Olatunbosun Oyintiloye, a prominent chieftain of the All Progressives Congress (APC) in Osun State, has expressed deep concern over the worsening economic crisis in Nigeria, particularly the sharp increase in food prices.
In a conversation with journalists on Sunday, Oyintiloye lamented that the skyrocketing cost of foodstuffs has become a serious challenge for the average Nigerian, making it increasingly difficult for families to afford basic meals.
He called on both federal and state governments to come together and urgently address the crisis, emphasizing the need for effective solutions to ease the suffering of the people. Oyintiloye pointed to a variety of factors contributing to the soaring food prices, including insecurity, high transportation costs, climate change, and the instability of the naira exchange rate.
“The rise in food prices is mostly caused by insecurity, high cost of transportation of the products, climate change, and the instability of the exchange rate of naira,” he explained, stressing that these factors are severely impacting citizens’ ability to afford food. He also noted that the drastic increase in food prices has significantly weakened the purchasing power of Nigerians, exacerbating poverty and the overall high cost of living.
With food being an essential human need, Oyintiloye argued that the government must prioritize policies and programs that can directly address hunger. He highlighted a recent survey by the National Bureau of Statistics (NBS), which showed that food prices have surged by over 100 percent. The survey, part of the 2023/24 General Household Survey-Panel (GHS-Panel), revealed that 65.8 percent of Nigerian households were unable to afford healthy or nutritious meals due to low income.
Oyintiloye acknowledged that the President Bola Tinubu administration is taking steps to tackle the crisis, but he lamented that many Nigerians are still unable to afford basic meals, despite efforts such as the food waiver policy and the Central Bank’s intervention through monetary policy to control inflation. He specifically pointed out the significant role that the fluctuation of the exchange rate plays in exacerbating the problem, particularly with respect to imported food items.
“The situation on the prices of food is becoming worrisome and extremely unbearable for the masses,” Oyintiloye said. “Many households can no longer afford nutritious meals, while many are begging for survival. This is pathetic and no longer bearable for the masses.”
He urged both state governors and the federal government to intensify efforts to halt the further rise in food prices, warning that the situation could worsen if the underlying factors contributing to the price hikes are not addressed promptly. Oyintiloye emphasized that urgent action is needed to prevent further hardship for the Nigerian people.
In conclusion, Oyintiloye called for a more concerted effort by all levels of government to tackle the economic challenges facing the nation and bring relief to the struggling masses.
