NIGERIA’S INFLATION RATE, DELAYED MINIMUM WAGE IMPLEMENTATION

Nigeria’s inflation rate, delayed minimum wage implementation, and the thick plan for a nationwide protest – a nation’s sundry issues

As Nigeria continues to struggle with her sundry challenges – a spiraling inflation rate that has increased poverty levels; a “below par minimum wage “ which implementation has delayed ; and the thigh plan for a nationwide protest – it becomes imperative to return to the nation’s drawing board and question her ability to overcome.

Barely 24 hours before August 1, 2024, Nigerians cannot but imagine the shape of their country in the face of the planned nationwide protest, with government actors , individuals and groups reacting to the situation.

While some of the organizers, particularly from the northern region, remain anonymous, the 2023 presidential candidate of the African Action Congress, AAC, Omoyele Sowore has been campaigning for the protest using his social media handles.

Sowore, who had led several protests in the country, said revolution would start in August, insisting that “Nothing Can Stop An Idea Whose Time Has Come” #RevolutionNOW.”

Sowore wrote: “The REVOLUTION is now knocking on our doors! #RevolutionNow. Let everyone rise all once in August 2024!

Nothing can stop an idea whose time has come. They asked for a revolution and It is here now! @officialABAT once asked for a revolution, even @MBuhari once asked for a revolution and Nigerians now want a real revolution.

“Nothing Can Stop An Idea Whose Time Has Come” #RevolutionNOW.”

Also, a flyer making the rounds on social media titled: “End Bad Government in Nigeria 2024” by anonymous groups, ascribed the planned protest to 10 policies of the government, which according to them have imposed unexpected hardship on Nigerians.

Among other demands, the group urged the government to “end subsidy scam and reverse fuel price to below N300 per litter, bring tertiary education fees back to their previous rates.

They have also demanded restoration of electricity tariff to affordable levels for the public, return of import duties to their previous rates, public disclosure of and reduction of the salaries and allowances of all National Assembly members as well as reform of the EFCC.”

 In an internal memo sighted by our correspondent , the police is on high alert and said “some groups are mobilizing for mass protest nationwide beginning from 1 to 10 2024”.

The memo, dated July 8 and copied to zonal Assistant Inspectors-General of Police, urged the operatives to be proactive and “mobilize well kitted and equipped personnel” ahead of the protest.

“INGENPOL directs you to be proactive, mobilize well kitted and equipped personnel, synergize with other sister agencies and the military, takeover all strategic points in your AOR, deploy undercover for intelligent gathering, disperse unlawful gatherings, be in heart-to-heart conversation with community stakeholders, no form of protest must be allowed during the period,” it said.

A popular social commentator and investigative journalist, @PIDOMNIGERIA posted the leaked memo on his verified X handle.

Meanwhile, the National Youth Alliance (NYA)  a sociopolitical pressure group, has said that it stands in solidarity with Nigerians who are planning to protest against hardship and demand a better society that guarantees a comfortable life for all.

 “  We support the courage and determination of young Nigerians and other citizens who are planning to exercise their constitutional right to peaceful protest.

 “  The NYA joins its voice in the struggle for a more prosperous and equitable Nigeria. We call on the Federal Government, State Governments, Security agencies, and other authorities to ensure adequate security for peaceful protesters, refrain from intimidation or abuse of office, and protect the rights of citizens to peaceful assembly and freedom of expression.

 “  We also urge the Government to be prepared to arrest any sponsored thugs or security agents who may attempt to harm or unlawfully arrest innocent protesters. #NYASolidarityWithNigerians “

Meanwhile, in what appears to be a different opinion, the President-General of the Coalition of South-East Youth Leaders, Mr Goodluck Ibem, ha urged Nigerian youths to jettison the planned protest and channel their energy to something more useful.

Speaking with C- Advocate on Friday, Ibem said, “Nigerian youths should redirect the energy they want to use for protest into farming and full time agriculture.

