Some residents of Lagos state have called on President Bola Tinubu to urgently implement adequate palliative measures to alleviate the present high cost of living experienced by Nigerians.
The residents made the call in separate interviews with newsmen on Saturday.
The removal of fuel subsidy has led to the sporadic hike in fuel price from N195 per litre to N537.
As a result, transport fares and the prices of essential goods and services have skyrocketed throughout the country, burdening Nigerians with far-reaching consequences.
Recently, the fuel pump price rose from an average of N500 per litre to N617 per litre at petrol stations, owned by Nigeria National Petroleum Company, Ltd. (NNPL).
The residents said the situation had led to rising cost of transport, essential commodities, and steep increase in utility bills.
They noted that this had left many struggling to make ends meet.
Makinde Akinlemibola, chairman of the Association of Nigerian Private Medical Practitioners (ANPMP), said that medical professionals are feeling the weight of the high cost of living, having no choice but to increase their consultation fee.
Mr Akinlemibola said that the hike in the price of fuel had affected the cost of running the hospitals, from fueling the generators to huge electricity bills.
He said the situation had made it difficult for private facilities to increase the salaries of their workers.
Mr Akinlemibola, however, urged employers to consider an increment to help them cope with the hike in transport fares and other commodities.
“The only way forward is to increase our consultation fees to meet up with the cost of running the hospital.
“It is from the consultation fee that we get the salary for staff and run the facilities.
“We cannot afford to alternate days like some government offices because we are essential workers and we don’t know when emergencies will occur,” he said.
Solomon Odewale, a young man who embarked on an entrepreneurial journey two years ago, said he now had to take up an additional job.
“I started as an entrepreneur two years ago but right now, I can’t meet up with the cost of running my business and my personal needs.
“I had to take up an administrative job for someone else, alongside running my own business and it’s challenging.
“Balancing both responsibilities is tearing me apart, making it difficult for me to focus on my own business,” he said.
Mr Odewale also said he had made cutbacks in various aspects.
“For instance, I now limit the usage of my generator to pump water as I can’t afford to run it for extended periods.
“This situation is negatively impacting entrepreneurs in general. The cost of production for what used to be N1,000 has skyrocketed to over N5,000, leading to a much lower profit margin,” he said.
Also, Stanley Samuel, a civil engineer, said he had to devise strategies to reduce various expenses.
In response to the recent increase in fuel prices, he decided to cut back on driving his car to work every day and opted for public transport instead.
“As a responsible family man, I prioritise planning and focus on fulfilling the essential needs of my family while disregarding unnecessary wants,” he said.
Nwanne Happiness, who recently secured a job with a salary, said she began producing and supplying chin-chin and egg rolls to supermarkets.
“Going to work used to cost me N200 Naira to and fro but now it is N600.
“Recently, I tried renting a room self-contained, I was shocked when they said it was N400,000. This used to cost about N80,000 to N100,000. So, this high cost of living is affecting me in all areas,” she said.
Tochukkwu Samuel said he now had to buy things in bulk from the market which had helped him save more.
“I have also cut unnecessary outings and going to beer parlour. I only buy what I need now; there is no room for waste anymore,” he said.
According to the latest Consumer Price Index report released by the National Bureau of Statistics, Nigeria’s inflation rate increased to 22.79 per cent, surpassing the previous figure of 22.41 percent recorded in May.
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