Unsustainable rising cost of living in Nigeria’s economy

The current economic situation in the country with unfolding events daily, characterised by unimaginable high prices of commodities in the market appears comical but they are real! The poor man in the street may seem to feel the pangs of the hardship the most, it however cuts across the board (affecting both the rich and the poor in their respective social classes, levels and responsibilities in the society). What I believe baffles the majority of Nigerians most is how we got to this low ebb of economic mess and social deterioration. Other questions that could be generally and frequently asked by concerned citizens and stakeholders, who are lettered enough and ably qualified as opinion moulders and policymakers, at various levels within the social segmentations of the larger society are: “Were there no governance structure at all that could have foreseen these ahead of time?” In the sense of proactive leaders poised to deliver good governance to citizens in their constituencies, when they eventually had the opportunity to serve, as they do now; and “Were all those in leadership in deep economic slumber?” and having no adequate and effective community or and national planning?

The primary task of those elected to serve the public, under the proverbial social contract, in a democratic installed government, is to protect life and properties within their domain and jurisdiction (by all imaginable and thinkable ramifications). These official tasks are all encompassing, when interpreted in the minutest details, because they entail social welfare, and commodity price protection for the consumers. Nigerians are indeed, passing through difficult times as a result of the present hostile economic realities. Everything in this economy that money can buy appears to be getting out of reach as a result of hyperinflation, especially for the ordinary Nigerian who doesn’t even have any hope of seeing any improvement in their disposable incomes in the near future. It is indeed heartbreaking to see human beings living through these developments as they happen in real time.

We are the cause of our problems, they are not caused by  foreigners, nor our so-called colonial masters who granted us independence several decades ago. From a forensic analytical point we would all agree that we are our own greatest enemies. We are our greatest un-doers (having been bedevilled by economic stagnation without any visible growth and commensurate development in our socio-political history! It has gotten to a level that the truth should be told by ourselves to ourselves, damning the consequences! When will this evil end? Globally, among a comity of nations, we carry a socio-economic stigma of being recognised as the “poverty capital of the world”? We, by ourselves, have voluntarily, intentionally and completely killed this economy. Everybody knows how because, no one is a stranger to all that is happening, or had happened in the past. By now, we ought to be tired of pointing accusing fingers at these perpetrators of evil and wickedness. It’s mind boggling and very baffling that “Project Nigeria” could be brought to its knees in this shameful manner where prices of virtually everything keep skyrocketing while the economy tumbles, heading for the precipice.

Yet, there is some hope. Nigerians will surely overcome these trying economic times because no condition is ever permanent. All we, the people, need to do at this time is to pick up our pieces and forge ahead! Nigerians are a great and witty set of people; very resilient and shock absorbers in  difficult times. Situations that look hopelessly as they are presently experiencing, with very threatening economic challenges, where homes and multitudes of families are scampering to make ends meet; would surely come and go; and become a thing of history).

What one would like to suggest (if the government would heed to this counsel), as a feasible solution, is to first accept public opinion, a position that counters the proposed N8,000 palliative for 12 million families in six months (worth N500 billion), to cushion the impact of the fuel subsidy removal. Appreciating the government’s thoughtfulness for the very poor and vulnerable languishing in hunger in very remote villages, it is important to note that it is devoid of transparency/accountability, and is counter productive, judging from the perspective of its unsustainable impact on the rising cost of living at all levels of the socio-economic strata. However, this noble initiative could be redirected in a way that all in the system could feel the good and well-intended impact by deploying the fund to massive procurement of CNG powered engines (mass transit buses that are locally manufactured and tested), and flood the entire 36 states and capital/Abuja with them. For instance, Innoson Motors in Nnewi presently has innovatively manufactured climate-friendly and energy compliant CNG driven mass transit buses of the future.

By this mode of investment, a government expenditure, which has a big plus in permuting the economics of GDP growth and productivity for “national economic efficiency”, will be very meaningful. The N500 billion shall then be spent judiciously, and will not be tarnished in “consumption” but, shall represent a “productive” investment (though a palliative or subsidy measure). This is because, the vehicles could be operated in a manner that commuters/passengers (both civil servants/workers and students) could be lifted from designated locations free of charge or at a very minimal cost, covering all the 774 LGAs in the country, just to retain a sustainable pool of funds for refuelling the energy product (for the operations to be self funding). This could be a way to go.