Inflation: Experts seek policies to mitigate impact on citizens

“Through targeted policies and interventions, the government can alleviate the burden on the average Nigerian and ensure a more secure future for all,”

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Inflation: Experts seek policies to mitigate impact on citizensSome experts have reiterated the need for government at all levels to take effective measures to mitigate the impacts of high inflation on citizens.

They spoke in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

The experts urged the President Bola Tinubu-led administration to focus mainly on policies to mitigate inflation’s impact on food prices.

They acknowledged some of the challenges that may arise, such as the need to balance short-term relief with long-term sustainability.

Hardship worsens as Nigeria’s inflation rate hits 31.70% – NBS

According to Mr Gabriel Jato, an Agricultural Economist, the proposed solutions can be temporary price controls, targeted subsidies, agricultural support, and expanded social protection programmes.

Jato said: “these measures aim to prevent exploitative pricing, ensure food access for vulnerable populations, and stabilise prices through agricultural investment.

“It will also provide financial assistance to those most affected by rising food costs.”

Dr Funmi Adeleke, a food nutritionist in Abuja, emphasised the need for people to access basic nutritious foods.

According to Adeleke, nutrition education is crucial for all, but it becomes ineffective if people cannot afford nutritious foods.

” As Nigeria navigates inflation and rising food prices, decisive government action is essential to protect citizens’ well-being.”

Mr Yusuf Ibrahim, a civil society activist, urged government action to prioritise food security in the country.

He urged the Federal Government to implement policies that benefit ordinary and average Nigerians.

“Through targeted policies and interventions, the government can alleviate the burden on the average Nigerian and ensure a more secure future for all,” he said.

Mr Terfa Atule, a small-scale farmer, highlighted some of the challenges being faced by farmers, which, according to him, are contributors to rising food prices.

“The rising cost of inputs like fertilisers and pesticides has made farming less profitable.

“The cost of transporting food products after being produced on farms to the market and end users has skyrocketed.

“Also, the issue of insecurity has made many farmers unable to go to their farms to produce.

“I pray the relevant authorities will act on these issues for the good of all Nigerians,” he said.

Meanwhile, Mrs Agnes Bello, a mother of three, expressed her struggle to provide nutritious meals for her family, saying, “the cost of food has become unbearable.”

Bello urged the government to address the plight of citizens and propose lasting solutions to the issues of rising food prices and transportation and mitigate the impacts of high inflation on citizens.

BRANDPOWER reports that the removal of fuel subsidies in May 2023, triggered a surge in inflation rates in Nigeria, leading to high food prices and economic strain.

A year later, the impact is profound, with living costs rising steeply and essential items becoming unaffordable.

In March 2024, the headline inflation rate released by the National Bureau of Statistics (NBS) hit 33.20 per cent, up from February’s 31.70 per cent, highlighting the severity of the situation.