Business owners have expressed their frustration over the high cost of living in Nigeria.
Since the removal of fuel subsidies by President Bola Tinubu’s administration four months ago, the prices of essential commodities have skyrocketed, putting a strain on the income of Nigerians.
Adediran Babatunde, an engineer, in Abuja expressed his concerns over the high cost of living in the country following the removal of petrol subsidy by the federal government.
“Since the increase in fuel, all the commodity has increased in price which cannot be measured with the income of Nigerians.” he also stated, “The hardship is so enormous to the extent that we have seen a lot of people that have withdrawn their children from school because schools have also increased their school fees.”
The removal of fuel subsidies immediately caused a disruption in the local oil and gas market, resulting in higher prices for petroleum and related products in Nigeria. This increase has had a significant impact on Nigerians, including transporters who have raised transportation fares to cover the increased fuel costs. The rising prices of raw materials and foodstuff have also affected consumers’ ability to afford basic necessities.
Also speaking, a caterer, who identified herself simply as Tope, highlighted that “increase in petrol price has had a great impact on her business. She said that with the high cost of living, many of her previous clients are not able to do business with her.
“Petrol is a commodity that everyone needs and it is unfortunate that we don’t refine petroleum products in our country, we take the crude out to refine, bring them back into the country at a very very high cost. And of course, Nigeria presently does not have, it’s not a productive nation rather I say, it is a nation that consumes and our economy is totally based on the dollar an as such, the fluctuation in the dollar has actually affected the cost of petroleum product especially PMS, because everybody needs PMS.”
As a result of these challenging circumstances, some parents have been forced to postpone or entirely withdraw their children from school due to financial difficulties. Additionally, the overall economic situation has led to food shortages, leaving many people struggling to put food on their tables.
It’s disheartening to see the hardships faced by Nigerians due to the high cost of living. Let’s hope for positive changes that will alleviate these pressures and improve the lives of everyone in the country.