Some Nigerians are complaining about the high cost of living occasioned by the recent hike in the pump price of petrol.
They spoke with the News Agency of Nigeria (NAN) yesterday in Abuja.
An economic expert, Dahiru Garba, said the fuel price hike from N897 to N1,030 per litre would push more Nigerians into poverty.
Garba said the sudden increase in the pump price of petrol by the Nigeria National Petroleum Company Limited (NNPCL) and marketers was beyond a simple fuel price adjustment.
He added that it would have a far-reaching impact on Nigeria’s private sector, trade and the already suffering Nigerian masses.
According to him, without government interventions, the economic and social repercussions of the price hike will be severe and long-lasting, pushing more people into poverty.
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“What we will witness is the immediate high cost of transport, which will lead to higher cost of food, businesses will suffer, some may fold up and inflation will rise.
“In the long term, it could pose challenges for small and medium-sized enterprises (SMEs) and the agricultural sector,” Garba said.
The economist urged the Federal Government to acknowledge these implications and take measures to reduce the impact.
He suggested targeted incentives for energy efficiency, a halt to wasteful expenditure, and reducing cost of governance.
“Without such interventions, the economic and social repercussions of this price hike could be severe and long-lasting, pushing more people into poverty,” Garba said.
A retired widow, Mary Chatta, complained about the high cost of living, saying: “My children are not working, they still depend on my pension which has not been increased according to the minimum wage act.
“Imagine buying one bag of rice for over N100,000. We no longer feed daily. I am scared and I do not know how I will survive.”
Chatta urged the government to look into the economic situation in the country.
“I know that the government can do something for the masses to make it easier. But pensioners also have to survive,” she said.