In this report report, IFEDAYO OGUNYEMI takes a look at how the conditions of many Nigerians have worsened in the light of the state of the country’s economy.
It is no longer news that the country’s economic conditions have continued to inflict damage on the lives of the citizenry. What is new as of today is that the impact of the damage on the living conditions of the people is heavy and has cost some citizens their lives.
Checks by the Sunday Tribune showed that the level of inflation in Nigeria has consistently risen 10 times this year based on a month-on-month comparison. The October 2023 inflation rate released by the current data agency has been further described as an all-time high in the last 18 years, thus putting many Nigerians in a precarious position as their purchasing power significantly grew weaker at a point in time when their income and spending power both dwindled.
For many in rural and urban areas, the overbearing effect of the harsh economic policies cannot be overemphasised as it has further plunged them into worrying life situations on all sides.
Data provided by the National Bureau of Statistics (NBS) in its Consumer Price Index report showed that the country’s inflation for the month of October rose to 27.33 per cent from the 26.72 per cent recorded in September 2023 representing a 0.61 per cent points increase.
The NBS data further showed that the October 2023 inflation figure was 6.24 per cent points higher compared on a year-on-year basis to the rate recorded in October 2022, which was 21.09 per cent. The data agency also disclosed that food inflation increased to 31.52 per cent, showing 7.80 points higher when compared with 23.72 per cent recorded in October 2022, adding that urban inflation stood at 29.29 per cent while rural inflation was 25.58 per cent.
During the course of the past week, Sunday Tribune spoke with a number of Nigerians across the country, the revelations from the respondents paint a gory picture as many more of them now find it difficult to make ends meet as a result of the rising food costs, increase in pump price of petrol, the skyrocketing exchange rate, among other debilitating factors.
Lamenting the hardship, Mariam Aina, a fish seller in Abeokuta, the Ogun State capital, said, “I don’t think you should be asking me about the economy because there is no one that is not feeling it. We protested recently. Because of the rising cost of fish in the market, people can’t afford to buy fish, yet the price keeps increasing.
“I have my child in the university and it is in the midst of this hardship that their school decided to increase tuition. My child started school with N5,000 monthly allowance, now I have to beg her with N25,000 because it almost amounts to nothing. It should not continue like this; there is frustration everywhere.”
Adisa Bankole, a farmer in Eegua area of Yewa North, Ogun State, said “the effect will start from fuel prices. We buy for as much as N750 per litre. I cannot trek to the farm from Ọja Odan and I cannot afford to go to the farm every day because of the price of fuel. I lost some of the farm produce due to a lack of proper monitoring.
“There was a time I could go to Abeokuta with just N1,500 but now, I cannot think about it if I do not have up to N5,000. Though we eat from our farm produce, there are still other things to buy. The fuel price is really compounding hardship for us in the border communities.”
Speaking in the same vein, an Abeokuta-based parent, Gbemisola Da-Costa, described the state of the country’s economy, adding that “there is hunger and suffering everywhere.”
She said: “Things are really hard and one would believe the removal of subsidy and the consistent crashing of the naira against other currencies compounded these issues. It is causing hardships that are seriously affecting people. There is not enough money in circulation and there is no job to cushion the effect of that. Foodstuffs are expensive and I feel there is danger looming.
“The cost of transportation is now so high. The cost of taking my kids to school and back as well as from my place of work to the house is now very expensive. Panseke from Iyana Mortuary which was between N50 and N80 last year is now N250. Transport fare from Kuto Garage in Abeokuta to Berger in Lagos used to be N800 but now, it is N3,000.
“The cost of food has now tripled. If you comfortably use N100,000 to stock foodstuffs then, you can only ration that same amount on food items now. That’s if you still have access to that N100,000 now. That’s serious hunger and overmanagement.”
Another respondent, Peju Olaniyan, told the Sunday Tribune that things are unbearable for the masses with the current happenings in the country.
