High rate of inflation in Nigeria with little minimum wage.

in #hive-1768744 months ago

Hello everyone, welcome to my page once again.
This topic is really fitting because honestly things are getting out of hand but unfortunately we the masses have little or nothing that we can do.

Last week for good two days we didn't have electricity because Nigeria labor congress instructed that all facilities should shut down to see if the Government will increase the minimum wage.

On the process of trying to solve one problem they ended creating many problems, how do i mean?
There was no formal notice, it was at the beginning of the week when people have made food with the little money they have and store them in their freezer only to get such shocking news the the electricity company are on strike.

The worst of the whole situation is that only 5 out of 20 can buy fuel for generators in Nigeria now, even when you have the money you hardly get a fueling station to buy.

Increase in price in just few months.

At the beginning of this year garri was sold for 1500 Naira per paint, in just 5 months garri is now 4000 Naira per paint, fresh tomatoes was sold for 2500-3000 Naira per paint but in just 2 month it increased to 12000 Naira per paint, there is nothing like fresh pepper of 200 Naira anymore while before now the hausa men selling those things will even gift you a large quantity of pepper.

I just stepped out this evening to get some toiletries honestly i couldn't buy all i need, i only bought detergent and soap for washing plates, coffee that was sold for 30Naira for the small sachet is not 150 Naira.


Before now this 160g of detergent was sold for 150 Naira but now it's sold for 400 Naira, likewise all other foods stuffs.

This present situation brings lots of questions to mind, Because this rapid increase happened in just 6 months everything became so expensive but income never increased.

I interviewed a family of six to know how the are coping honestly i came to see that they no more eat two good meal in a day, how can that be possible when a loaf of bread is 2000 Naira from 700 Naira, its quite crazy.

People in the streets are so aggressive because of what they face on daily basis, no one can even afford a good and comfortable home because houses in Lagos state are excessively expensive.

The health care system is so bad that even the so called government hospital are very expensive and at times they don't have all it takes to save lives.
Drugs are very expensive that people like us who have Chronic health issues find it very difficult to afford our daily drugs, its that not crazy 🤣 🤣 🤣 🤣 🤣.

The minimum wage is funny.

Before the crisis going on now over the minimum wage issue the minimum wage was 30,000 , what can this amount of money do?, a bag of rice is 80-100k so the minimum wage won't be able to get a bag of rice for the family, is that making sense at all.

Tho according to international monetary funds there will be a little stability in the year 2029 but the question is who will be alive till then if things continues this way.

The worst is that our leaders seemed unconcerned about everything the masses are facing because they are not affected, even when Labor went to strike they were not affected because they have 24/7 electricity in their home either through solar or generators but the poor masses lost the little food they had.

Now Labor Congress are begging for the minimum wage to be up to 494,000 while our leaders are offering to give 62000 that can never afford a bag of rice in the market.

Is that not wickedness and lack of affection for humans?

Labor Congress are insisting of going on another strike, its still the poor masses that will experience the heat, that is how bad Nigeria has gotten to, and that why injustice and crime are on top of the roof as we speak.

If i had the power.

For total exhumation of crime there is need to trace it from the root.

The major cause of increase in prices of foods stuff in Nigeria is because farmers have been chased away from their farms some have been chased away from their homelands by terrorists and the little farm produce are being exported out of the country.

So first thing is to exterminate those terrorist, equip the farmers with modern day farming tools so that they can be more productive.
The second reason why food stuffs are very expensive is also as a result of bad roads, transporting the farm produce from the rural area to the urban area is very difficult and the farmers spend a lot of money to send their farm products out.
So building good roads will definitely help to reduce inflation in Nigeria.

Importers complain that they pay a lot of money to the custom officers in charge before their goods can be released and this affects the price if all imported goods,
Those money they extort from people are not used for any development so if an in power that has to stop.

We just hope it gets better and let's all be alive to see when it will get better.
Nigeria my country.

Tell me how cost of living is in your country.?

Am still @beauty197 the explorer.

All images are mine.

My entry for #hiveghana weekly engagement.

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I would be frank, one of the things I detest talking about is our country's economic situation. Every day, things keep geþijg worse. You go to the market now and there's a hike in price. While you're still there, you'll hear that they've topped up price. It's just terrible.

#dreemerforlife

Honestly it keeps getting worse, like it's not even getting better at all, you can't eat good food again.

The minimum wage is really funny 🤣. Nice entry

Thank you dear

Hmmm, this topic of inflation is getting worse everyday and the minimum wage cannot stock up a full house for the month. I just hope the economy gets better with time, but the rate at which we're going, I doubt that time will come soon
#dreemport

Where is the betterment coming when crime and injustice are on roof top.

Like!! They're just too many problems in the country right now

Honestly I'm glad we have people coming out to talk about the situation of Nigeria at the moment, I just hope something positive comes out of this weeks of dialogue.

lets be hopeful, thank you for stopping by

You're welcome

It’s just so annoying. I am actually annoyed because I can imagine someone cooking with their last money for some days and storing it in the fridge only for the Electricity company to go on strike… ahhh!

it was a very painful situation and the rich ones didn't feel itooo that's the annoying part.

The country economy is really bad, and it's not getting any better, something you bought in the morning, if you go to buy it in the evening the price is no longer the same...

I can clearly remember 2 years ago, i usually cook a pot of stew and a pot of soup with just 5 thousand naira, and I'd still have some change left, but now I can't come a pot of soup with five thousand naira.

Funny enough the government is not doing anything about it 😔.

Who will be alive till then? Good question.

I’m todays economy, it’s only the rich who eat 3 times a day because even food is now a luxury for us in Africa. This is such a shame.

They will now come and say the country doesn’t have money when those up there are looting all the money.

Someone was saying that soon nature will have to fight for the poor because it's literally getting out of hand, that's the problem.

May God make it easy for us all.

There is an article in today's New York Times about this exact topic:
https://www.nytimes.com/2024/06/11/world/africa/nigeria-economy-strike.html
It also discussing the rising interest in crypto as a means of filling in the financial gaps.
The effects of inflation are disproportionate here in the states. Lower income and underprivileged people are suffering heavily, while the rich continue growing their wealth. This is primarily due to the Republican Party's policies that have given the wealthy more tax breaks and and discounts, claiming trickle-down economics works. It, The Laffer Curve (so appropriately named!) has never worked.
Most low and average income people are within one or two paychecks from falling into serious financial difficulties. The "Americana Dream" of owning your own home has become a fantasy, with 15% of the income levels qualifying. The top 1% of American earners have more wealth than the entire shrinking middle class.

thank you for stopping by

The problem is that the government will not allow crypto projects to excel in the country that's also what is adding to our problem, it's becoming more difficult everyday and people are dying, the top people do not care at all.

I can understand part of their objection. It takes a segment of money exchange out of the system that they profit from.

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