In Abuja, Nigeria’s capital city, essential needs compete fiercely with skyrocketing prices, leaving little room for savings, The Explainer’s Abubakar Yunusa reports.
For Precious Okere, saving money has been a way of life. However, the relentless surge in Nigeria’s inflation has turned this lifestyle unto a near-impossible feat.
The civil servant who is a resident of Karu in the Federal Capital Territory (FCT) said the past two years had been so hard that she spent all her savings on food and other basic necessities.
“After paying rent, light bills, foodstuff and others, almost nothing is left because the prices of goods and services have greatly increased by almost 300 percent.
“Money doesn’t seem to be enough any more because just after you solve one issue, another is waiting; it is a terrible situation,” she lamented during an interview with The Explainer on Sunday, January 21.
Despite these challenges, Okere emphasised the importance of adjusting spending habits, noting that savings remain crucial for handling unexpected situations.
Latest data from the National Bureau of Statistics (NBS) showed that Nigerian inflation rate rose to 28.92 per cent as of December, 2023.
The new rate is the highest rate ever recorded in the country. The Explainer gathered that the country’s inflation rate rose consecutively throughout 2023.
In an Explainer’s random interview, Abuja residents shared their experiences with the inflationary pressure. Some acknowledged the difficulty but revealed their determination to find ways to save for unforeseen circumstances.
Joy Bayo, another civil servant resident in Karishi, a suburb in Abuja said she still found “the means to save up for the rainy day.”
According to her, it has become necessary for government workers to find other genuine businesses to support their income.
She said; “Although, I don’t save as much as in the previous years but I still get to make some contributions that allow me to pay off small debts and also contribute for foodstuff.
“I do this mostly because of my children so that when they want to get things for school, I can assist my husband.”
Similarly, Makama, a tailor said he developed the habit of saving, alongside his wife, who is a civil servant, in order to meet up the demands of his family.
He explained that the money was usually saved to pay the house rent and the children’s school fees.
However, it is not the same for Bright Samuel, a teacher who said he had not been able to save in the last one year because his take home pay was not “even” enough to feed him.
“Things are really expensive now; everything is on the high side.
“Some can hardly eat three times a day, others don’t even have a source of income and those with it are complaining it is not enough,” he groaned.