As Nigeria grapples with economic challenges, citizens are facing intensified financial strain due to a significant surge in commodity prices under the presidency of Bola Ahmed Tinubu.
The sharp increase in the cost of essential goods has compounded the woes of a nation already grappling with high inflation, rising unemployment, and stagnant wages.
A recent analysis reveals alarming spikes in the prices of key commodities across the country, painting a grim picture of the economic landscape.
Since Tinubu assumed office, the cost of living for ordinary Nigerians has become increasingly burdensome, with essential items becoming increasingly out of reach for many households.
The price of a 50kg bag of rice, a staple food in Nigeria, has surged by 85.7% from N35,000 in May 2023 to N65,000 in February 2024.
Similarly, the cost of a 50kg bag of flour has risen by 75.4% during the same period to N50,000 from N28,500.
The story is no different for other commodities; the price of a 50kg bag of beans has skyrocketed by 106.7% to N62,000, up from N30,000 in May 2023.
Meanwhile, a bag of onions now commands a whopping N60,000, representing a 114.3% increase from N28,000.
However, amidst the general trend of price hikes, there have been minor exceptions. The price of a 25-litre container of palm oil experienced a modest reduction from N29,000 in May 2023 to N25,000, representing a 13.8% decrease.
Contrastingly, a bag of cement surged by 54.8%, jumping from N4,200 to N6,500 within the same period.
This surge in commodity prices has left many struggling to afford basic necessities, exacerbating the already precarious living conditions for millions across the nation.
As citizens grapple with the economic fallout, calls for urgent government intervention to alleviate the hardship facing ordinary Nigerians are growing louder.
