With the high cost of living and the worsening state of the economy, the adverse effect of inflation on over 218 million Nigerian people remains a burden amongst the majority of the masses who all lament daily over their costly livelihood.
There is a serious outcry and shared pain amid growing insecurity in some states of the country, And of course, urgent intervention is required from the Federal and State Governments alike to lessen the hardship on the ordinary masses by addressing the growing population and meeting their immediate needs.
Quite appalling is that the majority of Nigerian people can barely afford to have three square meals; they can hardly put shelter on their heads; unaffordability of good clothing, high cost of transportation, and inability to pay hospital bills have been the order of the day. But where did we get it all wrong?
Recent research has revealed the growing population of Nigerian people in the year 2023 at 223,804,632, while in the year 2024 at, 229,152,217. This rapid population growth has no doubt resulted in a high standard of living, which has led to extreme poverty, hunger, terrorism, etc., in society.
The agelong occurrence witnessed by the Nigerian people with leadership at the centre is that whenever there is an increase in the supply of money- the dollar rates, prices of essential commodities and fuel begin to rise. Also, a shortage of raw materials for the production of essential goods has led to low production, thereby drawing the available goods at a higher rate.
Since essential goods have made their customary way of being imported from other countries into Nigeria, the pains of the masses have grown with the extant cost of importation duties induced in the packaging and transportation of the commodities.
In Nigeria with leadership at the Centre, high commodities prices have significantly reduced the value of money. Barely a thousand of the Naira note can afford to buy tangible needs in Nigerians’ homes.
Nigerians grumble each time they buy the same essential commodities at higher prices than they did in the previous days. Less we say, is the rapid increase in the prices of cooking gas. A bottle filled with 50kg cooking gas is now being sold at N44,000 by marketers at the gas plant, compared to N40,000 sold in the previous day.
Inflation has become a leading topic of discussion in Nigeria’s homes, press, and government.
However, in a bid to curb the menace of Inflation and high cost of living, and equally meet the masses’ needs, the Federal and State Governments alike must urgently adopt population policies that will encourage lower fertility levels.
We recommend a free program organized by the governments at all levels to educate the Nigerian people on Family Planning and Sex Education.
Thus, the Governments should also consider waivers, and reduce the extant tax rates, and tariffs on licenses to cushion the adverse effect of inflation on the Nigerian people. Availability of raw materials should be made surplus.
Finally, the Governments should also encourage and generate a law on compulsory usage of locally made products amongst the masses which will ultimately lead to affordability and meet their needs. Once all these are guaranteed, the pains and agony faced by the Nigerian people caused by inflation, globalization, decreased regulations, and a new economy will become the thing of forever.
