A former House of Representatives member, Dr Farah Dagogo, has decried the level of inflation prevalent in the Tinubu led administration.
In a statement by his Special Assistant, Ibrahim Lawal, Dagogo described the current living standards and conditions in the country as grim thereby raising concerns that all indicators predicts further pains for the citizenry.
In his words, “Today, yesterday and especially in the past year, the people’s purchasing powers have reduced drastically.
“Never has this country witnessed this level of hyperinflation in its history, not even during our civil war. It is a grim reality.
“The value of ₦40,000 in 2015 is equivalent to over ₦500, 000 in today’s Nigeria in 2024. Crisscross the costs of goods and services during this period and vis-a-vis the reality of today and we all will come to that sad realization”, he lamented.
He emphasized that in the present government, the purchasing power has drastically gone down.
” The inconsolable unavoidable truth is that the value of the money most persons are getting or earning in 2024 is not too different from that of 2015 but the purchasing powers have practically gone out the window”, he said.
Dagogo added that the terrible economic downturn and suffering is the reason why labour is justifiably demanding for a living wage.
He further lamented that money that can be used to buy 10 bags of rice in 2015 can barely afford one bag in the year 2024.
In his words, “Money that could comfortably procure over 10 bags of 50kg rice in 2015 can only buy one now, yet no improvement in the real money in the hands of the people.
“Anti-people and inhuman economic policies have helped put the people in a terrible state.
“Something has to give way, this cannot continue. These sufferings and hardships have to be remedied”, he said.
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