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Nigerians have perhaps not faced a worse economic hardship. The country is reeling with the steep rise in basic goods and services. According to the National Bureau of Statistics, headline inflation which is 34.2 percent is driven by food inflation of over 40 percent. Never has the country faced such a severe economic outlook. People are hungry, desperate and struggling to make ends meet.
With the biting hardship, Nigerians have devised strategies to survive. The talk about planting one’s own food has become popular. ‘’Use your backyard to plant your yams and tomatoes.’’ Comments like this are everywhere on social media. It suggests that Nigerians now look beyond the government for their salvation and are conceiving ingenious survival techniques.
Nothing is wrong with being resourceful and doing everything to keep one’s head above the bad economy. But it could also indicate long-suffering and enduring bad economic policies without holding the government accountable. Nigerians are already apt at this, significantly providing their own water, security, and electricity. This leaves the government with little to do, yet it fails at it.
Now, incredibly, Nigerians are being tasked with producing their own food! This is not practical or sustainable. Very few Nigerians live in an environment with enough space for agriculture. Most live in cramped face-me-I-face-you apartments with no inch of free soil for planting yams. But assuming that was not the case and that there was sufficient land for agriculture: Should the nurse who has worked an 18-hour hospital shift now spend her rest time tilling the soil to plant coco yam, or would the security guard’s off day be spent weeding the soil to plant ugwu leaves?
This is pure lunacy. But let’s assume, again, that was possible. How much food can a person farm in his backyard? Is it conceivable that such a greenhorn can produce all the food he requires in a year? Let’s assume by some mystery that he somehow can do this, will he also supply all his family’s protein needs—maybe have a goat barn or fish farm by the side too? Yet work at his day job?
This is madness and not an adequate response to the macroeconomic failures we are experiencing at the moment. To be sure, this economic hardship is the consequence of the macroeconomic policies of the FEDERAL GOVERNMENT – specifically, the partial removal of petroleum subsidies, the floating of the naira, and the increment in electricity tariffs, all of which have caused serious inflation and devaluation of the naira.
Specifically, the partial removal of the petrol subsidy led to an immediate increase in fuel prices, which has a cascading effect on the cost of goods and services. The consequent higher transportation costs make it more expensive to distribute goods across the country. This inflationary pressure affects all sectors, causing higher living costs and reducing disposable income for many Nigerians.
Higher electricity tariffs increased the cost of living and doing business. For households, this means higher utility bills, which cuts into their budget for other essentials. For businesses, increased energy costs have led to higher production costs, often passed on to consumers in the form of higher prices.
The devaluation of the Naira has reduced the purchasing power of Nigerians. Imported goods, which constitute a significant portion of the country’s consumer goods have become more expensive with the Naira weakened. This leads to higher prices for everyday items and contributes to overall inflation. Additionally, devaluation increases the cost of servicing foreign debt, further straining the national economy.
While economists agree that, in some form, these policies are necessary to reinvigorate the national economy, all three happening concurrently and how they have been implemented appears to be excessively burdensome, and have exacerbated the economic hardships for ordinary Nigerians, causing widespread financial strain and social discontent.
So, how should Nigerians respond to these fiscal issues? Should they go and own a farm and ignore the poorly conceived and implemented policies? No, that is not practical or even possible. Citizens can hardly succeed outside the fiscal environment in which they operate. Producing one’s own food will therefore not insulate you against bad government policies. Eventually, they will catch up with you.
Therefore, tackling these problems must happen at the fiscal level, pressuring the government to reconsider these policies or implement strategies to mitigate their short-term negative impact. When the Kenya government proposed a Finance Bill, which would have introduced new taxes on various goods and services, the youth poured into the streets and after several days of violent protests, forced the government to concede and withdraw the bill. The Kenyans did not plant new tomato crops, hoping to circumvent the new law.
The National Assembly can also serve as a pressure conduit to the executive arm, providing a critical check and balance. By representing the interests of the public, the legislature can push for necessary policy changes, ensuring that the executive addresses key economic and social issues. In that way, it serves as a barometer for the pulse of the nation, reflecting the will and concerns of the people.
If all else fails, the people can wait till the next general elections to vote the government out. Elections must have consequences and serve as a referendum on the incumbent government’s fiscal policies and economic performance.