₦airaland Forum

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Prices of essential food items have gone up by at least 30 per cent between December and April in at least eight states, according to surveys by our correspondents.

The development has made consumers groan, saying the hikes in the prices of goods have affected their budgets.

Prices of food items have continued to soar across the country despite the recent rebound of the naira.

This came as President Bola Tinubu recently vowed to ensure a rebound of the local currency reflected in the prices of commodities.

As a follow-up to the President’s decision, operatives of the Federal Competition and Consumer Protection Commission last week raided some Abuja supermarkets over unfair pricing, vowing to extend the clampdown to other states.

However, the latest findings by our correspondents showed that the prices of basic food items like beans, and garri had risen by at least 30 per cent.

The surveys were conducted in Lagos, Ogun, Gombe, Kwara, Sokoto, Ekiti, Osun and Niger states.

In the past few months, the prices of major food items have continued to rise, especially after Tinubu removed the petrol subsidy and devalued the naira. As the country’s inflationary pressure deepens, Nigerians have been finding it difficult to put food on their tables. This became aggravated when the naira fell sharply against the dollar and other foreign currencies like the CFA between February and March.

As the naira appreciated in the foreign exchange market lately, there were high expectations that the prices of food items, which went up alongside the dollar, would also follow a downward trend in the market. However, findings by our correspondents confirmed that only the prices of rice had so far reduced.

As of Wednesday, findings showed that the prices of beans, garri and other food items remained high despite the naira appreciation.

Our correspondents who visited various markets in some states gathered that traders and sellers were lamenting over the high cost of food items; though the prices differ depending on the location.

According to the surveys, a bag of garri now sells at N41,000, up from N37,000 in less than two weeks ago. In January, it was around N31,000. This indicates a 31 per cent increase.

Similarly, a bag of one kilogramme of Semovota which went for N700 in December now goes for N1,400. This represents a 100 per cent increase in the price. Also, one kilogramme of wheat which went for N500 in December is now being sold for N1,200. This indicates a 140 per cent hike.

Also, findings showed that in January, a bag of beans went for between N65,000 and N70,000. However, as of Wednesday, a bag of beans went for N185,000. This indicates a 164 per cent increase.

The development means that the least increase recorded in the category of basic and essential food items is 31 per cent; this was seen in the price of garri.

Consumers groan

The situation has made consumers in various parts of the country lament the hardships caused by the price hikes.

Speaking to The PUNCH, a resident of Isolo, Mr Rafiu Adedoja, complained that the price of a wrap of his favourite meal, amala, had increased.

According to him, due to the nature of his work as a bricklayer, he eats daily at a popular canteen. He lamented that he used to buy a wrap of amala for N100 but now he buys at N200, noting that the portion has become smaller.

He noted that he now buys at least five wraps which is N1,000, excluding the meat which brings the cost of his meal to between N1,600 and N2,000 which is not economical for him given the present state of the economy where jobs come in trickles.

Also speaking to our correspondent, a mother of four, who is a hairdresser in the Okota area of Lagos, Mrs Bola Adekunle, decried that the majority of the food items in the market especially garri, beans, groundnut oil, and even yam had increased which was affecting so many people especially low-income earners like her with children to feed.

She told our correspondent that food prices were becoming unbearable and getting worse daily.

“We eat once a day now, but if I record higher sales, we can eat twice. In the last two months, I can’t remember the last time that my family ate three square meals,” Adekunle moaned.

An industrial chemist, Mr. Harrison Chinaka, said, “It is very obvious that there has been a continuous and rapid hike in the prices of goods in the market. I mean every foodstuff in the market; the prices are increasing almost every hour

“You find out that what you bought in the morning by the time you get there in the afternoon or evening, they will tell you that the price has changed. I bought a paint of garri not up to two weeks ago for about N2, 900 and three days after I went to buy the same quantity of garri and I was told it now goes for N3,500

“The same thing applies to bread and provisions, the prices of everything are increasing and it is not as if salaries are being increased and it is becoming difficult for an average Nigerian to cope especially someone with a family. The person has to pay school fees, house rent and continuously pay bills, it is becoming difficult to survive here in Nigeria,” he said.

