In a thought-provoking post, a Twitter user, Alex Oluwatobi has taken to the social media platform to shed light on the current dire situation in Nigeria, where economic challenges have reached alarming heights, adding that the poor will soon start feeding on the rich.
With a staggering exchange rate, skyrocketing fuel prices, and essential commodities becoming unaffordable, Nigerian citizens are grappling with a severe crisis.
The post highlights the escalating cost of living, a lack of significant salary increments, and the looming threat of a shattered survival threshold.
Oluwatobi’s message revealed the urgent need for attention and action to prevent the irreversible collapse of the country’s socio-economic fabric.
Soaring Costs of Essentials:
Oluwatobi’s tweet reveals the shocking reality faced by Nigerians, as the value of the national currency continues to plummet.
The exchange rate has reached an unprecedented level, with 1 US Dollar now equivalent to a staggering N920 Nigerian Naira.
This sharp depreciation has had a domino effect on the prices of everyday items. A liter of fuel now costs N615, rendering transportation costs unaffordable for many.
Basic food items have also witnessed astronomical price hikes. A crate of eggs, which once cost a reasonable amount, is now priced at N3,500.
Even the humble bag of pure water is not spared, priced at N350. The most basic staple, a bag of rice, now comes with an exorbitant price tag of N45,000.
Unbalanced Economic Impact:
The economic turmoil has led to a skewed impact on various segments of society. While the cost of living has soared, salaries have remained stagnant for a significant portion of the population, except for a few fortunate individuals within the banking sector.
This glaring disparity has created a glaring wealth gap, leaving many struggling to make ends meet.
The Twitter user also lamented on accommodation expenses that have doubled, and transportation costs have tripled, making survival increasingly challenging for everyday Nigerians.
Survival Struggles and Debt Cycle:
As the cost of essentials continues to rise, citizens are resorting to drastic measures to survive.
Many have turned to loan sharks to secure funds to cover their escalating expenses, perpetuating a dangerous cycle of debt.
1 Dollar – N920
Fuel – N615/Litre
Crate of Egg – N3,500
A bag of cement – N5,200
A bag of pure water – N350
A bag of rice – N45,000Transportation tripled.
Accommodation doubled.
No significant change in salaries, except for some bankers.People have been managing to survive -…
— Alex Oluwatobi (@alexlobaloba) August 10, 2023
Akex noted that the situation is becoming increasingly unsustainable, pushing the threshold of survival dangerously close to breaking point.
His warning that “the poor will have nothing left to eat but the rich” is a stark reminder of the potential social upheaval that could result if immediate interventions are not taken.
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