Anxiety Persists Over Cost Of Living In 2025

…Prophesies Of Hardship Drown Tinubu’s New Year Promises

…Activists Seek Reversal Of Neoliberal Economic Policies

…Say Current Palliative Measures Won’t Go Far

…Canvass Aggressive Action In Agric, Other Productive Sectors

LAGOS – Despite the New Year promises made by President Bola Tinubu, prophesies emerging from church podiums, public arenas and the social media have put the Nigerian people in trep­idation of the challenges ahead.

Recall the painful increase in cost of living, especially prices of food and services, in the last few weeks of 2024.

Prominent religious leaders, at the recent cross-over night, also spoke of harsher economic prospects, deepening the tension across the country.

Baba Aye, a veteran activist, commenting on the situation, has said that Nigerians should not have any illusion that the President Bola Ahmed Tinubu administration will fulfill the promise of reducing cost of foods and drugs in 2025.

It would be recalled that Pres­ident Bola Tinubu in his New Year broadcast to Nigerians, promised that his government would boost food production and reduce inflation on food and drugs to 15 per cent, while strengthening the economy in 2025.

Baba Aye, a Co-Convener, Co­alition for Revolution (CORE) and a Council Member, Pro­gressive International (PI), who spoke to Sunday Independent, said: “I do not have any illusion that they will take concrete steps to reduce these prices.

“If you recall, President Tinu­bu stressed his free market fun­damentalism during the media briefing he held last month after almost two years.

“You can also see that the government is not envisaging a foreign exchange regime that will make some drugs or some of the semi-processed components of others cheaper, not to talk of imported food.

“The first step that a serious commitment should take to re­duce price is reversal of neolib­eral economic policies that put the rabid interest of profit before people.

“The people have to mobilise and fight to push this through.”

Also, a cleric cum econo­mist, Bishop Herbert Ekechuk­wu, warned that the palliative economy the federal and state governments are presently op­erating cannot take Nigerians anywhere.

According to him, “In the primary school, we were taught that First Aid is an emergency treatment given to an accident victim before he or she is taken to the hospital.

“I describe the present Nige­rian economy today as a palli­ative or First Aid economy. We have seen the results of what happened in Anambra and Oyo states as well as Abuja where al­most 100 people lost their lives as they were trampled upon while scrambling for palliatives.

“Therefore to overcome the current economic challenges, there should be deeply thought-out, well planned and executed programmes.

“There should be a reinforced subsidy to farmers, manufactur­ers and retailers.

“Government should look into transport fares. Without bringing down transport fares, prices of food and drugs will still be on the high side.

“Taxes on machines and equipment as well as machine parts should be drastically re­duced.

“Government should encour­age the youth to go into farming and manufacturing.

“The present mentality of our youth should have a paradigm shift. The jaapa mentality (leav­ing the country) needs to change.

“Also, the financial fraud men­tality needs also to be changed

“There should be a move­ment for new orientation to be championed by the National Ori­entation Agency (NOA) and the leadership living an exemplary lifestyle.

“Import duty waiver on essen­tial foods and medicinal items should be given to reduce their prices.

“Government should encour­age improved food and drug stor­age and distribution.

“There should be the promo­tion of generic medications as against branded medicines. Ge­neric medications are cheaper and more potent.

“Government should invest heavily in healthcare, infra­structure, consumer education and healthy eating habits, food preservation and nutrition to re­duce demand for expensive and unhealthy food options.”

Also contributing, Professor John Ebhomien, an economist and financial expert, maintained that the soaring cost of foods and drug items in the country is wor­risome.

Prof Ebhomien, a former World Bank/International Monetary Fund (IMF) expert, stated: “It is necessary for the government to take the follow­ing actions to reduce hunger in the land.

“The Federal Government should support farmers with subsidies and better access to re­sources to increase agricultural productivity.

“Improving infrastructure, such as transportation and stor­age, can minimise waste and reduce costs.

“For affordable medicines, in­vesting in local production and simplifying import procedures is essential.

“Stronger price regulation and targeted subsidies for vul­nerable groups will ensure ac­cessibility.

“Additionally, fostering part­nerships with private sector players can streamline distri­bution, while policies promot­ing efficiency and innovation can further drive down prices, benefiting citizens across the country.”