Also speaking, Mr. Prosper Dike, said, “As for me what I will say is that the prices of commodities now are no longer the same as it is used to be before. For instance, a bag of rice has gone higher than what it used to be. How do you expect us with our source of income that has not increased, how do we meet up considering the way things are going?”

Pointing out that the price of the dollar had depreciated to the naira in recent times, a factor that lots of traders blame for the hike in food prices, Dike wondered why prices of food are yet to reduce.

“If there is anything the government can do to help because the situation is choking, the cost of living now is not easy. People can’t afford three square meals a day again because things have gone up. Even though the dollar has come down things are yet to come down,” he lamented.

A businesswoman, Tomisin Sunday, lamented that the hikes in the prices of foodstuffs had remained leading her to reduce the quantity of food she buys during her weekly grocery shopping.

Sunday, who shops at the popular Iyana-Iba market along the Lagos-Badagry Expressway said that as of Wednesday, the prices of tomatoes had come down to N2,400 for a custard bucket but that pepper was still so expensive.

“The price of ginger has refused to come down though. It was N11,000 today. Last week, it was N13,000. I use it for my Zobo drink, which I sell. At this rate, I may be unable to keep selling at the current price that my customers are used to.

“As for foodstuffs, I come to the market fairly regularly because things are too expensive and my money is not usually enough. At this point, I’m doing business just to be able to feed my family.

A tailor, Udeme Nicholas, was so frustrated by the situation that he lamented, “It feels almost as if my village people are following me. I get plenty of jobs and my rates are not cheap, so I get well paid for my services but when I calculate how much I spend on food alone every week for my three children, wife and myself, it gets me depressed.

“If my wife had been the one going to the market, maybe, I would have suspected she was cheating me but you see, I go to the market and it is not funny. I have got kids under five years of age, I can’t be denying them basic nutrition but the situation is getting worse.”

Contacted, the South-West spokesperson for the National Association of Pensioners, Olusegun Abatan, decried the upward movement of food prices, saying that no serious government would watch its senior citizens suffer.

While expressing disappointment, Abatan recalled Tinubu’s promise to give pensioners a N25,000 palliative to cushion the effect of the current economic crisis, he claimed that no pensioner had received the promised funds.

He further blamed the current economic crisis on the President’s announcement of the removal of the fuel subsidy at his inauguration.


He said, “The root cause of this hardship can be traced to the statement of President Bola Tinubu, on his inauguration day. A more careful statement should have been uttered rather than that ‘Subsidy is now gone’.

“It is not only food that is on the high side, even drugs cannot be got easily by pensioners and even by those who are sick since the price is skyrocketing and this was because of that president’s singular statement. That statement is not well thought out.”

Abatan added, “The President declared that he was going to give N25,000 to pensioners as palliatives but till now we have not yet got any kobo. This has led to disappointment on the part of our members.

“This is the rainy season, what efforts are they putting in place to ensure that farmers can do their jobs without fear of being killed or kidnapped? We can only appeal to the government to wade in and be more serious in their actions towards ensuring that food prices crash.”

Prices rise

In Ogun State, the price of one bag of beans has continued to soar alongside that of garri, according to traders. A foodstuffs vendor in Ikenne, Ogun State, Friday Kingsley, told our correspondent that one bag of beans which used to be around N70,000 in January, had since risen to N185,000. This indicates a 164 per cent hike.

Kingsley added that a bag of garri now sells at N41,000, up from N37,000 in less than two weeks ago.. In January, he said it was around 31,000 in January.

“The price garri is going higher by the day. I bought one bag of garri at the rate of N37,000 in Siun Market 10 days ago, but the same bag sold for N45,000 yesterday. We don’t know why garri is not coming down.