“That is the major way to end hunger and food scarcity.

“Many of our farmlands are not cultivated even when we have so many youths. They only want white collar jobs, which are not available.

“We have to remain positive here. Hunger cannot disappear if we fail to embrace farming as a culture and lifestyle. That is the bitter truth”.

Meanwhile, Gov. Hope Uzodimma of Imo state has charged Igbo people not to be invited to crisis in the guise of a protest.

The Governor urged his people, the Igbo community, to remain calm and not allow anyone to provoke them into chaos, despite calls for protest.

Uzodinma made the call during the South-East APC Stakeholder’s meeting in Abakaliki, Ebonyi State, as he reflected on past challenges, acknowledging that they have made his people stronger.

 Governor Uzodimma, who is also the chairman of the South-East Governor’s Forum, expressed empathy towards the suffering of his people but also proudly noted that Igbos are a people of great ideas and talents that can be harnessed to better Nigeria as a whole.

 By recognizing their strengths and resilience, he encouraged his people to channel their energies into constructive efforts that promote progress and unity.

Furthermore, available statistics indicate that Nigerians are in harder times as the inflation rate has skyrocketed.

In June 2024, the inflation rate rose to 34.19% from 33.95% in May 2024. This uptick of 0.24 percentage points underscores a persistent inflationary trend that has been unfolding since last year.

The National Bureau of Statistics (NBS), which released the figure on Monday, attributed the rise primarily to a sharp increase in food prices, which surged to 40.87% year-on-year in June 2024, marking a substantial 15.62 percentage points higher than the 25.25% recorded in June 2023.

The escalation in food inflation was driven by notable price hikes across various categories such as cereals, tubers, oils, and fish products.

On a month-on-month basis, food inflation in June 2024 stood at 2.55%, up from 2.28% in May 2024, highlighting a 0.26 percentage point increase. This rise can be attributed to continued price escalations in essential food items like oils, tubers, and fish varieties.

Looking at the annual average, the twelve-month food inflation rate up to June 2024 was 35.35%, marking an 11.31 percentage point increase from the 24.03% recorded in June 2023, reflecting sustained pressure on food prices over the past year.

Meanwhile, the headline inflation rate on a year-on-year basis in June 2024 was significantly higher at 34.19% compared to 22.79% in June 2023, indicating an 11.40 percentage point increase.

Month-on-month, headline inflation also saw a slight rise to 2.31% in June 2024 from 2.14% in May 2024, signifying a 0.17 percentage point increase in the average price level within that month.

In summary, the latest data from the NBS shows that inflationary pressures, particularly in food prices, continue to weigh heavily on Nigeria’s economy, influencing consumer spending and overall economic stability.

Meanwhile, the federal government has  assured Nigerians that food insecurity  is being addressed and that the prices of commodities will soon come down.

The Minister of State for Agriculture, Aliyu Abdullahi, who made the disclosure on television yesterday admitted that “over the past few years we have not been taking our dry season agriculture seriously,” he said but noted that the ministry is addressing it.

He said with several programmes by the Federal Government, the prices of commodities will reduce.

“You will see a lot of programmes trying to dampen [reduce prices] the situation,” he said on Monday’s edition of Channels Television’s.

“Agriculture has a time frame. Now, a lot of production is ongoing. We are in the rainy season and if you look at the fields, there is a lot of cropping going on. Those croppings are not food. They will only translate to food after three months. So, until then, this story you are talking about will continue

“We realised over the past few years that we have not been taking our dry season agriculture seriously,” he said.

Food inflation has reached over 40 per cent in recent months according to data from the NBS, pushing the prices of essential commodities beyond the reach of millions of Nigerians, while the headline inflation is 34.19% as at June 2024.

With these realities on ground, one begins to wonder the possibility of averting an impending protest and how much is being done to quell the tension. We therefore call on governments at all levels to expedite action on the economy to save Nigeria and her people from  the rumored protest and its possible attendant consequences.

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