Every day, more Nigerians are finding it more difficult to feed themselves because of the rate of inflation in food prices.
The country’s food price inflation has risen by 263% in eight years, between May 2015 and May 2023, under President Muhammadu Buhari’s administration. This is unprecedented in the country’s history since independence.
According to Business Day findings, Nigeria’s consumer price index (CPI) for food, which is used to measure the level of food inflation, stood at 640.0 in April 2023.
To put the difference into perspective, the CPI was 176.3 in May 2015 when President Buhari assumed office. That is a whopping difference of 463.7!
A 50kg bag of rice that sold for N8,000-N10,000 in 2015, now sells for between N35,000-N45,000.
A medium-sized tuber of yam that sold for between N300-N500 in 2015, now sells for between N1,500-N2,000 in 2023.
A loaf of bread that sold for N200-N300 in 2015, now sells for N700-N1,100 in 2023.
A basket (apere) of tomatoes that sold for N2,500-N3,000 Naira in 2015, now sells for N8,500-N10,000 in 2023.
The movement of the CPI is the main measure of the inflation rate. Despite significant intervention to reduce Nigeria’s dependence on food importation, the country remains largely exposed to the global food crisis.
The imported food index rose by 243 percent, a major contributor to the rise in the food index.
From all indexes, it has become clear that Buhari’s eight years have left Nigerians hungrier and worse than he met an average family when he came on board in 2015. He has failed to significantly lessen their burden or soothe their palate.
