including food, housing, transportation, and healthcare. The burden of these rising costs has fallen disproportionately on the shoulders of middle- and lower-income citizens, pushing them to the brink of poverty and depriving them of basic necessities.
All thanks to President Tinubu’s fragile economic reform policies that propelled inflation rate to a staggering 27.33 percent.
Food, which is a fundamental human right, has become a luxury for many Nigerians. Families struggle to put nutritious meals on the table due to the skyrocketing prices of staple foods like rice, beans, and cooking oil.
This dire situation exacerbates the already alarming rates of malnutrition and food insecurity in our nation. National Nutrition and Health Survey 2014 shows that every year, one million children under five die, 45% of them due to malnutrition.
With the historic high food inflation rate of 30.64 percent, Nigeria’s Global Hunger Index Score remains alarmingly high, ranking 109th out of 125 countries, indicating a severe food security crisis.
While N7 billion was approved for the renovation of the official residences of the President and his vice in Lagos, which are rarely used (Buhari used them less than four times in eight years), the cost of housing for ordinary Nigerians has become exorbitant, making it nearly impossible to secure decent accommodation.
Rent prices have soared, while the availability of affordable housing remains scarce. This lack of affordable housing options has forced many families into overcrowded slums, perpetuating a cycle of poverty and compromising their overall well-being by exposing them to communicable diseases especially diphtheria.
Moreover, rising healthcare costs have left many Nigerians without access to proper medical care. Vital medications and treatments have become unaffordable for the majority, leading to unnecessary suffering and preventable loss of lives.
Most Nigerians resort to patronizing herbalists or self-medication as they lack affordable healthcare options.
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Transportation, an essential aspect of daily life, has become a financial burden for the average Nigerian. Public transportation fares have increased significantly, making it difficult for workers to commute to their workplaces, students to attend school, and patients to access healthcare facilities.
This has had a detrimental impact on productivity, education, and healthcare outcomes across the nation. This grave injustice is happening in a country where billions are spent on public officials’ travels and on luxurious vehicles for the members of the national assembly.
Meanwhile, the promised thirty five thousand Naira palliative for the civil servants is not forthcoming, as only two months were awarded in four months. Even the introduction of compressed natural gas-fueled buses by the president, which sounds promising, has become just wishful thinking.
Considering the limited gas infrastructure and the problem of gas deficits in some parts of the country, it would need a holistic approach and unprecedented political will to come to fruition before 2017.
The ever-increasing cost of living in Nigeria under President Tinubu’s leadership has plunged countless Nigerians into poverty, depriving them of their basic rights and essential needs.
This pushes Nigerians into unplanned borrowing. The CBN report shows that consumer credit rose to N3.05 trillion by the end of the third quarter of 2023 as the president keeps reiterating the validity of his reform policies under the aegis of renewed hope agenda.
Regrettably, the economic reform policies implemented have proven to be inadequate in addressing these pressing issues. Instead of alleviating the financial burden on citizens, these policies have disproportionately impacted those with middle and lower incomes, exacerbating inequality and social disparities.
Efforts to stabilize and improve the economy must prioritize the needs and welfare of all Nigerians, especially the most vulnerable. It is imperative for the government to reassess and revise its economic policies to ensure that they are inclusive, equitable, and effective in addressing the rising costs of essential commodities.
By doing so, the government can provide relief to struggling households, safeguard their access to basic necessities, and promote a more sustainable and prosperous future for all Nigerians.
Adamu Bello Mai-Bodi
JAMB Professional Test Center, Azare
Bauchi State.