“In January, I used to buy a bag of beans around N65,000, N70,000; but today, I bought the same bag at N185,000. I couldn’t even pay in full. I’m afraid it may get to N200,000. The rise in the prices of beans and garri is very disturbing,” Kingsley said.

Also, a trader in Sagamu, who identified herself as Ashake disclosed to our correspondent that 1kg of Semo rose from N700 in December to N1,400 as of Wednesday. According to her, the price of 1kg of wheat used to be N500 in December, but it now sells for N1,200. In Abeokuta, bread sellers complained of price hikes, as the smallest loaf of bread rose from N150 in October 2023 to N300 or N400.

In the same vein, traders told our correspondent in Ibafo that a bag of sachet water now sells at the rate of N400, while retailers sell one or two sachets for N50, depending on the location and the seller. But there seems to be a glimmer of hope as Mr Success, who sells food items in Iperu, disclosed that a carton of Indomitable noodles has dropped from N12,000 in February to around N7,000 as of Wednesday. Findings at Oba Lipede market in Kuto, Abeokuta revealed that a yam tuber goes for between N2,800 and N3,000.

A retired civil servant, Mrs Titi Alabi, said that it was tough feeding the family with the way the prices of foodstuffs have continued to skyrocket.

Alabi said that the palliatives from the government were a far cry from the challenges Nigerians currently grapple with, particularly with the escalating prices of food.

“We just have to go back to farming. Government at all levels must increase its investment in agriculture, we must look for how to boost food production,” she stated.

Similarly in Lagos, food items like pepper, spaghetti, onions and oil maintained high prices amid naira rebound. Traders in Oshodi and Agege markets in Lagos State said the food prices went up between January and April and have refused to backtrack.

Speaking with our correspondent, a pepper seller in Agege, who was identified simply as Mrs Kareem, noted that in October, a big basket of pepper was sold between N60,000 to N74,000, expressing worries that the same size is now sold for N103,000. She added that a basket of tomatoes was sold for N35,000 mid-last year, but it is now sold for N65,000. Kareem further stated that a bag of onions rose from N30,000 to N60,000 in January, saying it has reduced to N47,000 as of Monday.

At the Ikotun Market in Alimosho Local Government Area of Lagos State, The PUNCH observed that a derica of beans which was sold earlier in the year at N750, now sells for N1,200. Giving details of the prices, a trader, Chidera Madu, said, “Half Derica of beans was sold for N600 before, but now it is N1,200; a small portion of pepper was N100, but it is now N200 upwards. Five litres of palm oil used to be N5,000, but now it is N8,000. One medium loaf of bread was sold for N850 in December, but it is now N1,300”. She lamented that despite the drop in the value of the naira against the naira, the prices of daily consumables remained high.

A foodstuffs vendor around Idimu, Lagos, Christian Igwe, admitted there was a drop in the prices of noodles, saying the cartoon of a brand of noodles, which sold for N9,000 some weeks ago now sells for N6,000. Igwe argued that one should not expect traders who bought goods when they were highly expensive to sell them at a loss; saying they would have to exhaust the old stock.

Expressing concern over the cost of food in Lagos, wholesale food seller in Isolo Market, Mr Idris Adebowale, explained that tubers of yam are still expensive because this is the off-season for planting. According to him, a tuber of yam, depending on its size, now sells between N2,500 and N3,000, up from N1500 some weeks ago.

Across major markets in Gombe metropolis, prices of food items are on a steady rise. The markets include Baban Kasuwa, Kasuwa Tumfure, Kasuwa Cross. Unlike most cities where grains are sold in derica, food items are sold in modules in these northern markets. Garri sells for N950, a container of beans sells for N1,400, an average-size tuber of yam costs N1,500, while millet is N1,200. Traders said all these prices were far above what they used to be.

In Osun State, checks in some markets within Osogbo metropolis revealed prices of many locally produced food items remained high.

