Naira, Fuel Scarcity To Push 24m Nigerians Into Poverty

A survey by a group known as Cadre Harmonise, CH, has disclosed that no fewer than 24 million Nigerians, including 14,000 Internally Displaced Persons, IDPs, in 26 states and the Federal Capital Territory, would slip into poverty and economic crisis due to persistent Naira crisis and fuel scarcity.

CH said this in its latest March report on Thursday in Abuja.

According to the report, the associated increase in the pump price of Premium Motor Spirit and the non-availability of naira have a colossal impact on the well-being of many in Nigeria in the period under review.

The survey urged the Federal Government and subnational governments to caution against imminent food insecurity and poverty crisis.

“The prolonged scarcity of Petroleum Motor Spirit, commonly called petrol, and the associated hike in the pump price of the commodity across the states, led to an astronomical rise in transportation fares and cost of food products in Nigerian markets.

“The consistently rising price of food commodities and agricultural inputs across Nigerian markets is one of the drivers of food insecurity. The general consumer price index shows an increase from 15.7 per cent in February 2022 to 21.9 per cent in February 2023 (a 39.49 per cent point increase) year-on-year,” the report stated.