WAI Brigade As Solution for Economic Downturn
Nigeria’s headline inflation rate continued its rise, climbing to 33.69% in April 2024, its highest since March 1996, up from 33.2% in the prior month.
This marks the 16th consecutive month of acceleration in inflation, partly because of renewed weakness in the naira coupled with the removal of fuel subsidies. Food inflation, which accounts for the bulk of Nigeria’s inflation basket, soared to 40.5% in April, compared to March’s reading of 40% and has increased in the month of May.
Additional upward pressure came mostly from prices of housing & utilities (28.8% vs 27.6%) and transportation (25.4% vs 25.5%), attributed to the recent increase in electricity tariffs and fuels.
The annual core inflation rate, which excludes farm produce and energy, jumped to a fresh record high of 26.8% in April and woul have add up in May as it does lately On a monthly basis, consumer prices rose by 2.29% in April, easing from a 3.02% surge in the previous month. The Source of my Statistics is from the National Bureau of Statistics.
In Nigeria, the Consumer Price Index (CPI) measures the change over time in prices of 740 goods and services consumed by people for day-to-day living. The index weights are based on expenditures of both urban and rural households in the 36 states.
The most important categories in the CPI are: Food & Non-alcoholic Beverages (52% of the total weight), Housing, Water, Electricity, Gas & Other Fuel (17%), Clothing & Footwear (8%).
Transports account for 7% and Furnishings & Household Equipment Maintenance for 5%. Others include: Education (4%); Health (3%); Miscellaneous Goods and Services (2%); Restaurants and Hotels (1%); Alcoholic Beverages, Tobacco & Kola (1%); Recreation & Culture (1%); and Communications (1%). I can Go on and on on these.
WAY FORWARD
I’m in support of the opinion of 50,000 NGN as minimum wage a little different from the Initial #54,000 proposed by NLC to the Federal Government. This decision/opinion is to avert inflation.
I will also propose to the federal government, to implement the following:
# Introduce price control system of Old
# Empower National Orientation Agency sub unit (WAI Brigade Nigeria to monitor Market Activities)
# Regulate, Monitor and Enforce Fuel Prices
# Subsidized Transportation System
# Introduced Monthly Reports and Feedback from the public via NOA/WAI (National Orientation Agency/WAI Brigade Nigeria)
The Brigade is structured well as it exist and operate with at least 3,000 men in every Local Government and LCDA’s of Nigeria where they reside, they know the markets, they know the people and they have first class information from the grassroot.
This proposal will complement the effort of Mr President in the area of solving the economic issues facing the country, it will strengthen the Naira and bring to past the promised renewed hope.
By Adebayo Johnson
