Since assuming office on May 29, 2023, Bola Tinubu’s economic policies have worsened the challenges faced by Nigerians, with the cost of essential food items skyrocketing amidst worsening inflation.
According to recent data from the National Bureau of Statistics (NBS), Nigeria’s inflation rate surged to 29.90 percent in January 2024, reflecting the severity of the economic strain experienced by citizens.
Market investigations have revealed alarming price hikes across various food staples. For instance, a pack of Spaghetti, previously priced at N80, has surged to N950. Similarly, a carton of Titus fish, once N40,000, now commands a staggering N76,000.
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The cost of essentials like Blue Band butter, rice, and maize has also seen significant spikes, with prices doubling or even tripling their previous rates.
Other essential items have witnessed dramatic price surges as well. Titus sardine, previously N350, now sells for N1,020, while Indomie noodles have jumped from N50 to N150 per pack.
Even basic commodities like salt and eggs have experienced substantial price hikes, adding to the burden on already strained households.
Moreover, transportation costs have soared, with reports indicating exorbitant fees for moving goods between states. For example, the cost of loading plantains from Ondo to Ogun State now stands at a staggering N100,000.
In response to the escalating economic hardship and rising hunger, the Nigeria Labour Congress (NLC) has announced a nationwide strike scheduled for February 27 and 28, 2024. The strike aims to pressure the federal government into addressing the worsening economic conditions and providing relief to struggling citizens.