At Oluode, one of the major neighborhood markets in Osogbo, a module of garri goes for N1, 200, while a bag of local rice that was sold for N50, 000 last week, currently sells for between N55,000 and N57,000.

Cost of pepper has also remained high, the situation blamed on high cost of transportation from the North where buik of the item was being brought to the state.

Sokoto markets

In Sokoto State, residents lamented the rising cost of foodstuffs continue to rise in the market. According to them, a plate of white beans now sells at the rate of N3,000 while a plate of garri which was sold for N2,200 a few weeks ago now goes for between N2,500. Millet, which is the most commonly consumed food in the state has also moved above N2,000.

It was a similar scenario in Ilorin, Kwara State, where the prices of foodstuffs continue to soar. In Baboko and Mandate markets W showed that a bag of beans was sold at N135,000 instead of N129,000 two weeks ago. A bag of guinea corn which previously sold for N52,000 was sold at N57,000, while a plastic of garri has increased from N15,000 to N17,000.

It was observed that a small bag of yam flour now costs N160,000 while a big bag sells at N280,000, indicating a sharp increase from what it was a few months ago.

The price of six average-size tubers of yam was between N8,000 while the big tubers of yam were sold at between N13,000 and N15,000. A foodstuffs dealer at Baboko market, Mrs Rodiat Mustapha said the cost of transportation is one of the factors responsible for the high cost of food.

In Niger, traders still blame the dollar for the hike in food prices. For instance, at the Thursday Market and the Kure Market, customers were seen complaining about the cost of food, but the traders said they were not to blame.

“It is not our fault. We also want the items to come down in their prices because there is low patronage. But we buy at very expensive rates too,” Hauwa said.

The PUNCH investigation revealed that a kilogramme of cow meat sells for N5,000 while chicken sells for between N6,500 and N8,000, depending on the location. It was also observed that fish has gone above the purchasing powers of the common man as one medium-sized sardine now goes for about N3,000.

At the markets in Ado Ekiti, the Ekiti State capital, the prices of food items also remain high. A measure of garri which was sold for N500 or N600 in December is now N1,200.

A trader at Oja Oba, who identified herself as Dupe, said, “A measure of beans is now N2,000. It was like N700 before the subsidy removal. We sell as we buy, we are not the problem”.

Also, a yam seller at the Okesha Market, Bimbo, explained that the prices of five tubers of yam rose from N2,500 last year to N6,000. She said the price hike applied to all commodities because of the high transport cost.

“We now sell five litres of palm oil at the rate of N6,000. It used to be N2,500 before subsidy removal. May God come to our aid,” the trader prayed.

Meanwhile, the government at the three tiers have been advised to support farmers with accountable and transparent incentives while encouraging farming by enabling farmers to secure mechanised farming tools in farm clusters.

iwaeda:
Nlfpmod, they will call us name, but truth is until we start exporting, we may be in serious water, but kids will be here praising Balabluuu.

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FMDQ data indicated that the Naira depreciated to N1,234.49 per US dollar on Monday compared to N1,169.99 on Friday.

Similarly, the parallel forex market tumbled to N1200 per Dollar on Monday from N1,100 on Friday.

The development comes after the Naira depreciated three times last week after months of gains.

Recall that the Economic and Financial Crime Commission resumed clamping down on cryptocurrency platforms in Nigeria amid the recent rise of the Dollar in the FX market.

Although analysts blamed the depletion of Nigeria’s foreign reserves for the Naira depreciation, the Central Bank of Nigeria, Governor Olayemi Cardoso, said it is due to foreign loan repayment.


As of April 15, the country’s FX reserves dropped to $32.29 billion.

iwaeda:
Let me just be watching and laughing. When they flared some uninformed kids said, P/H refinery is up and running and said fuel will be cheap. They started praising Tinubu. I have come to conclusion that Nigeria youth are the problem of Nigeria.

The Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries has said the Port Harcourt Refinery will begin operation before the end of December.

