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In his Independence Day speech, President Bola Tinubu provided Nigerian staff a further Twenty-5 Thousand naira monthly for the subsequent six months.
In accordance with the Jollof rice index, the quantity is roughly equal to 2 further pots of jollof rice in a month.
Within the Jollof Index report launched in July 2023, the typical price of getting ready a pot of jollof rice for a Nigerian household of 5 rose to 34.2 per cent in a single 12 months.
The report, titled ‘Hungry for Change’ by SBM Intelligence, an Africa-focused geopolitical analysis and strategic communications consulting agency, exhibits that the price of getting ready a pot of the favored Nigerian delicacy rose to N12,373 in June 2023 from N9,220 in the identical interval of final 12 months.
“The worth improve in April and early Might may very well be linked to the lingering penalties of final 12 months’s floods, which dealt a deadly blow to the late harvest and the naira redesign coverage,” the report stated.
Learn additionally Nigeria @63: Full speech of President Bola Tinubu on October 1
“These are the tip of the nation’s petrol subsidies and the devaluation of the native forex, the naira, to unify the trade price and try to take away arbitrage within the system. The subsidy elimination elevated gas costs and meals and transportation prices throughout West Africa over the past two months,” it added.
The info was gathered month-to-month from 13 markets unfold throughout Nigeria’s six geopolitical zones and is computed utilizing the prices of the components.
With faculty charges doubling and tripling, meals costs hovering, gas costs reaching near 600 per litre, and Nigerians typically struggling to make ends meet, what can be the subsequent transfer of President Tinubu after the N25,000 supply for the subsequent six months?
Will this supply quell the unmet expectations of the typical Nigerian employee?
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