Nigeria’s once-thriving middle class, the backbone of any prosperous nation, is on the brink of extinction. The country’s economic woes, exacerbated by a series of ill-fated policies, have left millions struggling to make ends meet. At the heart of this crisis lies the leadership of President Bola Tinubu, whose economic decisions have crippled the nation’s growth and eroded the purchasing power of its citizens.
Soaring Inflation and Vanishing Savings
Nigerians are reeling from skyrocketing inflation, which has rendered their hard-earned salaries virtually worthless. The prices of basic commodities – food, housing, healthcare, and education – have increased exponentially, leaving families with impossible choices. A bag of rice, once affordable, now costs an arm and a leg. The same applies to petroleum products, whose prices have skyrocketed, further exacerbating transportation costs and, by extension, the cost of living.
The consequences are devastating. Savings, once carefully nurtured, have evaporated. Families are forced to sacrifice essential expenses, such as healthcare and education, to put food on the table. Small businesses, the lifeblood of any economy, are shutting down, leaving entrepreneurs and employees alike without a lifeline.
A Lost Generation
The middle class, once the epitome of aspirational Nigeria, is disappearing. Young professionals, burdened by unsustainable living costs, are abandoning their homeland in search of better prospects abroad. This brain drain will have far-reaching consequences, depriving Nigeria of its brightest minds and most innovative thinkers.
As the economy continues its downward spiral, the most vulnerable segments of society suffer disproportionately. The poor, already struggling to survive, are being pushed further into poverty. The elderly, reliant on fixed incomes, watch helplessly as their purchasing power dwindles.
A Call to Action
Nigeria’s economic crisis demands urgent attention and bold leadership. It requires a willingness to acknowledge past mistakes and chart a new course. The government must prioritize fiscal responsibility, invest in critical infrastructure, and implement policies that safeguard the middle class & the lower class as the case may be. Minimum wage which was approved still hanging on the balance. What’s the way forward?
The clock is ticking. Nigeria’s future hangs in the balance. Will President Tinubu’s administration recognize the gravity of this crisis and take decisive action, or will the nation continue its precipitous decline? Only time will tell.
– Asuku Sufyan Onimisi, PhD, writes from Okene.