This is as the Rivers State Governor, Siminalayi Fubara, has stated that his administration is working in tandem with President Bola Tinubu-led Federal Government’s policies designed to make life better for Nigerians through the Renewed Hope Agenda.

Fubara noted that, in doing so, the Woji-Aleto-Alesa-Refinery Road, now 70 per cent completed, was being constructed to provide a bypass to easily access the Port Harcourt Refinery and take off traffic from the East-West Road.

He made the remark when members of the Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries, led by their Chairman, Senator Ifeanyi Ubah, paid him a courtesy visit at the Government House in Port Harcourt on Friday.

This was contained in a statement issued in Port Harcourt on Saturday by the Chief Press Secretary to the Governor, Nelson Chukwudi.

The governor said the purpose of governance was to make life easy for the people. He expressed delight that the Senate Committee’s investigation would make life easy and meaningful for Nigerians.

The statement read, “We, as a state, before the commencement of the rehabilitation job, had a contribution that we wanted to make to support the work at the refinery because of the deplorable state of the East-West Road.

“There is a road: Woji-Aleto-Alesa Refinery Road. We are almost completing the bridge. It’s about 70 per cent completed. We are doing almost the last part of it. With that road, it will help to decongest and reduce the trouble commuters face along the East-West Road while providing easy access, straight to the refinery.

“So, you can see that our government is working in line, supporting the Administration of President Bola Tinubu to give our people hope and assurance that things will soon get better.”

It added, “And it is this role that you are playing, genuinely. With the support of this state government, that is the only way we can achieve the purpose of governance for everyone.

“The purpose of governance is to make life easy for the people. I am happy that your investigation would make life easy for the people,” the governor explained.

Fubara pointed to the derivable benefits when the refinery is eventually revamped and becomes operational, both to the Federal Government and host, Rivers State.

He added, “When the refinery restarts production, there will be petroleum products available locally. The issue of importation will go down.

“We will now make an impact, the economy will grow, and internally generated revenue will increase. More projects will be executed in this state. You can see that it’s a chain effect thing. So, I want to thank you. ”

Fubara reiterated the obvious, saying: “We might be a state, as being presented that we have issues. But we don’t have any issues. Our eyes are on the ball to deliver for our people.

“Even in the face of this deliberate distraction, we will not fail our people because, in the end, it is the impact we make on our people that counts.”

He warned that anybody who disrespects a man in authority either for his age or status, such person could succeed but temporarily because such insults would boomerang, coming with greater, bigger pain.

“I am aware that this is not the actual number of members of this committee. You are more than this. I am also aware that the senator representing, unfortunately, my senatorial district didn’t want you to come here.

“But because you are men of integrity: the real ones who have integrity; you decided to come and do what is right. God will bless you.

“What you are doing is the right thing. Politics is a business of interest. Your worst enemy today can become your best friend tomorrow. It’s a business of interest. But the interest of the people should come first.

“Unfortunately, some people think it has to do with life or death. That is one mistake everybody makes when you take this business outside of the normal principles and rules.

“Our government has no business with politics of bitterness because we have the interest of our people at heart. We take their well-being as our priority because that is why they gave us the mandate to govern them.

“So, their interest, which is the interest of the State, comes first in our scheme of things.”

He reminded the Senators of the peaceful nature and hospitality of the state and its people and urged them to feel free to interact with the state for the mutual benefit of all stakeholders.

In his presentation, Ubah (representing Anambra South Senatorial District), said they were at Warri Refinery on Thursday and had come to Port Harcourt to investigate the work that has been done and assess the level of preparedness of both the old and new Port Harcourt Refinery to recommence operations.

He stated, “We will recall that the old Port Harcourt Refinery was the first refinery in Nigeria built in 1965 and the second one in 1989. And for so long now, they have not been in active operations.

“And with the Renewed Hope Agenda of Mr. President, and also the desire of Nigerians and our determination; the Senate led by our President, Senator Godswill Akpabio, we had a resolution in the Senate to look at it and make sure that Nigeria’s refineries are working so that we shouldn’t be depending on importation of petroleum products.

