BREAD COULD BECOME SO COSTLY THAT NIGERIANS WON'T BE ABLE TO BUY IT, ACTIONAID WARNS

A report released by ActionAid Nigeria, Friday, revealed that soon Nigerians would not be able to afford a loaf of bread, fertilizer and other essentials for their wellbeing due to unabated soaring prices of these commodities across the country.

The report showed that the prices of wheat bread have increased up to 59 per cent, 67 per cent, and 127 per cent in Kwara, Yobe, and Lagos States respectively.

While in Kaduna, fertiliser prices have increased up to 111per cent, and in Lagos sunflower cooking oil price increased by 111 per cent.

The report reads in part, "In Nigeria, findings show that the prices of wheat bread have increased up to 54% in Sanrab semi-urban community in Kwara state. In Yobe state urban community of Nasarawa, the prices of wheat bread have increased up to 67 %.

"In Lagos, the price increase has been up to 127%. In rural areas of Kaduna, fertiliser prices have increased up to 111 %. At the same time, few areas of Lagos have witnessed up to a 111 % increase in sunflower cooking oil"

The Country Director, ActionAid Nigeria, Ene Obi, said: "The Ukraine-Russia war has worsened the cost of living in manu parts in many parts of the world, but the gaps in governance and lack of social safety-net have thrown more Nigerians into the abyss of poverty.

"The current hyper-inflation has made the meagre income of many Nigerians insignificant; for a government committed to lifting 100 million Nigerian out of poverty, there is a need for reflection and immediate action.

"Rising public debt, unemployment, inflation, and high cost of living require the immediate embracing of fiscal federalism in absolute terms. This will enable the country to break the vicious cycle of poverty. It will eliminate the wholesale dependence on oil, making Nigeria a monolithic economy.

"Adopting fiscal federalism principles will be a practical approach to solving the challenges governments at all levels face today, such as the generation and equitable distribution of income, efficient and effective allocation of resources, and economic stability."