By Olakunle Agboola – The festive season in Nigeria most especially Christmas Day, Boxing Day and New Year’s Eve is usually marked with concerts, parties, and beach outings with friends and families. Kids always look forward to the December period understanding the euphoria of the seasons. It is always a time to exchange gifts, while families spend quality time together and also travel to see extended families to celebrate.
Deji Oni, a civil servant in Lagos State complained bitterly about the rising cost of living and soaring inflation, which stands at 28 per cent. He was sad that he could not afford to feed his family at Christmas. He had to close his doors to visitors and refused to take his family to “Ondo town” to celebrate, which has become an annual selection of celebrating with the extended family.
“The point is that December this year is very difficult, and this is the worst Christmas I have ever experienced in my lifetime. I could not afford to buy fuel and put the generator on for my kids to watch movies. It is so bad that I had to lie that I was not at home just for friends not to come to visit. How would I entertain them? My expenditure is more than my income and I am scared of 2024 how I will get on with the high cost of living. It is becoming unbearable and I pray for depression not to set in’’.
President Bola Tinubu has been on a mission to improve the economy, but his policies have hardly done so. Floating the currency and removing fuel subsidies have triggered record inflation in a country where more than half of the populace could barely afford three square meals per day. Disposable income has declined for many like “Deji Oni” who opted to stay at home at Christmas when the cost of living is excruciating.
Inflation eroded the incomes of every demographic in the country, especially in December when the price of commodities always doubled the price. There is always an extra jack of price in December because a lot of service providers tend to travel, so prices generally go up even in the best of times.
Adelodun Peter, a Uber driver in Lagos is surprised how traffic has drastically reduced in Lagos, most especially during the festive season. He described the December period in Nigeria as a time when the commercial hub most especially Lagos experienced high traffic jams on major highways.
‘The high cost of fuel with the removal of the subsidy is the reason for reduced traffic in Lagos. It was a lonely Christmas for a lot of people because they couldn’t afford to take their loved ones out. Unlike Lagos at the festive season, the road will be busy with all sorts of activities. This year is different and this tells a lot about the economy which is unbearable for many Nigerians to celebrate Christmas and the new year”.
Nigerians haven’t lost hope but continue to look for a better day when the economy will take good shape and more of the populace will be taken out of poverty. Much is expected from the government to turn the economy around and make life bearable for all Nigerians.
President Bola Tinubu, in his New Year address, expressed empathy for the challenges faced by Nigerians, acknowledging their struggles amidst economic and security issues. He acknowledged the nation’s frustrations, promising to focus on revamping the economy and restoring security.
Tinubu highlighted several strategic decisions made by his administration, including the controversial removal of fuel subsidies and reforms in the foreign exchange system. These decisions, he admitted, brought discomfort but were necessary steps to avert fiscal catastrophe.
The President has reassured the citizens of his commitment to national prosperity and economic recovery.
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