“And that is one of the reasons that we are here, as well to look into the contract and investigate the level of compliance vis-a-vis the contract specifications.”

Continuing, Ubah said, “We are pleased to note that what we saw is most encouraging as the refinery upgrade and full rehabilitation is almost at 90 per cent completed.

“We are confident that the refinery will soon be operational before the end of the year.”

Recall that the issue of the commencement of operation at the Port Harcourt Refinery has been a ding-dong affair, as the Federal Government and the NEPAL have given conflicting dates.

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The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024.

The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers.


States to get N5.5tn FAAC allocations in 2024
This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday.

dre11:
A former Chief of Defence Staff, General Theophilus Y. Danjuma, (rtd), says that Nigeria’s security challenges have made the country become a laughing stock and…




https://dailytrust.com/insecurity-nigeria-is-a-disgrace-to-the-world-gen-t-y-danjuma/

Nlfpmod

The naira recorded N81.34 depreciation against the US dollar in a single day at the foreign exchange market.


FMDQ data showed that the naira tumbled to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday.

This represents a 7.04 per cent loss against the dollar compared to N1,072.74 per dollar traded the previous day.


Similarly, at the parallel market the naira depreciated N1,100 per dollar on Thursday from N1, 040 on Wednesday.

Accordingly, this is the second time the naira is depreciating against the dollar in three days amid fears of depleting foreign exchange reserves.

Meanwhile, the governor of the Central Bank of Nigeria, Olayemi Cardoso, in a statement on Wednesday said the country received $600 million inflow into its foreign reserves recently.


Earlier, Nigeria’s FX reserves dropped to $32.29 billion as of April 15.

However, Cardoso said as long as there is liquidity in the country’s FX market, Naira’s gain can be sustained.

The Naira recorded a marginal depreciation against the Dollar in the foreign exchange market for the first time since March 2024 amid the decline of FX reserves.

FMDQ data showed that the Naira dropped after months of stability to N1,148.14 per Dollar on Tuesday from N1,136.04 on Monday.

This represents N12 or 1 per cent depreciation compared to the N1,136.04 recorded on Monday.

Similarly, the parallel market depreciated to N1,100 per Dollar in the parallel market, from N1,050 per Dollar on Monday.

The Naira recorded a N50 depreciation against the Dollar in the black market.

The last time the Naira recorded a loss at the foreign exchange market was on March 9, when it dropped to N1627.40 per Dollar.
However, the Naira had recorded a steady appreciation for months amid the Central Bank of Nigeria’s efforts to defend the currency.

To this end, the Naira became the best-performing currency in April, according to Goldman Sachs.

On two occasions in recent months, CBN had sold USD to the Bureau De Change operators at a benchmarked rate, closing the gap between the official and parallel market rates.

Meanwhile, the country’s FX reserves had been depleted to $32.29 billion on April 15, 2024, from $34.45 billion on March 18.

The development comes amid declined crude oil revenue in March.

Nigeria’s crude oil production dropped to 1.23 barrels per day in March from 1.32 bpd in February.

Meanwhile, the Nigerian government had vowed to ramp up production to boost revenue in the coming months.

•High electricity tariff to drive further rise — Analysts

•It’s bad for businesses – NACCIMA •Small businesses to lose capital base— ASBON


At the backdrop of sustained rise in prices of staple food items in the market, Nigeria has recorded an unprecedented food inflation rate of 40 percent in March 2024.

Economists and financial analysts explained that the development would put more pressure on the purchasing power of average Nigerian and they also predict that the trend will continue for some months before stabilising.

The food inflation drove the headline inflation rate to 33.2 percent, up from 31.7 percent recorded in the month of February.

The figures released yesterday by National Bureau of Statistics, NBS, in its Consumer Price Index, CPI, report for March 2024, represented a 2.09 and 1.5 percentage percentage points increases month-on-month.