In her words: “Things are now getting worse daily. It feels like our leaders are not concerned about what is going on in the country. I know that things are expensive but I believe we do not help ourselves because some of us are exploiting the situation. What we do for each other is out of the ordinary, we just behave as if everyone can do as they want. There should be a price control mechanism in the country.”
On her part, Oluwatosin Ayobami expressed concerns that the situation of the country’s economy may push many into begging, declaring that it is sad that the masses have found themselves in such a terrible situation.
“Transportation is now high and it is affecting the cost of goods and services. Foreign exchange is also on the high side but politicians are still buying vehicles of their tastes. Citizens have been shouting to their deaf ears for a while now.
“There’s nothing the people are benefiting from the government today and those benefiting from the country today are just a few. A basic foodstuff like rice is now over N50,000 per bag. No, that’s bad. People cannot even afford three square meals,” she said.
A young crypto marketer from Osogbo, who identified himself as Gbenga, described development in the country’s economy in the last couple of years as a rollercoaster, adding that the qualities that characterise anyone described as a middle-class person have been removed by the poor economic conditions.
“The past couple of years under the last and the new administration have been a rollercoaster. Things have not been easy and fair to the masses if one is being honest. Today, you cannot even point to a middle-class man who takes care of himself and renders help to relatives. All they can do now is just to survive and they are struggling to find ways to do it.
“I do not think any middle-class person has lived their lives the way they wanted, especially with the high exchange rate. Items that do not depend on the exchange rate have equally been affected because some people are using them to extort others. It is not fair,” he said.
A farmer based in Ilorin, Kwara State, Damilare Tajudeen, told Sunday Tribune that “Nigeria’s economy is on a bad spiral. If you can afford a bag of rice comfortably before now, it will be difficult to buy a quarter of that same bag of rice now. Most of the take-home salary has been reduced for those who were not laid off because the company wasn’t making enough profit like it used to.
“Even if you’re still collecting your old salary, transportation costs have eaten too deep into that now, so where do you get enough to spend on foodstuff? People are now pruning down expenses on their apartments. Businessmen cannot even boast of half the profit they used to get because of the fuel cost. The cost of things has tripled and the economy is really stifling the life out of people.”
Another respondent, Bassey Doris, who is a digital marketer in Abeokuta, blamed the country’s poor economy on the effect of the huge dependence on the importation of goods and services, describing it as the country’s own nemesis.
She explained: “The major problem in this country is that we import things a lot and it is really affecting our economy but let me leave this and give lists of the common and general issues as of today. I remember earlier this year, gas was still N650 to N700 per KG, but now gas is N1200 per KG which is very hard for low-income citizens to afford. In many homes and families, they now use firewood to cook and that causes air pollution.
“The prices of fuel, diesel and kerosene are now double, thereby making things more expensive. Transport fare to Akwa-Ibom was between N8,000 and N10,000 before, but now it is over N25,000 all in the name of the high price of fuel. Pure water used to be N5 but you can only get three sachets for N50 now. Egg grew from N30 to N100.
“A bag of imported rice used to be around N15,000 to N19,000 per bag and it is one of the most consumed food items in Nigeria. The annoying part is that the price goes up every single day. My sister sometimes substitutes noodles for the children to take to school and they complain because noodles do not fill them up like rice does.
“Mobile data have become extremely annoying. Imagine buying N8,000 data which gives you 30 GB that was supposed to last for a month but only lasted for seven days! The monthly subscription is what people now use weekly. Having mobile data is what keeps most of us thinking free because when we come online and watch videos, they put smiles on our faces but now to even afford data is a problem because of how expensive it is.
“Tuition fee in government institutions is now almost the same amount as that of the private sector. You pay monthly for electricity, but you do not enjoy three days of steady supply.”
In his submission, Sodiq Abubakar, who works at a veterinary clinic in Ilorin, said: “Things are not easy for everyone. The cost of goods has increased astronomically probably because of the exchange rate. Foodstuffs are now expensive. Even if you have your money, you can only get a few quantities because there’s no money.
