By Chief Peter Ameh Ojonugwa
AS Nigerians navigate these challenges, the government needs to demonstrate empathy and understanding. President Tinubu must address the concerns of the citizens and work towards creating a more inclusive and sustainable economic environment. But at the moment no sign that such plans are being pursued by his government.
The economic landscape of Nigeria continues to pose significant challenges to its citizens due to the lack of an economic blueprint geared towards economic recovery; many wonder how Nigerians are managing to survive. The reality is stark, with countless individuals struggling to make ends meet. Despite the dire circumstances, Nigerians have devised various coping mechanisms to stay afloat.
Religion also plays a vital role in the lives of Nigerians, providing solace and hope in desperate times. Fasting and prayers have become routine practices, offering spiritual sustenance when physical nourishment is scarce. The faith of Nigerians remains unshaken, even as economic hardships test their resolve.
The Nigerian naira has plummeted to alarming depths, securing its unwanted spot as the 4th worst-performing currency globally, according to Hanke’s Currency Watchlist. Since the 1st of January, the naira has suffered a staggering 28% depreciation against the US dollar, underscoring the country’s deepening economic woes.
The fuel price hike and perceived lack of economic direction under President Tinubu’s administration have undoubtedly added to the frustration of many Nigerians. While some argue that the removal of fuel subsidies is a necessary step to free up resources for investments, others see it as a move that disproportionately affects the most vulnerable populations.
Understandably, people are concerned about the government’s economic policies, especially when they seem to be hurting the very people they’re meant to serve. The high interest rate of 26.75 per cent, aimed at curbing inflation, may also have unintended consequences on small businesses and individuals struggling to make ends meet
President Tinubu’s frequent foreign travels have further fueled public discontent, with many questioning his priorities. Nigerians want to see tangible solutions to their economic woes, not just promises of future prosperity.
For many, survival depends on the generosity of family members or friends who are fortunate enough to have steady incomes. A regular phone call to these benefactors at the end of each month often yields a stipend, just enough to cover necessities. This informal support system has become a lifeline for numerous households.
The impact of economic hardship on daily life is evident in the simplest aspects of survival – food. Meals are often meagre, with oil and meat becoming luxury items few can afford. Many Nigerians have adapted to eating once a day, making do with whatever resources are available.
Farmers, once the backbone of Nigeria’s rural economy, are now barely eking out a living. The dreams of progress and self-sufficiency have given way to mere survival. As the nation grapples with its economic woes, the resilience of Nigerians remains a testament to their unwavering spirit.
In stark contrast to the past, the current economic climate has crippled the livelihoods of rural farmers. Prior to the present administration, farmers would typically invest their harvest season earnings into building homes, a tangible symbol of their hard work. However, under the prevailing economic conditions, such aspirations have become unattainable. The cost of building materials has skyrocketed, rendering even the most basic construction projects unfeasible.
The struggle is real, and the consequences of economic mismanagement are far-reaching. As Nigerians continue to navigate these challenging times, policymakers must prioritize the welfare of the people, ensuring that the most vulnerable are protected and supported. Only through collective action can Nigeria reclaim its promise of prosperity and growth for all its citizens.
•Chief Peter Ameh Ojonugwa is the Chairman of the Coalition for Democratic Accountability and Electoral Reforms (CODER). He wrote from Lagos.
Eighteen-Eleven Media