Many residents of the Federal Capital Territory (FCT) have expressed concern over the continuous instability and increase in the cost of essential goods and services.
The residents, who spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja, attributed the increase to the country’s recent inflation rate.
NAN reports that the National Bureau of Statistics (NBS) February headline inflation report showed a surge in inflation to 31.70 percent, with food inflation reaching a staggering 37.92 percent.
According to the residents, these inflationary pressures have led to significant volatility in the prices of essential commodities, posing a challenge to the livelihoods of many.
The residents, who also decried the increasing cost of transportation, said it had added to their financial strain, thus making it harder for them to commute to work and access basic services.
They, therefore, urged the government and relevant authorities to ensure appropriate measures to address the underlying causes of inflation and price instability in the country.
Mrs. Anthonia Yusuf, a mother of three, expressed her distress over the soaring prices of food items in the market.
Yusuf said, “It is becoming increasingly difficult for me to be able to properly feed my small family.
“The prices of basic food items like rice, beans, and cooking oil have almost doubled in the past few months. I am deeply worried about how we will cope if this trend continues.
“As a mother, I also feel for children out there without parents. I cannot even imagine how they are surviving with this increased cost of living we are experiencing.’’
Mrs. Patience Akpa said, “These days, I do not attach prices to the list of items I intend to buy from the market.
“This is because there is no guarantee that the price at which you purchased an item will remain the same in the next 24 hours.
“This development is not good for us. We find it difficult to plan because we do not know what tomorrow holds or will bring to our doorstep.
“We pray and hope the government and other people in charge of policies will look into this unstable and increasing cost of living in the country.’’
Another resident, Mrs. Favour Akputu, said, “There is absolutely no item for which the price has not increased, from water to meat to food, down to even the cost of transportation.
“In fact, my family is now living one day at a time, and our only hope is in God, whom we are trusting will continue to provide for all our needs.
Mr. Ibrahim Usman, a civil servant, reiterated the ripple effects of inflation on transportation costs.
“Commuting to work five days a week has become a financial burden due to the rising transport fares.
“With the increasing cost of living, my salary is no longer sufficient to cover these additional expenses; thus, something needs to be done to address this issue quickly.
“I also hope that the committee on minimum wage will consider all the plights of workers and ensure a commensurate wage for workers.
“This is because the survival of Nigerians will depend largely on these increased salaries,” Usman said.
Similarly, Ms. Blessing Okoro, a small business owner, shared her concerns about the impact of inflation on her enterprise.
Okoro said, as a retailer, she had witnessed a decline in customer patronage as they struggled to cope with the escalating prices of goods.
`This is affecting my sales and profit, and I fear that if this persists, I may be forced to close down my business because right now, I am barely managing to cope and stay in business.
“And if I close down, my family will suffer because this business is the only source of income we have after my husband lost his bank job eight months ago.’’
On his part, Mr. Moses Osita, a student, underscored the challenges faced by his peers, especially students from low-income backgrounds.
“Many of my peers are finding it hard to afford meals, pay their school fees, and meet their basic needs.
“This is affecting our academic performance and well-being. If the youths are truly` leaders of tomorrow’, then something needs to be done urgently because we are currently uncertain of our tomorrow,” Osita said.
Meanwhile, Mrs. Fatima Adajime, a pensioner, drew attention to the plights of retired and senior citizens of the country.
“As a pensioner, I rely on my fixed income to cover my expenses. The steep increase in food prices has eroded the purchasing power of my pension.
“It is disheartening to see fellow retirees struggling to afford essential items.
“Due to our age, a lot of us suffer various health challenges, and the cost of drugs nowadays is high. Therefore, these challenges need urgent solutions from relevant quarters,’’ Adajime said.
According to Mr. Francis Adams, a financial expert, many Nigerians are currently struggling with hardship due to government reforms, including the removal of petrol subsidies.
Adams said the depreciation of the naira had eroded the incomes and savings of many, adding that this had worsened with Nigeria’s increased headline inflation rate recently released by the NBS.
He said as Nigerians continued to grapple with the repercussions of soaring inflation, there was an urgent need for decisive action to restore stability and affordability to essential commodities and services.
According to him, the pursuit of price stability is crucial to safeguarding the well-being of Nigerians and fostering a more sustainable and equitable living environment.
The expert, therefore, re-echoed the widespread apprehension and called for urgent interventions to address the adverse effects of inflation on the general public.
Adams said, “It is imperative for authorities to take decisive action to mitigate the impact of inflation and ensure the well-being of the populace.’’(NAN)
