The Labour Party attributed the surge in food prices and the overall economic downturn in Nigeria to the All Progressives Congress-led Federal Government’s lack of proper planning and empathy.
Obiora Ifoh, the National Publicity Secretary of the party, expressed this viewpoint during an interview in Abuja on Thursday.
He pointed to the recent National Bureau of Statistics report revealing an inflation rate of 25.8 percent in August 2023 and 26.72 percent in September 2023, marking 17 and 18-year highs, respectively, as evidence of the government’s perceived lack of direction.
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 taking about energy costs and out-of-pocket expenses on healthcare.
“This government has not made pretenses 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 supplimentary 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.
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