Time for government to address soaring cost of living

The cost of living has become a pressing issue that affects millions of citizens in our beloved nation due to the rise in the general price of goods and services. Recently, the nation has been grappling with inflationary pressures which have far-reaching consequences for individuals and families across various socioeconomic strata. From increased costs of […]

The cost of living has become a pressing issue that affects millions of citizens in our beloved nation due to the rise in the general price of goods and services.

Recently, the nation has been grappling with inflationary pressures which have far-reaching consequences for individuals and families across various socioeconomic strata. From increased costs of living to diminished purchasing power, the effects of inflation are felt throughout the country. 

Prices for essential commodities, including food, housing, transportation and utilities have risen sharply. As a result, some families are struggling to have one meal in a day and some are forced to allocate a larger portion of their income to meet basic needs, leaving limited room for savings or discretionary spending.

This strains household budgets and hampers economic growth, as consumers have less disposable income to stimulate other sectors of the economy. 

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Additionally, another critical area where the cost of living is spiralling out of control is healthcare. Medical bills, insurance premiums and prescription costs have become exorbitant, leaving many families struggling to access quality healthcare services.

The burden of medical debt has profound consequences, forcing individuals to make difficult choices between essential treatments, basic necessities, and even financial ruin.  

Furthermore, education, once considered the gateway to social mobility and success, has become a significant financial burden for many families. Skyrocketing tuition fees and the rising costs of textbooks and other educational resources have made pursuing higher education an increasingly difficult endeavour. This situation not only limits opportunities for students but also hampers the country’s progress and innovation potential.  

Our leaders must prioritise affordable education and invest in accessible and quality educational institutions to empower our youth and secure a brighter future for all. 

The time for our leaders to acknowledge and address the mounting cost of living is long overdue. It is not enough to acknowledge the problem; concrete steps must be taken to mitigate the financial strain faced by citizens.

Comprehensive reforms should be introduced to control commodity prices, develop cost-effective healthcare systems, and make education more accessible and affordable.

Simultaneously, social safety nets and targeted assistance programmes should be strengthened to provide immediate relief to struggling individuals and families. 

 

Muhammad Yasir Garba can be reached via [email protected]