Tough Times: Why Bola Tinubu and others must make smart choices for Nigeria
Leaders like Bola Tinubu must make smart choices for Nigeria as the country faces big challenges. It’s like weaving the future of our nation, and we need leaders who can make wise decisions to deal with hunger, high prices, and money troubles.
Hunger is a big problem, and leaders need to act quickly. Waiting too long just makes things worse for those who are struggling. Everyday things are getting more expensive, making life tough for Nigerians.
Picture the price of a pack of Indomie jumping from N2500 to N17,000, N10 pure water becoming N50, and a tuber of yam going up to N1200, with a set of 5 reaching N6000 – all these price hikes happening in less than 24 hours.
A staggering 133 million Nigerians are experiencing multidimensional poverty, and over 60 million Nigerians go to bed daily without food. It’s a disaster waiting to unfold.
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A good leader knows it’s urgent to fix economic problems. This means working with money experts, planning carefully, and making changes quickly to help everyone cope better. As the naira tumbles against the dollar, the situation raises concerns.
Where are our leaders, and what are the reasons behind this?
Causes
1. Subsidy Removal:
Removing subsidies has made prices skyrocket, immediately increasing the cost of essential goods and services.
2. Transportation Challenges:
Disruptions in transportation systems have caused delays and increased costs throughout the supply chain.
3. Impact of the Rainy Season on Agriculture:
Unpredictable weather patterns during the rainy season have affected agricultural productivity, leading to shortages and increased prices.
4. Exchange Rate Fluctuations:
Volatility in the exchange rate, especially the devaluation of the national currency against the dollar, has increased import costs, influencing the pricing of various commodities.
5. Insecurities Disrupting Supply Chains:
Ongoing insecurities have disrupted supply chains, making it difficult for goods to reach markets seamlessly and contributing to shortages.
6. The Ripple Effect of the Russia-Ukraine War:
Global events, like the Russia-Ukraine war, have created a ripple effect on the international market, affecting commodity prices worldwide, including those in Nigeria.
7. Corruption Contributing to Economic Instability:
Corruption within economic systems exacerbates instability, diverting resources away from essential services and contributing to economic hardships.
8. Hoarding Practices Aggravating Shortages:
Hoarding, driven by speculation or fear, has further exacerbated shortages, creating artificial scarcity and driving up prices.
Solutions
1. Implementing Salary Increments:
Addressing the financial strain on citizens by implementing fair and timely salary increments can help mitigate the impact of rising prices on household budgets.
2. Establishing a Price Control Unit:
Setting up a dedicated unit to monitor and control the prices of essential commodities can help stabilize markets and prevent exploitative pricing practices.
3. Encouraging and Supporting Dry Season Farming:
Promoting and supporting dry season farming initiatives can diversify agricultural production, ensuring a more consistent and resilient food supply throughout the year.
In the face of these challenges, Nigeria requires proactive and decisive leadership. The adoption of these solutions, coupled with strategic planning and collaborative efforts, can pave the way for a more stable and prosperous future.
The responsibility falls on leaders like Bola Tinubu to make informed decisions that prioritise the well-being of the nation and its citizens.
