In a recent survey conducted by Peoples Gazette at Mararaba, an Abuja satellite town in Nasarawa State, distressing trends in the prices of essential commodities have surfaced. Indomie, groundnut oil, and Irish potatoes have witnessed a staggering surge of over 100 per cent in just a few weeks.
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Indomie Soars: From N8,500 to N18,000
The beloved Indomie Super pack, a staple in many households, has experienced a jaw-dropping price hike from N8,500 to a staggering N18,000. Even the smaller Indomie pack, previously priced at N5,000, now demands N11,000, reflecting the severity of the inflationary wave.
Groundnut Oil Surge: Soaring from N7,000 to N11,000
A significant blow to consumers is the escalation in groundnut oil prices. Once available at N7,000, a five-litre container of groundnut oil has surged to an astonishing N11,000. This steep increase compounds the financial burden on already struggling households.
Irish Potatoes Price Spike: From N25,000 to N40,000
In Jos, the heart of Irish Potatoes cultivation, a bag of these essential tubers has seen a drastic price hike. Formerly priced at N25,000, it now commands a staggering N40,000. This surge adds pressure to both consumers and businesses alike.
READ ALSO: Latest News On Dangote and BUA Cement Price Drop Update Today, 7th March 2024
Government Response Amidst Protests:
Recent weeks have witnessed widespread protests in Niger, Osun, Ibadan, and Lagos states as Nigerians voice their concerns over hunger and escalating prices. In response, Mr. Tinubu, acknowledging the rising cost of food driven by skyrocketing inflation, has taken several measures.
Government Initiatives:
- Release of Grains: The Ministry of Agriculture and Food Security has been directed to release approximately 42,000 metric tonnes of grain, including maize, millet, and garri.
- Crackdown on Hoarders: Mr. Tinubu has instructed the National Security Adviser, Nuhu Ribadu, alongside the State Security Service and the Nigerian police, to take action against food hoarders.
- Customs Distribution: The Nigeria Customs Service has distributed confiscated food items to alleviate hunger, albeit encountering setbacks such as the unfortunate stampede during rice distribution in Lagos.
Challenges Persist:
Despite these efforts, challenges persist as government-owned warehouses in Abuja were recently raided and food items looted. Additionally, in Suleja, Niger State, and Zaria, Kaduna State, trucks carrying foodstuffs have been attacked and looted, emphasizing the urgency of finding a sustainable solution.
Conclusion: A Call for Support
The current economic challenges demand collective efforts and support. As prices surge and communities grapple with the consequences, it’s crucial to unite for sustainable solutions.
Read More: Black Market Dollar to Naira Exchange Rate: 7th March 2024
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