AS COST OF LIVING CONTINUES TO RISE
The recent protests in some parts of Niger, Kano and Ogun States over the rising cost of living did not come to many Nigerians as a surprise. Many saw it coming. There were disturbing signs which emerged in the last two years for the likely rise on the cost of living in the country. For instance, the Food and Agricultural Organization (FAO) and others had predicted looming hunger in the country. Despite these warnings, our policymakers have not rolled out adequate measures to address the situation. While the outbreak of Covid-19 pandemic in 2020 disrupted the economy of many countries including Nigeria, it did not teach any lesson to our leaders. The post Covid-19 era witnessed mass corruption and the mismanagement of public funds. Many intervention programs particularly in agriculture sector geared towards food security were marred by corruption. Until the emergency of Tinubu's administration and the suspension of Director General of NIRSAL, a subsidiary of CBN, little was known on how funds meant for intervention were outrightly looted. Also, the ministry of Humanitarian Affairs and Disaster Management created by the immediate past administration is being investigated. The former minister, Sadiya Umar- Farouq, was alleged to have diverted funds meant for alleviating poverty in the country.
There are other contributory factors to the current inflation and cost of living such as devaluation of the naira, worsening insecurity in farming communities; increase in the cost of production, fuel price increase, public debt, hoarding, high taxes; increase in public spending, etc. On a serious note, these factors have contributed greatly towards the current food crisis in the country. There is the urgent need for government to address the underlying causes of the high cost of living and come up with short, medium and long term plans to address it. While the release of 102,000 metric tons of assorted grains as directed by President Bola Ahmed Tinubu may temporarily provide relief if judiciously channeled, the rate with which inflation reduces the purchasing power of Nigerians calls for more urgent actions.
What actually triggered the current cost of living is the sudden removal of fuel subsidy and unification of exchange rate by the Tinubu's administration. Subsidized Premium motor spirit (PMS) or petrol is the lifewire which sustain Nigerians. In fact, subsidy which government grants is what stabilises the price of goods and services in the country. With erratic power supply across the country, many companies resorted to the use of diesel or petroleum to produce goods and services.
• Ibrahim Mustapha, Pambegua, Kaduna State