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BAT Economics: What Nigerians stopped buying since Tinubu became President

Nigerians have renounced luxuries and have been forced to struggle for the bare necessities since Tinubu became president.... CLICK TO READ THE FULL NEWS HERE▶▶

On March 1, 2023, the Independent National Electoral Commission (INEC) declared Bola Tinubu the winner of the 2023 presidential election, and life has dramatically changed for Nigerians since then.

For many, May 29, 2023, his inauguration day, can only be described as ill-fated from the beginning.

On that day, Tinubu proudly declared that the fuel subsidy would be removed, and immediately, the cost of PMS tripled making the product scarce.

Other factors, like the dollar-to-naira exchange rate reaching record high levels and increased insecurity, have led to a devastating economic crisis.

Everyone has been hit by hardship, from the family man with kids to the family of one and an unmarried person living in a studio apartment. Their needs may be different, but there is a pervasive sort of hardship that affects everyone.

Citizens have taken to the streets today, Thursday, August 1, 2024 protesting months of hardship. Despite warnings from government officials and anti-protest movements, nothing will prevent them from voicing their displeasure.

Nigeria is now the number one country in terms of malnourished children under five years, according to the Global Report on Food Crises. The BBC recently published a video report on widespread hunger in Northern Nigeria.

At the supermarket, I witnessed a woman try to bargain the price of noodles to r ₦150, perhaps to feed her children. But these days even the smallest packets cost ₦200.

Things Nigerians can’t afford [Grocedy] Things Nigerians can’t afford [Grocedy]

Yinka lamented the rising cost of living, sharing, “I don’t drink Coke anymore. It’s ₦400 now, and that was the price of Chivita. Chivita is now ₦2,000. I can’t even think of buying it. Bread is ₦2,000 now, and unfortunately, I still have to buy it. I love bread.”

Blessing echoed Yinka’s sentiments, saying “I haven’t eaten yam in months. It’s ₦8,000 now, and I love yam. I hardly eat pizza, drink yoghurt or ice cream, and I love all of them. I find myself overcalculating even the simple luxuries and the necessities like transport fare. I have a wedding in Abeokuta, and I’ve been calculating how I can afford a private cab from Lagos.”

Lade expressed similar frustrations, saying, “I can’t remember the last time I had pizza. It feels like a distant memory. I also haven’t had Maryland Cookies in ages. Capri-Sonne was the cheapest drink you could get, but now it’s ₦300. It’s ridiculous.”

Demi added, “I don’t eat McVitie’s shortbread anymore. Pringles is now ₦4,000, so that’s over. Sardines and Chi Exotic juice are a thing of the past for me.”

Eze reminisced on better days, saying, “Those days boys will buy a pack of beer and drink it all. One can’t try it again. Have you seen the price of beer these days? I don’t even eat eggs as I used to.”

Interestingly, the price of ordering out is at an all-time high. Fast food shops like Chicken Republic and The Place used to sell meals for below ₦1,500, but that’s not happening these days. Even roadside vendors charge ₦300 for a spoon of rice since a bag of rice cost ₦90,000.

Both luxuries and necessities have become difficult to obtain. Bills like electricity are more expensive. Buying a car, paying rent, building a house or even paying school fees are now a struggle.

Truly, hunger and hardship are pervasive in the land, and the government needs to address this, not just by handing out rice to citizens but by implementing deep structural changes.

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Bunady

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