But the analysts see a wider headline inflationary rise in this month to 34.6 percent, representing a 2.4 percentage month-on-month rise resulting from the recent hike in electricity tariff.

They stated: ‘’The inflation outlook is biased to the upside, a consequence of the recent implementation of a new electricity tariff. For context, the Nigerian Electricity Regulatory Commission (NERC) have hiked price for Band A customer from N68 to N225 per kilowatt hour.

‘’Nevertheless, we see some downside risk from the recent currency sustainability. ‘’Overall, we project inflation to print 34.6% in April 2024.’’

In the meantime, analysts at Alpha Morgan Capital said: “From our analysis, we project that inflation will further increase but at a continuously slower rate. We tie this prediction primarily to the recent monetary interventions by the Central Bank of Nigeria in mopping up excess liquidity, curbing volatile exchange rate movement through various aggressive currency interventions, government fiscal policies, such as agricultural interventions, among others.”

Devpt is bad for businesses – NACCIMA

Meanwhile, OPS said that the persistent rising inflation could sound the death knell for small businesses in the country, with consequential loss of jobs and worsened insecurity.

Commenting, Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Sola Obadimu, said: “Persistent rising inflation is bad for business as well as for individuals.

“It erodes income in value terms and purchasing power becomes weaker for both individuals and businesses. Inventories will continue to grow.

“It is bad for planning purposes and breeds growing uncertainty. Cost of doing business continues to grow leading to higher cost of goods. It’s cyclical.

“Even when businesses or individuals tend to earn higher income, the value (in real terms) becomes lower.”

In his reaction, President of Association of Small Business Owners of Nigeria (ASBON), Dr Femi Egbesola, said the development will worsen survival of small businesses.

He stated: “The new and rising inflation rate, affecting largely food, essential commodities, raw materials, electricity and alternative power generation, transportation among others, will continue to worsen the survival and growth of SMEs.

It will, no doubt, squeeze out the meager working capital of SMEs and make us more vulnerable to extinction.

“Not all costs can be passed to the consumers but even at that, certain costs will be passed onto them, and since they also have had their disposable income eroded by inflation, sales of goods and services of SMEs will drastically drop. For an average citizen, their standard of living and welfare will significantly drop too.

“More Nigerians will suffer from hunger, and lack of access to basic necessities and amenities, worse of it is health and medical needs.

“Overall, the implications of this on SMEs is that many more businesses will die off and become ailing, job losses will increase as many more businesses will lay off workers.

“There will be an increase in bad loans as more SMEs will be unable to fulfill their loan obligations leading to decreased access to funding from banks that will be more averse to lending to SMEs particularly with the increased interest rate, now coupled with inflation.

“More insecurity will prevail in the land for many will look for alternative illegal ways of survival. More will migrate in the name of Japa.

“The extinction of more businesses will open doors for imported products to take their space which eventually will also stress the Naira exchange rate.”

In its CPI report NBS stated: “In March 2024, the headline inflation rate increased to 33.2 percent relative to the February 2024 headline inflation rate which was 31.7 percent.

“On a YoY basis, the headline inflation rate was 11.16 percentage points higher compared to the rate recorded in March 2023, which was 22.04 percent.

On food inflation the bureau said: “The food inflation rate in March 2024 was 40.01 percent on a year-on-year basis, which was 15.56 percentage points higher compared to the rate recorded in March 2023 (24.45 percent).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items garri, millet, akpu uncooked fermented (which are under the bread and cereals class), yam tuber, water yam (under potatoes, yam, and other tubers class), dried fish sadine, mudfish dried (under Fish class), palm oil, vegetable oil (under Oil and Fat), beef feet, beef head, liver (under Meat class), coconut, water melon (under Fruit Class), Lipton tea, Bournvita, Milo (under coffee, tea and cocoa class).”

HeadNigga:
Educate me nairalanders. How do I know the band I am on. I am obviously not on band A because we hardly have light for 2 hours daily here. Is there a code or website for checking one's band category?