Steem4Nigeria Weekly Contest- What are the adjustments you have personally made to cope with the present economic conditions in your city

Hello friend

Greetings to you my dear friend. I am sure you are having a nice time despite the economics situations that we are facing. Well I don't know how far things are right now in your city but I am sure you're very much fine and doing well. As for my in city, let's get to look at how the economic situations is.

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What are the economic situations in your city/ location as at today?

In my city Abakaliki, the economic situations is not friendly at all. Everyone is finding it so difficult to survive because of the high cost of living. Inflation is the talk of the day.

A lot of people in Abakaliki both public servants, civil servants, market women and men are all complaining of the current economic hardship in Abakaliki and the country Nigeria as a whole as they are crying out about the high cost of essential goods and services in the city of Abakaliki.

There is an urgent need for government to look into this economic issues. The economic situations in Abakaliki is what I called galloping inflation. This is the type of inflation in which the prices of goods in an economy are rising faster above 10% in a year or month. This is currently what the people of Abakaliki are facing and I believe is also what is going on in other state in Nigeria which the government need to look at urgently.

Today, in Abakaliki a bushel of local rice, yes local rice which was previously sold at between N6,000 (50 Steem) and N7,500 (63 Steem) in 2020 to 2021, is currently selling at N14,000 (120 Steem) base on the quality of rice.

This is equally the same thing applicable to other essential goods like beans which is a painter is sold at N2,500 as against N1,200 in 2021 which people are finding it difficult to eat three square meal a day. Petrol is another thing that people of Abakaliki are facing which has increases the cost of transportation.

Presently today in Abakaliki services such as transportation, hospitality, labourers, the services render by power holding (NEPA) has all increased they fees. In Abakaliki a drop on motorcycle/tricycle (kekenapel) was N50 but today is N100, N150 and N200 above depending on your distance.

The high cost of kerosene, Gas and fuel (petrol) has increases electricity tariff in Abakaliki. Do you know that today in Abakaliki, 1Kg of gas is 900. Well according to some people they will tell you that it's the ban of important of rice and other essential goods into the state and Nigeria at large that result to the hardship in the city.

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What are those government subventions, polices or palliatives put in place now to help reduce the over-bearing inflation?

One of the policies that the government has put in place to help reduce the over-bearing inflation is that of stopping importation of foreign goods in order to increase productions of local goods. But to me this polices is not helping matter instead it is worsening the the situation and causing a lot of hardship than good to the people.

You can imagine in the whole of Abakaliki you can not see foreign rice and other foreign goods in the market because the government has ban importation or such goods which is the main reason as to why today there is high cost of living in the city.

Today in Abakaliki and Nigeria as a whole, we can see how the value of our local currency Naira had continued to plunge against US.Dollar and other international currencies in fact even Ghana Cedi, because of high inflation in the country since prices of goods are on a steady rise everyday.

The truth is that in Nigeria our currency will keep on falling against international currency since we do not have any commodities (goods) that we can export to shore up Nigeria foreign reserve,except the crude oil that we export.

Today, in Abakaliki the government has come up with a plan to tackle the issue they thought to be a solution by supporting and encouraging farmers, manufacturers ** and other business with some palliative so the state can have a better economic growth.

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What are those personal adjustments you've put in place to help reduce the economic impact around you?

Well as for me, one of the personal adjustment that I have put in place to help reduce the economic impact around me is that I have reduced my spending and double my hustling.

In order for me not to be too affected by this current economic impact, I have reduce my budgets because hmmmm this economy impact that we are seeing isn't something that will end soon.

For me to be in a safer side, I have cut down my budgets and reduce some daily expenses and Increase my hustling (I.e source of income and work).

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Do you have any recommendations for the audience today as a way of helping them at this trying times?

With the way things are going right now in my city and country and looking at how salaries of workers are being fixed even in this economic recession that Nigeria is facing it would be best for everyone to have a good financial plans.

Also everyone shouldn't depends on one source of income because things are now costly. Finally, adjustment of spending and a good financial plan is what I would love my audience to look into.

I am inviting @simonnwigwe, @olabillions and @preye2 to also join me and participate in this contest.

Thank you for stopping by am grateful for your time.....

Best Regards;
@steem4nigeria

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