“People are only managing. There’s no money and things are now expensive. And it shouldn’t be so. It appears that government functionaries and politicians are only after their own pockets. It is even worse for people with a large family and you see someone eating just once in a day because there’s no money and work to do.”
While admitting that things are not where it is supposed to be, a Lagos-based media professional, Jimoh Abdulkabir, absolved the government of the blame, adding that the combination of policies and events that put the country in its present state was made by previous and present administrations.
He said: “It appears things got worse during this administration, but the truth is that it was on a bad slope from the previous administrations. People are blaming the removal of subsidy, but the majority of people don’t look at the development from the onset. The recent hike in the cost of foodstuffs has taught people how to cut down on spending. The hike is even beyond food. Transportation, housing and others have increased.
“If you look at the North, people over there are saying food is not so expensive there. Maybe because of the closeness to the point of production but then, they are feeling the heat from other areas. On the other hand, food is very expensive for those of us in Lagos and close to it. Wheat and yam are not so expensive in some Northern states compared to the South.”
He also called on the government to divert part of its budgetary allocations many considered as unnecessary into the economy to cushion the effect of the rising food costs which is a challenge to many.
“If the budgeted money for lawmakers’ vehicles is pumped into food, people should be comfortable because if food is not as expensive as it is presently, then life will not become unbearable for them. We are appealing to the government to see to this so that things do not go awry than it is,” he added.
Another farmer based in Ilorin, Ifemipo Oladele, also expressed concern that the cost of living in Nigeria presently has significantly increased, “the amount people spend on goods and services has gone up to a greater extent. A litre of PMS which was sold at N230 is presently sold at N650. The increase in prices really affected many Nigerians because no measure was put in place to cushion the effect of the increase in price.
“People now spend double on transportation. Many car owners cannot afford to fuel their cars due to such an increase. Many farmers in rural areas spend more on transporting their produce to urban areas, which invariably leads to an increase in the price of such goods and services and then that affects how people will be able to afford three square meals.”
Dissecting the challenges in the country and how they affect the masses, a digital marketer in Ilorin, Abiodun Famoye, believes the precarious situation can be averted if people do not try to exploit the challenges facing the country for their selfish interests.
He explained that the present situation is a result of artificial inflation because the first increase in the pump price of fuel truly affected the cost of production and the cost of food items, worrying that “the pump price of fuel has been stable at around N600 per litre for months now but the cost of things kept on increasing. It is either of two things.
“First, as a businessman, you cannot jack up the cost of N50 items to N150 all of a sudden. They couldn’t do that but they kept test-running a phase-by-phase increase to see if it would be comfortable to make a profit and if the profit is not forthcoming, they add a little to it again.
“Secondly, they blame the exchange rate. When the exchange rate is not favourable, it affects the cost of goods and services but when it is favourable, we do not see the influence. That is why I feel that inflation is artificial in nature and not naturally or organically affected by the laws of demand and supply. I feel it is a result of the selfish interests of certain people.”
Speaking on her experience, a bank worker, Olajumoke Adenuga, said the current hardships hit her hard.
“The hike in fuel prices has made commuting to work more expensive, eating into my budget. And with the rising cost of living, it feels like everything is getting more expensive, from groceries to utility bills. It has been a challenge to manage my finances and make sure I can cover all my expenses.
“On top of that, the increasing food costs have hit me pretty hard. I used to be able to stretch my budget and enjoy some nice meals, but now I find myself being more cautious with my spending. I have had to make some adjustments to my lifestyle such as cooking more at home and cutting back on eating out. It is not always easy, but I’m trying to be more mindful of my expenses.
“Overall, it has been a bit of a struggle, but I’m doing my best to adapt and make the most of the situation. I’m staying positive and hopeful that things will improve soon,” she explained.
