Dons EzeRISING INFLATION: HOW LOW INCOME EARNERS BATTLE FOR SURVIVAL
RISING INFLATION: HOW LOW INCOME EARNERS BATTLE FOR SURVIVAL Low income earners are struggling to meet their basic needs amidst the high cost of commodities occasioned by rising inflation. The National Bureau of Statistics (NBS) in its consumer price index for March 2024 revealed that headline inflation rose to 33.20 per cent in the month from 31.70 per cent in February. The March headline inflation has shown an increase of 1.5 per cent points when compared to the previous month, a situation that has further compounded the economic hardship facing Nigerians. In Benúe State, low income earners have lamented the untold hardship ravaging their families following the current inflation in the country with the attendant skyrocketing cost of food. Some of the people in Makurdi, the Benúe State capital, said they could no longer feed themselves for at least twice in a day, just as they are unable to meet their basic needs. Tina Emmanuel, an office assistant who earns as low as N15,000 monthly, said she had long resorted to divine provision to get by on a daily basis. “Before now, I started surviving by God’s grace, and I’m still going on that strength. I have adjusted and readjusted such that I don’t go for quality anymore but for quantity. “I get only what’s affordable – it’s really rough and rough. It is also annoying that the prices of food and other essential commodities are steadily on the rise to the extent that what one buys in the morning might cost higher by the evening of same day. “For me, if I manage to get what we (my family of three) can eat, I will just thank God and relax for that day. I have never met my needs with the income I earn; I’m always pursuing my needs and yet to get them,” she said. Another low income earner, Blessing Orlu, who teaches in a private primary school, expressed worry that her N18,000 monthly salary could barely buy her food for four days. Orlu said she sometimes wondered how she would survive the next day because most times she goes to bed hungry. “Life is hard for me. I can barely feed, let alone buy any other need. My salary can’t fetch me food for four days; I trek most of the times to work. The suffering is too much,” Orlu added. In the same vein, Lucky Basil, a cleaner, opined that coping with his meager earnings had become a major setback for him and his family. Basil said, “We are suffering excessively. I can’t feed my family any longer. I pray that this government shows us mercy. Sometimes I cry, seeing my children go to bed hungry.” In Kano, the story of many Nigerians earning as low as N10,000 or N15,000 monthly amidst the living cost crisis triggered by rising inflation is that of agony and frustration. They complained that the income they earn is not enough to buy food that can last a week or two. To understand the ways and means low income earners device to survive and navigate through these turbulent times with such meagre salaries and still manage to keep their heads above the waters of inflation and hardship in the country, our reporter spoke to this category of people in Kano, a city bursting with commercial activities. A private school teacher, Mrs Amarachi Ogoemeka, who earns N18,000 monthly at Rayday International School Onitsha Road, Sabon Gari, Kano, said she managed to live within her income. Being a mother of four children who are all in primary school, she said her N18,000 salary was not enough to cater for the need of her family. She disclosed that on receiving her salary at the end of the…
NAIRA BEST-PERFORMING CURRENCY IN APRIL TO EXCHANGE BELOW N1,000/$ – GOLDMAN SACHS
NAIRA BEST-PERFORMING CURRENCY IN APRIL, TO EXCHANGE BELOW N1,000/$ – GOLDMAN SACHS A report by Goldman Sachs economists said that with the appreciation rate of the Naira in the foreign exchange market, the currency may exchange below N1,000 per Dollar in the coming months. The think-tank disclosed this in its latest report on Nigeria’s economic realities. The report stated that the Naira rallied 12 per cent against the Dollar in April, adding to its 14 per cent surge in March. In March, Goldman Sachs forecasted that the Naira would appreciate to N1,200 per Dollar in 2024. The group’s projection became a reality on Monday when the Naira exchanged at N1,230.61 at the official market and N1,200 at the parallel market. With the Central Bank of Nigeria, CBN, intervening by selling FX to Bureau De Change operators at a reviewed rate of N1,101 per Dollar from N1,251, the Naira appreciated by N60, trading at 1,140 per Dollar at the Parallel Market on Friday. In the past months, CBN has said the country has witnessed a surge in capital inflows on the backdrop of several policy interventions.At its last Monetary Policy Committee, MPC, meeting, the CBN raised the interest rate to 24.75 per cent, helping it retrace losses caused by two devaluations since June last year.
HUNGER: ANGER AS MANY NIGERIANS DIE IN SEARCH OF PALLIATIVES
HUNGER: ANGER AS MANY NIGERIANS DIE IN SEARCH OF PALLIATIVES Several Nigerians lost their lives in the past few days while struggling to benefit from palliatives being distributed by the government amid the rising hunger in the land. The latest is the unfortunate incident at the Nasarawa State University, Keffi, where two students were reported dead during the distribution of palliatives while 23 have been hospitalised. Governor Abdullahi Sule had ordered the distribution of two 7.5 kg bags of rice and N5,000 to each student of the state university in Keffi, the state capital. However, two students- Grace Danladi and Rose Michael died in the unfortunate incident, while others were injured during a stampede ahead of the distribution of the palliatives to students of the school. An official statement said the palliatives were billed for distribution at the convocation arena of the school before some students overpowered the security on the ground, causing a stampede that resulted in the death and injuries of the students while they carted away the food items. In his reaction, Governor Abdullahi Sule of Nasarawa State said the death of the two students was not as a result of government’s negligence. The governor made the statement when he appeared as a guest on Channel’s Television. “It’s not something that happened on the part of negligence by the government. “It’s very unfortunate that it happened but it had nothing to do with any planning, it has nothing to do with any negligence. We have been to eight places. “It was the last place, which would have been the ninth institution that we went to. So, all these other places that we went, everything went so smoothly,” he said. According to him, the stampede was not because of planning but because some students thought that their names were being replaced by the Students’ Union Government of the institution, hence the anxiety. “We are very sad that two students died. We are talking with the families. So, for somebody to politicise it? It’s unfortunate that we are in a country where everybody looks at a tragedy and politicize it,” he added Underhand dealings and inadequacy of the materials to meet the needs of Nigerians are some of the reasons being adduced for the deaths of citizens. Seven persons died at the Nigeria Customs Service (NCS) Old Zonal Headquarters in Yaba area of Lagos State while residents were making efforts to buy seized rice from the Service, which was sold at N10,000 per 25kg to alleviate people’s sufferings in the face of the economic crunch in the country. The exercise witnessed chaos and confusion when what was supposed to be a gesture of assistance from the government, the distribution of 25kg bags of rice, turned into an unpleasant scene, leaving many citizens frustrated and struggling. The stampede was said to have occurred due to poor crowd management by the Customs, as hundreds of people tried to force themselves into the venue to buy the rice. The Comptroller General of the NCS, Mr. Adewale Adeniyi, had assured the process for the sale of the food items had been perfected such that a form with all the details of the applicant including the National Identification Number, NIN, would be submitted and a bar code generated for the collection of the commodity. Another recent incident in Bauchi State also saw at least four women confirmed dead in a stampede that occurred during the distribution of zakat (almsgiving exercise) to residents in the state. The incident occurred on Sunday at the Shafa Holdings Company headquarters along Jos road in Bauchi. Ahmed Wakil, police spokesperson in Bauchi, confirmed the development, saying that a 17-year-old girl, Naima Abdullahi, sustained injuries during the stampede. Abdullahi was reported to be…