By Abdullahi Hikmat Keugbemi
High cost of living in Nigeria may be define as the way the country is going through challenging economics situation where citizens struggle to afford basic needs like food, shelter, health care, education and other essential needs for themselves and their families.
The high cost of living in the country began since the removal of the fuel subsidy by president Bola Ahmed Tinubu during his inauguration as the president of the country. The subsidy removal led to a significant increase in fuel prices, which has several effects on the prices of other goods and services, making them less affordable for many Nigerians.
Unemployment in the country especially among educated youths, who graduated from schools as qualified medical doctors, lawyers, accountants and others who could not get employment also leads to hardship because after studying for years and paying school fees in order to become better in life, they end up staying at home with their certificates. This leads to hopelessness and pushes so many into depression.
To effectively tackle the high cost of living in the country, government agencies should create jobs apparently for the youths of the country who are jobless and willing to work, and make sure that salaries and wages are being paid to them. Increment in salaries should also be taken into consideration to help reduce the effect of high cost of living.
The government should as a matter of urgency, reverse the fuel subsidy removal and its impact on the economy. They should invest in building more refineries in the country to increase fuel supply to the oil companies and help reduce the prices of other goods and service, which will also cut down the transportation cost for the people.
There should also be a government owned market or public market where foods are sold at a cheaper rate so as to crash down the high prices of the marketers who intend to inflate the prices of goods that are essential for human consumptions. The government should also partner with the farmers to see how they can improve their crop yield through various agricultural extension programmes, which will help the farmers to improve their products, so as to arrest the hunger situation in the land.
In conclusion, I’m very optimistic that if the suggestions given above are taken into consideration by the relevant authorities, Nigeria can reduce the high cost of living, promote economic growth and improve the social well-being of the citizens.
Hikmat is of Key Special Academy, Gwarinpa, Abuja
