14/03/2024
As a consumer oriented economy, it is not unusual for the rise in foreign exchange rates (Fall of the Naira) to impact on prices of commodities in the Nation. It is only strange that any rise in the foreign exchange rates immediately attracts upward adjustment of the prices of every commodity in the market including goods and articles (Consumables and Non-Consumables) stocked before the foreign exchange rates rise while a drop in the foreign exchange rate (Naira gains) attracts no immediate or longrun downward impact and effect on the prices of commodities in the market.
Our people are quick to heap all the blames on the government for the rise in the cost of living. They exonerate themselves and take no blame for their greed and self-inflicted hardship. The prices Petroleum Products immediately reacted to the reckless 'Fuel Subsidy is Gone' remarks by President Tinubu on his inauguration at Eagle Square on the 29th of May, 2023. The prices of food, transportation and other goods in the market witnessed an instant upward review even before the policy was domesticated.
How about the fall of the Naira against other currencies? There was immediate incremental price adjustment as the Naira was crashing until it hit an all time low of over N2,000 to the USD. The Naira has since gained almost N500 to the USD but the prices of commodities are yet to be adjusted to reflect the current USD rate which took it up in the first place.
Few weeks ago, Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) threatened to embark on an industrial action to stop the lifting and distribution of Petroleum Products. Filling Stations reacted by temporarily closing down to create artificial scarcity and increase the prices of Petroleum Products.
The industrial action was called off even before it started but the prices of Petroleum Products is yet to be readjusted to reflect the pre-industrial action notice rates till date.
Why are we constituting problems to ourselves and society? What is the need of arbitrarily raising the price of commodity under your control when you know that it will have a ripple effect on prices of other commodities outside your control? Why do we cause hardship to ourselves in addition to the hardship inflicted by poor government policies and corruption? We must first purge ourselves and the society of the greed and self-inflicted hardship before having the moral high ground to call the government out for bad policies and corruption.
The government must at this stage initiate policies and actions to purge us of our greed and the tendency to blame her for our self-inflicted hardship. The State Marketing and Quality Management Boards can set up warehouses and outlets to compete and regulate the prices of commodities especially consumables and strategic goods such as cement and Rod just like NNPC Stations and Mega Stations including Oil Majors competes and regulates the greedy tendencies of private filling Stations.
There is hunger in the land. The people and government must form a synergy to save us from ourselves.
Ctz. Ukoha Njoku Ukoha
Omeifuku writes from Ahia Ohuru,
Aba Abia State
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