TODAY is Christmas, but as at yesterday, many Nigerians were bracing for a subdued celebration amid skyrocketing prices of essential goods and services.
Inflation continues to erode household incomes, leaving millions unable to afford traditional Xmas celebrations. Food, transportation and even basic commodities were clearly beyond the reach of many families, casting a shadow over what was typically a season of joy and getting together.
While inflation rate in Nigeria increased to 33.88 per cent from 32.70 per cent, the prices of specific products, especially agricultural produce, such as rice, groundnut oil, tomatoes and more, increased by more than 100 per cent over the last one year.
For example, a bag of rice, a staple during festive celebrations, now sells for an average of N107, 000, up from N30, 000 in 2023. The price of a 5 liter groundnut oil, which sold for N6, 000 a year ago now sells for N19, 000. Similarly, the price of cooking gas has doubled over the past one year in some regions, making it difficult for families to prepare traditional holiday meals. But despite minimum wage increases by the federal government and some states, incomes have been eroded by marauding inflation, which some economists have categorised as hyper.
Given the growing cost of living and stagnant income for most Nigerians, the World Bank has projected that the number of persons living in poverty will increase from 87.5 million in 2023 to 104 million in 2024, an addition of 17 million.
For many everyday Nigerians, these economic pressures have reshaped plans. Bernard Kenechi, a public affairs analyst, explained that his family would stay in Delta this Christmas instead of traveling to their hometown in Abia due to financial constraints. “The most important thing is to make sure the children are happy,” he said, emphasising the need to prioritise basic family needs over traditional holiday expenses.
