EndBadGovernance: How Can A bag of rice be more than Minimum wage? A protestor asks

On the day 2 of the #EndBadGovernance in Nigeria protest, Nigerians took to the streets of Lagos, Plateau, Abuja and some other states to make their demands to the Government.

Food inflation increased to 40.66 percent in May, 2024 making it harder for Nigerians to feed themselves. This occurred as the price of food increased by 61%, from 25.25% in June 2023 to 40.66% in May 2024, indicating a consistent increase in the expense of living. This is based on a report from the National Bureau of Statistics Consumer Price Index and Inflation data.

The statistics office also revealed that, as of May 2024, the top contributors to headline inflation were food and nonalcoholic drinks (17.59%), housing, water, and electricity (5.68%), gas and other fuel (5.68%), and apparel and footwear (2.60%).

An analysis of the data revealed that, starting from 25.25 percent in June, food commodity prices increased steadily to 26.98 percent in July, 29.34 percent in August, 30.64 percent in September, 31.52 percent in October, 32.84 percent in November, and 33.93 percent by the end of December 2023. In January, February, and May, the rate climbed even higher to 35.41 percent, 37.92 percent, 40 percent, and beyond in March, April, and May.

Some trending comparisons that trended on X about the food inflation in Nigeria, were posts on a comparison between the recently passed new minimum wage of 70,000 Naira and a bag of rice in Nigeria goes for 85,000 Naira.

Recently, for ₦40,000, President Bola Ahmed Tinubu has established centers where Nigerians can buy a 50kg bag of rice. Mohammed Idris, the minister of information and national orientation, stated that this is just the start of many government initiatives. Idris stated that because "the rainy season is here" and Tinubu's government investment in agricultural development, food prices should decrease.

In his words, Idris was quoted as saying 

"Rice is also being sold at about 50 per cent of its cost; a bag of rice is being sold as we speak. This rice has been taken to various centres across all the states of the federation and is being sold at N40,000. Centres have been created so that those who need this rice can go there and buy this rice at N40,000." 

Mr. Idris also said that: "In the first instance, about 10 trucks have been made available to each of these states; indeed, this is just the beginning. I know that some of the comments you hear are that it is never enough. The government has not pretended that these supplies are indeed enough. But these are necessary first steps that are being made and more of such interventions are being made in the interim."

Food costs have increased in Nigeria in recent years. The effects of government initiatives, such as the removal of fuel subsidies, among others, caused the situation to worsen. Many residents' purchasing power has been eroded by the rising costs of these basic necessities and other goods, making it impossible for many households in the nation to afford daily meals. 

Olayemi Cardoso, the governor of the Central Bank of Nigeria, stated during the March, 2024 Monetary Policy Committee meeting that the government's massive purchases of food as palliatives are a major factor in the nation's skyrocketing food inflation. The governor of the CBN observed that despite the interest rate increase in February, inflationary pressure had not decreased. 

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