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00:00 Days ago, Nigeria's National Bureau of Statistics reported that headline inflation reached 26.7%
00:11 in September 2023, up from 25.8% in August of the same year, with food inflation hitting
00:18 30.64% in September.
00:21 When he assumed office on May 29, 2023, President Bola Metinubu announced various policies with
00:28 respect to subsidy removal, minimum wage increase, as well as certain monetary and fiscal measures,
00:34 among others.
00:35 Some of these policies have, however, impacted Nigeria's inflation rates.
00:39 The Guardian Nigeria stepped out to know how the inflation is affecting the lives of Nigerians
00:44 and their businesses.
00:45 Here's what the people had to say.
00:47 So the inflation is quite a serious one.
00:50 You go to the market, I mean, my wife always complained, you go to the market today, the
00:53 next day you are going, same thing that you bought today, the price has almost doubled.
00:57 It's terribly bad.
00:58 Things are expensive.
00:59 So some of us who are working with a private organization, we have been complaining how
01:08 our salary will be increased, but it has not increased.
01:11 Why things are increasing at a geometric rate?
01:16 Whatever you get as salary cannot match with what, cannot correspond or match with what
01:25 is currently on the market.
01:27 The raw materials that the companies used to buy at shipper price before, it's now up.
01:32 And the demand for our products, because of that inflation, is now low.
01:38 What causes it is the value of the Naira compared to other currencies.
01:51 And then when they import things into the country, they will tell you that comparing
01:58 the Naira to the dollar, the dollar is more to the Naira.
02:04 So what do we expect?
02:07 They also have to increase their own price.
02:10 So the populace now suffers.
02:13 Import a lot, we don't produce that much.
02:18 So most of the things that we use are virtually imported.
02:21 So we don't have the forex.
02:25 Because it's government policies, that's number one.
02:27 Because the truth is, if we have the right leadership in place, they will know exactly
02:31 what to do.
02:32 The right team to put together to make everything work.
02:35 That four-hour subsidy is good.
02:37 The subsidy is good, but it was the wrong time.
02:40 And if you are putting money on the four-hour subsidy, you have to provide enough streams
02:47 of income or increase their wages.
02:49 The government has not been patient about policy indication.
02:53 It needs to go back to the school of thought to study policy before applying it to the
02:58 citizen.
02:59 Policy has been tested in every given society.
03:04 And look at the one that works.
03:05 Whatever works in America may not work in Nigeria.
03:09 Because government policy is harsh on the Nigerian citizen.
03:13 Nigerian economy is sinking.
03:16 If petrol is being sold for 689 rand, 580 as of this morning, where are we heading to?
03:24 We are producing nation.
03:25 Why are we suffering?
03:26 The continuous rise in inflation has dealt a terrible blow to the country's fragile economy.
03:32 The over-dependence on oil revenue, mismanagement of state resources, and over-reliance on imported
03:38 goods over the years have almost brought the nation to its knees.
03:43 However, despite the current situation of things, expectations and hope remain high
03:48 among some segments of society that things will get better for the country again.
03:53 What do you think?
03:54 Let us know in the comment section.
03:55 It's Naya Wachuku reporting for Garnet TV.
03:55 [music]