It’s no longer easy being students
Things are also not rosy for students anymore, Oluwapelumi Olorunmaye, who spoke with Sunday Tribune, explained that the economic crunch has really hit her hard, calling on the government to consider restructuring the country to allow the institutions of government to work optimally.
“It has really affected me because the amount I spend on foodstuffs now cannot be compared to what I spent before. Imagine taking a huge amount of money to the market and when you come back you realise you have not even gotten anything. Also, the cost of transportation is alarming.
“My suggestion to the government that there should be restructuring in our constitution from the national level to the grassroots levels.”
In her own remark, Favour Awoyemi urged the government to look for a better plan to ease people’s pains such as diverting the money meant for subsidy into something visible to all.
“With the increase in cost of things, it has not been easy though, one is only trying to adapt to the new way of life. Let the leaders serve the people, not themselves,” she said.
Another student, Victor Damilare said: “the fact that my daily expenses have increased is so terrifying, as I now spend most of my allowance on transportation and feeding on campus.
“This unfavourable condition has made me miss a lot of important classes in school because I might not have money on me for transportation and my house is very far from campus. Those distances that cost us N150 before are now N400, which means I’m literally spending N800 every day on transport. Can you imagine that? Let’s say someone is collecting N30,000 and he’s spending N800 every day on transportation, how do you expect that person to survive that condition?
“It is really disheartening that our government is not feeling concerned about this at all but my advice for them, if they will accept, is that they should increase the minimum wage of the workers since they have removed fuel subsidy.
“And they should stop sharing money because I heard that they’re giving palliative to some people which is costing them billions of naira even though I know that is a way to loot the government fund. Instead of sharing money to some set of citizens, I think they should use the money to build some industries so that the unemployment rate can be reduced.”
Another student, Abiodun Adesoji, said: “I had to make adjustments to my budget, look for ways to save money and manage my finances more carefully. I also had to be more creative and resourceful in finding ways to make ends meet. I’ve been taking on extra work or side hustles to earn more money, cutting back on nonessential spending, or making other changes.
“My suggestion is that the government should initiate policies and measures that would be helpful in improving the economic situation such as job creation initiatives, tax breaks for small businesses and programmes to support low-income families.”
Anuoluwapo Fayeye noted that “the economy is so bad that it has really affected my business in a very bad way. I’m just trying but we give GOD the glory.”
He added “I’ve been working and trying to learn some new skills to add to my income. The government should firstly work on foodstuffs in the country because Nigerians are really hungry, and things are getting high in commodities.”
Another student who supports herself with proceeds from her fashion designing work, Omolara Akintomide, said “the economy of the country has been quite difficult and challenging due to the rise of fuel and other things but I would say surviving in this country is not a walk in the park. I have been managing to survive as an entrepreneur and adjust to the economy of the society with the little I earn.
“I’ve experienced so many things with the present state of the economy but determination has helped me so much. I would suggest that the government pay attention to the economy of the country and make necessary amendments for the ease of the people. Also, they should provide work for the youth, the rate of unemployment in the country is so alarming.”
Tinuke Ogunaike noted that the increase in cost of living has impacted not only the prices of goods and services but also people’s ability to afford basic necessities.
“For those who are already struggling to make ends meet, the rising costs have been particularly difficult to cope with. The increased cost of transportation has also made it more challenging for businesses to get their goods to market, leading to even higher prices. The inflation has also led to a decrease in the purchasing power of people,” she said.
Another student, Seyi Daramola, lamented that the present situation has had a great toll on the mental wellbeing of the people, adding that “the high cost of living has taken a toll on people, as they have had to make difficult choices about what to spend their money on. Many have had to forego healthy food options in favour of cheaper but less nutritious options.
“Mentally, the stress and anxiety of living in a high-cost environment have led to an increase in depression and other mental health issues. This can have long-term effects on individuals and their families.”
- Additional reports by Tolulope Olugbade, Mercy Ajibade, Michael Babatunde, Anjolaoluwa Adenuga and Marvellous Agbeje.
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