- Says FG wage increases offer little relief, urges prudent spending
Nigeria is facing one of the most severe economic crises in its recent history, and for the average citizen, survival is becoming increasingly difficult. This is the assessment of renowned financial consultant, Dr. Boniface Chizea, in an exclusive interview with The Catholic Herald. Describing the current financial landscape as “dire,” Chizea pointed to the removal of fuel subsidies and the floating of the Naira as the twin policy shocks that triggered a rapid decline in living standards for millions of Nigerians. “The hardship we are witnessing today hasn’t been this bad in a long while,” he said.
“Inflation spiked to over 30% before a so-called rebasing reduced it to over 20%, but this adjustment has done little to ease the pressure on ordinary Nigerians.” He stressed that the vast majority of citizens have no realistic means of increasing their income, leaving them exposed to rising prices and worsening poverty. “This has unleashed unbelievable hardship across the population,” Chizea remarked. While the Federal Government has introduced wage increases to cushion the impact, the implementation has been uneven and inadequate.
“These increases have been applied inconsistently and offer little real relief,” he said. “A recent national survey showed that around 84% of Nigerians are dissatisfied with the government’s performance, clearly a reflection of this economic discontent.” Beyond inflation, Chizea identified surging tariffs on electricity, telecommunications, and other essential services as further stressors. The government’s aggressive cost-recovery efforts, coupled with rampant insecurity, including widespread kidnappings for ransom—have deepened what he called the “misery index” in the country.
Asked about common financial pitfalls during such periods, Chizea observed that for most Nigerians, financial missteps are no longer a luxury they can afford. “At this point, people are simply trying to put food on the table,” he said. However, he advised that even in hard times, basic financial discipline is critical. “Avoid spending in anticipation of income. Spend only what you have. And if at all possible, make a deliberate effort to save.”
