THE NEED FOR GOVERNMENT TO ADDRESS RISING COST OF LIVING IN THE COUNTRY

It is no longer news that since the removal of subsidy on Petroleum Motor Spirit PMS, otherwise known as fuel by the Federal Government on the twenty ninth of May last year during inaugural speech by President Bola Tinubu, Nigerians have been passing through tough times as a result of negative effect of the policy.

While the government has continued to justify her decision to bring to an end the subsidy regime which she said was marred with massive corruption and no longer sustainable, there is another school of thought who believe the decision though good, was taken too hasty without adequate measures such as fixing of the nations refineries, provision of alternative source of energy for transportation amongst others put in place to check the impending consequences of the policy on the citizenry.

Economic analysts have blamed the raising cost of living in the country as a direct effect of the removal of subsidy on Petroleum which has affected virtually all sectors of the economy including rising cost of consumable and non consumable goods and services which has in turn caused pains and discomfort to the masses.

Investigation has revealed that since the removal of subsidy on PMS, the price of the commodity has consistently been on the increase from one hundred and eighty to about eight hundred Naira per litre, which has resulted to increase in prices of products and other services.

The National Bureau of Statistics NBS latest report reveals that Nigeria’s inflation rate has climbed to a staggering twenty nine point nine zero percent in January this year, up from twenty eight from nine two percent the previous month and twenty one point eight two percent recorded in January last year, indicating an increase of eight point eight percent higher when compared to the same month in the preceding year.

The steady rise in the prices of food items in recent times has sparked mass protest in some parts of the country as well as increase in prices of cement and other building material, increased transport fares which has made movement of humans and goods difficult as well as general galloping inflation must be urgently be brought under control.

While we commend government’s efforts in addressing some of the difficulties faced by Nigerians as the effects of the policy bites harder, such efforts must be seen to be yielding positive results to ease pains the masses are currently passing through.

The plan by the federal government to set up a National Commodity Board with a mandate to assess and regulate food prices as well as maintain a strategic food reserve for grains and other food items is a laudable initiative that should be implemented timely and to the later.

The tripartite committee on national minimum wage recently inaugurated by the federal federal government to recommend a new national minimum wage for Nigerian workers should act fast and come up with a new wage as the current thirty thousand Naira minimum wage isb grossly inadequate and expires at the end of March this year.

We also call on the state government to consider payment of wage awards to civil servants in the state as currently enjoyed by their counterparts at the federal level while soft loans with no or single digit interest rate be be provided for petty traders and small and medium business owners to expand their business and stimulate the economy.

The Central Bank of Nigeria must also as a matter of priority come up with a lasting solution to the fluctuating foreign exchange rate and stabilize the unstable Naira which many believe is one major cause of inflation in the country.

We strongly believe that if these and other plans by the government are carefully implemented, there will be economic prosperity for the nation and the hardships currently faced by Nigerians will be surmonted and Nigerians will smile again.