Nigerian Youths For Atiku

The Garri Price Shock: A Tale of Two Eras - Atiku's Stability vs. Tinubu's Economic Turmoil.

The price of Garri, a staple food in Nigeria, serves as a poignant indicator of the country's economic trajectory. This analysis juxtaposes the economic differences between two distinct periods: Atiku Abubakar's vice presidency (1999-2007) and the current administration under President Tinubu (2023-till date), with a particular focus on garri prices.

Atiku Abubakar's Era (1999-2007)
During Atiku's tenure as Vice President, the Nigerian economy experienced a degree of stability, with a relatively stable exchange rate and moderate inflation. The price of garri, a widely consumed commodity, reflected this stability. A 50 kg bag of garri cost between ₦250 and ₦1,500 in urban areas, with an average price of around ₦1,000-₦1,500.​

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Some of the economic advantages during Atiku's era included:
- Stable Exchange Rate: A relatively stable exchange rate supported economic growth and stability.
- Moderate Inflation: Inflation rates were moderate, which helped maintain the purchasing power of Nigerians.
- Private Sector Growth: The private sector was thriving, with small businesses and multinational companies investing in the country.

Tinubu's Administration (2023-till date)
Fast-forward to the present day, and the economic landscape has changed dramatically. The price of garri has skyrocketed, with a 50 kg bag now costing between ₦67,500 and ₦75,000. This significant price increase is a stark reminder of the economic challenges facing Nigerians today.

In contrast to Atiku's era, Tinubu's administration has been marked by:
- Economic Instability: Soaring inflation rates and currency fluctuations have created uncertainty and instability in the economy.
- Declining Private Sector: Small businesses are struggling, and multinational companies are exiting the country, leading to a decline in economic activity.
- Inadequate Economic Policies: Tinubu's economic policies have been criticized for being uninformed, arbitrary, and chaotic, lacking measures to mitigate their adverse impacts on people and businesses.

Factors Contributing to the Price Increase:
- Inflation and Economic Instability: Nigeria's economic challenges, including high inflation rates and currency fluctuations, have contributed to the rising cost of garri.

- Supply and Demand Imbalance: Reduced cassava production and increased demand for industrial purposes have led to a shortfall in garri production, driving up prices.
- High Transportation Costs: Increased transportation costs have also played a role in the rising prices of garri.
- Seasonal Variations: Cassava harvesting and availability can impact garri prices, with prices tend to be lower during peak harvest times and higher during the dry season.
- Leadership Incompetence: Poor governance, corruption, and lack of accountability have hindered economic growth and development, exacerbating the high cost of living.

Consequences of the High Cost of Living:
- Social Crisis: The cost-of-living crisis is more than an economic issue; it's a profound social crisis that erodes trust in governance and widens the chasm of inequality.
- Dirt Poverty: For Nigeria's most vulnerable, the consequences are dire, with many struggling to afford basic necessities like food.

 

Conclusion
This analysis underscores the economic disparities between Atiku's era and the current administration under President Tinubu. As the prices of essential commodities like garri continue to soar, Nigerians are left to grapple with the consequences of economic policies that seem to favour the privileged few. It is imperative for policymakers to prioritise the welfare of the masses and implement policies that promote economic stability, food security, and inclusive growth. This is Atiku Abubakar, the "Our Political Party" philosophy.