Surge in food prices after Tinubu's four months in office

By Tomi Lala

In a recent data released by Nigerian Bureau of Statistics (NBS) Nigeria inflation rate rose to 0.38%, and reached 22. 79% immediately after President Tinubu emerged President of Nigeria.

President Bola Ahmed Tinubu was sworn in on May 29th after coming out victorious and sweeping highest percent of votes in the last presidential election in Nigeria.

Osun Spring reports that during his inauguration program Abuja, Tinubu announced removal of fuel subsidy to take place with immediate effect.

After the announcement of removal of subsidy in May, there has been constant inflation of food Prices, and also a highest month- to- month increase in the history of Foods prices in market.

• Prices of foodstuffs before and after 29th May

In a recent market survey by our correspondent, the survey which includes major food items, like Rice, Beans, Spaghetti, indomitable,among others revealed that skyrocketing in food price is directly attributed to the fuel subsidy removal, devaluation of the Naira in the exchange rate market and controversies surrounding tax, transportation cost, and household electricity tarrif.

According to our data, Nigerians paid N36,000 for a bag of rice before May, and now N50,000 for same bag of rice, a 38.9% increase in the same year, 2023.

Before May 29th, Nigerians bought a bag of honey beans for N33,000, which has now increased by 6.1% to N35,000.

A 25kg keg of vegetable oil rose with 12.9% from N31,000 before May, to N35,000 after May.

Likewise, the cost of Yam Poundo before President Tinubu inauguration was N990, and it jumped with 122.2% to N2,200 after May 29th.

The current price of a carton of noodles is N5,000 from N2,100. It increased with 138.1% after May 29th inauguration.

Gaari was being sold for N400 before May, it has now rose with 22.2% to N600.

• Level of patronage by Nigerians

During a market survey by our correspondent in Osogbo markets, traders and consumers complained bitterly about their dissatisfaction on the high prices of food stuff in market.

Aside from, hike in transportation charges, the rising costs of food commodities has contributed to financial burden experienced by average Nigerians.

Consumers complained of high increase of market goods, while Traders and market women complained of low patronage.

One of the market women who spoke with our correspondent, stated that “the price of food items is now almost double compared to what it was been sold before May. And most customers now buy in credit because their money is not always enough to buy the normal quantity of foodstuffs that would be enough for their family”.

While some customers, also blamed traders and market women for increasing the price intentionally.