Many households in the Federal Capital Territory (FCT), are adapting various measures to enable them break even and survive the economic hardship being witnessed in the country.
The residents told the News Agency of Nigeria (NAN) that the economic
hardship made them adjust their spending habit, explore new income streams, and develop innovative strategies to survive.
NAN reports that the country’s economy had been challenging due to rising inflation, fluctuating fuel prices and depreciation of the Naira, among other challenges.
Many families are now being compelled to prioritise essential needs such as food, healthcare, and education, while cutting down on non-essential expenses.
A mother of three, Ebere Chinaza, said luxuries like dining out, vacations, and even some household items had taken a backseat as families focus on basic necessities.
“I have a permanent list of things that I buy every month with N20,000 to N30,000, but now, I can not buy all of those items with even N60,000.
“We plan our meals carefully, and there is no room for wastage. sometimes, i even give my kids meals they do not really like because that is what I can afford.
” It is very unfortunate because our income is not increasing, whereas the cost of living have steadily been on the rise,” Chinaza said.
She prayed the government and relevant authorities to quickly intervene and take measures to reduce prices of food items for the good of the poor masses.
Also, Mrs Nguaverse Gondo, a civil servant, said with the job market becoming increasingly competitive, many Nigerians are exploring alternative income streams to supplement their earnings.
According to Gondo, side hustles, online businesses, and freelancing have become common ways for individuals to generate additional income nowadays.
“I started selling homemade snacks in my office and even online when the cost of living increased and it became unbearable for me to care for my family.
“What started as a small venture has now become a significant source of income for my family. The extra money helps us cover our bills and other expenses.
“Moreso, in my office, we formed a cooperative that helps us buy food in bulk and share among ourselves.
“This is much cheaper and enables us to buy more than if we were shopping individually,” she said.
Similarly, Mr Collins Paul, another civil servant said: “the prices of goods have increased, and we are now being forced to prioritise our basic needs.
“I was recently moved to band A tarrif and this has trippled my electricity consumption bill.
“I used to fill the tank of my car for about N10,000, which I use for 10 to 14 days, but right now, the cost of filling my tank is about N42, 000.
” So, I prioritise where I drive to, and this is affecting my leisure time and relationship with my family and friends because movement has become restricted.”
A driver and father of two, Moses Kelechi, also reiterated the need for government at all levels to ensure policies that would ameliorate the sufferings of Nigerians.
Kelechi decried the inability of many residents with medical conditions to visit the clinic due to the high cost of drugs and low disposable income.
“Personally, I have not been feeling well for some days and the illness requires that I take two doses per week of a drug that cost N5,500 per dose for three weeks.
“I resolved not to take the drug after the first week because i could not afford to spend that much on drugs while my children are starving.
“Also, in a few weeks, the schools will be resuming, and I have not saved up enough money for my children’s school fees.
“We pray and believe God will come through for us . But to be honest, it has not been easy for me as a father to care for my family,” he said.
However, a financial expert, Mr Gregg Ndubuisi, said due to the galloping inflation, it was important for the Federal Government to invest seriously in boosting food production.
“We need to refine our own oil, earn more foreign exchange, and attract foreign direct investment.
“If we produce what we eat, it will reduce our capital flight.
“So, government needs to invest more on agriculture. Subsistent farming will not help us in this country. With mechanised agriculture, more youths will be attracted to agriculture,” Ndubuisi said.
Mr Eric Eze, an economist, said it had become crucial for the government to sanitise the subsidy regime of the country.
According to him, there is no country without one form of subsidy or the other. Unlike what we are experiencing in Nigeria.
“We have no fuel, energy, or electricity subsidy. Citizens are faced with insecurity, farmers cannot go to their farms and there is hunger.
“It is, therefore, important for the subsidy regime to be cleaned up and re-introduced to give Nigerians some breath of fresh air.
“Although, in spite of the challenges being faced, many Nigerians remain hopeful for a better future. The resilience displayed by households reflects a deep-seated determination to overcome adversity.
“While the road ahead may be difficult, the collective spirit of Nigerians suggests that with continued resourcefulness and support, they will navigate these tough times successfully,” he said.
NAN reports that the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) and inflation report for April showed food inflation increased to 40.53 per cent on a year-on-year basis.
The Bureau, in its July CPI report, however, showed that Nigeria’s headline inflation rate declined to 33.40 per cent.
However, on a year-on-year basis, the headline inflation rate in July was 9.32 per cent higher than the rate recorded in July 2023 at 24.08 per cent.
The increase in the headline index for July on a year-on-year basis and month-on-month basis was attributed to the rise in prices of some goods and services at the divisional level. (NAN)
