The present situation of things in the country is one of great concern. And with the way at which prices of goods have been sky-rocketing due to the inflation, induced by the constant change in price of petrol and the exchange rate between the Naira and the Dollar, has made things difficult for the average citizen to survive.
In a report by Associated Press on the 17th February 2024, it was stated that "The latest government statistics released Thursday showed the inflation rate in January rose to 29.9%, its highest since 1996, mainly driven by food and non-alcoholic beverages. Nigeria’s currency, the naira, further plummeted to 1,524 to $1 on Friday, reflecting a 230% loss of value in the last year". These prices have continued to fluctuate with no sign of it stopping anytime soon.
The situation is not different for the Nigerian students, as prices of goods and services for their upkeep have also witnessed high increases in price rates. As at the 5th of February 2024, a bag of rice goes for over #80,000, while the price of cement have risen to almost #11,000 in recent times. These prices along with other increases in price of other commodities have seen an enormous increase in price of other products.
In Ibadan here, the prices of commodities are going up at a quite rapid rate, with a Kongo (a measuring plate) of rice has risen over 2500 Naira while that of beans is over 2,200 Naira. It is not surprising that the prices and ration of food in every cafeteria seems to have seen an increase and decrease in size respectively.
As a student it can be quite infuriating seeing the prices of goods change at a rapid rate with no sign of it stopping anytime soon. It creates uncertainty about plans on how to manage their upkeep and pocket money without falling prey to 'Sapa', a common phenomenon among students.
To cope with the present situation, wise students are already devising means to fend for themselves and supplement by getting jobs as added supplement for their monthly upkeeps, while the lucky ones have gotten online jobs that pay them in dollars. Some have even delved into the crypto and forex market in order to adjust to the present predicament and stay above water in the present economic situation. While others have dipped their feet into the dangerous waters of sports betting.
In all, It must be said that with the way things are going, the economic hardship extolled on the common man might not be sustainable. And it will take a great will for an individual not to succumb to the pressure of the present economic hardship that is prevalent in the country. One can only hope that the federal government will make policies that will arrest the situation and save us from an impending economic implosion that is about to consume the whole country in the nearest future.
