Govs must Use N185bn Palliative to bring down cost of food

Nigerians are currently being tormented by hyperinflation as a result of drastic monetary and fiscal measures by the President Bola Ahmed Tinubu administration, especially the devaluation of the Naira and the removal of subsidy on Premium Motor Spirit (PMS).

 From North to South, East to West, the prices of staple food items, in particular, have doubled from what they were in the last six months, and significantly since the end of May 2023, when this government was inaugurated.

For instance, a 50kg bag of rice that was sold for N27,000 in February this year has jumped to N45,000 in July; a tuber of yam that used to cost N700 in February has doubled to N1,500; a loaf of bread that used to go for N600 in February is now above N1,000; and sugar that used to sell for N29,000 in February has jumped to N42,200 as of the beginning of August.

Market intelligence shows that the prices of every food item that the common man depends upon for survival have been hiked beyond reach.

Peoplesmind