Hello Everyone in this Awesome community
I hope we are all doing well,.
The Cost of living is now costing people's life, it's crazy how people survive this hard time, like I can't really imagine.
The other day I was walking through the bustling streets of Makurdi,
I just couldn't help but feel a sense of frustration and despair. Everywhere I looked, prices were skyrocketing, and I can see the people suffering, the inflation cut across every aspects, From food to housing, transportation to healthcare, it seems like everything in Nigeria comes with a hefty price tag.
So I went to fill my gas today at one of the local gas stations, I last bought 1 kg of gas for #1200(one thousand two hundred naira only) that's about 2 week back, but on reaching the gas station, the attendant bluntly told me that the price is now #1600. The crazy thing about it is that some years ago, one KG of Gas is Just #300 ( three hundred).
I saw some lady come around the Gas store to buy gas cylinder, exactly like my 7kg cylinder, they were told the last price for the cylinder is #38,000 (Thirty Eight thousand naira), and I bought that same cylinder some years ago for just #8,000 (Eight thousand naira).
Let's look at the above prices inflation, the numbers reveals the shocking reality of Nigeria's inflation crisis.
Honestly if anything can be changed in this society of ours, inflation can be removed totally and this Hardship should be reduced, looking at the National Bureau of Statistics (NBS), the country's inflation rate has been on a steady rise, reaching an all-time high of 21.3% in 2022.
The crazy reality,is that the average Nigerian is paying more than twice as much for basic necessities like food, shelter, and clothing.
Let's not even go to transportation cost, there is no more #200(Two hundred Naira). I mean a drop of 3 to 5 minutes drop, now cost More than #400 (four hundred naira). The price of Petrol skyrocket immediately our President Assumes his post as the president, our president who for some reason best known to himself, removed the fuel subsidy and then the price of petrol skyrocket to a ridiculously high price.
What exactly are the Causes of the Crisis.
So, I just gave one of the main cause of price surge, the president's careless act of removing the fuel subsidy without any measures to ease the burning hardship facing Nigerian presently.
what else is behind Nigeria's inflation crisis?
Let check out all of the several other factors at play:
- Corruption: I don't really know wether corruption is something that flows in Africa, the Widespread corruption and mismanagement are siphoning off all our precious resources and undermining the economy, poor and bad decision of the corrupt politicians has cost us a lot.
Monetary Policy: The Central Bank of Nigeria made a decision to devalue the naira which has led to a surge in import costs, which has driven up prices of some of the imported things and indirectly also affecting some of the price of the things grown locally and all other things.
Food Insecurity: Constantly farms and farm produce are being destroyed by Herds men and sometimes communal clashes top leads to shortages and the prices increases for staple foods like rice, beans, and corn.
In conclusion : There are a lot of challenges facing the society but if I can change any one, I would love to reduce the price of things.
This is in response to our prompt (Week 89)
Those years when 1kg of gas was 300 naira, I used to full my cylinder whenever I visit the gas station, but these days, before I can fill 1kg, I will be battling with too much calculations, I am happy that i always win in the math's, my fear is just that, I should not fail this math any day 😁😁