Many Nigerians are already battling with another economic hardship following the removal of petroleum subsidy.
Commercial drivers across many cities in the country, including Abuja, have increased their fares as one litre of Premium Motor Spirit (PMS), popularly called petrol, is now at least N488 nationwide.
Transport fares have jumped by over 100 percent, depending on the routes, as Nigerians lament the high cost of the product.
In fact, economic analysts have predicted that the prices of goods and services across sectors will also shoot up.
In his inaugural speech, President Bola Tinubu affirmed that his administration would not continue to pay subsidy on PMS, adding that there was no provision for it in the 2023 Appropriation Act from June.
The 16th Nigerian leader and the country’s seventh president also said that given the high opportunity cost, the federal government was suffering to fund subsidies.
How then can people cope in these obviously trying times?
Here are five ways:
Rearrange your budget
Spending without limits should be a thing of the past now because you need to hold on to all the funds you have. This would be a great time to adjust your daily, weekly, and monthly budget to fit into the rising inflation.
Reduce outing spree
Now is the time to only drive out when it is absolutely necessary. All visitations can be placed on hold for now, and friendships can continue online.
Eliminate use of fuel-powered generators
It would be a proper investment to explore alternative energy sources like renewable energy so that you would not need to purchase PMS for home use.
For employers, create flexible work schedules
The coming of Covid-19 exposed many organisations to the work-from-home trend. This is another time for employers to create flexible work schedules for their employees so that transportation fares can be eased for them.
Consider proximity
Parents should consider enrolling their children in a school that is a walkable distance from their home. This would save you the cost of commuting.
Photo source: ABC
