The Labour Party has said rising food prices and the general downturn of the Nigerian economy are direct consequences of the absence of proper planning and the lack of empathy of the All Progressives Congress-led Federal Government.
The National Publicity Secretary of the party, Obiora Ifoh said this in an interview with Vanguard in Abuja on Thursday.
He said this in response to the latest National Bureau of Statistics report, which put the inflation rate at 25.8 percent as of August 2023 and 26.72 percent in September 2023, representing 17 and 18 year-highs, respectively, as proof of the Fed Government’s directionlessness.
Ifoh said, “Like the NBS report rightly captured, our economic foundations have been so weakened that our inflation rate keeps soaring, leading to sluggish economic growth and thus forcing millions of Nigerians into poverty.
“It is sad that most Nigerians now spend over 80 percent of their income on food alone; we are not talking about energy costs and out-of-pocket expenses on healthcare.
“This government has not made pretences about its intentions with regards to funding the lavish lifestyles of those in elective office to the detriment of the suffering people of Nigeria.
“How do you explain the N2.1 trillion supplementary budget signed into law by President Bola Tinubu? How much was voted for in healthcare, roads, and infrastructure that will benefit ordinary Nigerians?
“What you see is billions to be spent on the renovation of accommodation for elected government officials and the purchase of vehicles.
“Now, more than ever before, the cost of food has risen beyond what ordinary Nigerians can afford. A bag of 50 kg of rice is over N50,000 today, up from N8,000 only a few years ago.
“What it simply means is that the monthly wage of a civil servant cannot buy a bag of rice. Even the cost of garri, yam, potatoes, maize, and other staple foods has skyrocketed beyond the reach of most Nigerian households, with no hope in sight.
“This government lacks basic empathy for the suffering of Nigerians because, while Nigerians are crying out in anguish over the rising cost of living, officials of this administration are busy wasting scarce public funds.
“The renewed hope agenda it claims to be pursuing has since become renewed hopelessness.” (Vanguard)