The rate of inflation resulting to hardship in the country is alarming and it's pushing many into debt on a daily basis, many are longer able to afford their basic needs like feeding, clothing and shelter before thinking of secondary needs, it's disheartening how the country has fallen so low, people are feeding from hand to mouth. Leading people to take loans they might not be able to pay over time, the country has become a safe heaven for loan sharks who are on a daily basis exploiting the weakness in the society. The question is how do we cope, how do we survive in these crisis bewildering us as nation.
I feel so sad for Nigeria and Nigerians, we are gradually becoming a country with so much of debtors because of wrong policies that is increasing hardship and forcing citizens to go into debts. Nigeria gradually drifted from production like Agriculture and other things that was given her money and refused to invest in anything good instead they are just consuming, our refineries are often not working, our schools are dilapidated, our roads are bad, nothing is working in the country that’s why as common as toothpick is imported, the lack of production has made our currency loss so much value and this has resulted in hardship, those that can’t meet up end up going into borrowing and incurring so much debt, all the materials used for building houses, transportation and other things are all imported and this results in house rent being expensive, transport fare being expensive, food too is expensive so lots of persons can’t cope they end up either gambling or borrowing money and this results in them incurring so much debts. Our government is even leading in debts too because they borrow money from other countries on seasonal basis and don’t even invest the money wisely for it to yield interest, instead they waste it and it doesn’t serve the purpose for which it was borrowed and this results in hardship for the citizens and make those that can’t meet up to run into huge debts.
People are really in debts due to high cost of living, even those basic things like food and shelter are so expensive in Nigeria and the government isn’t doing anything about it, there isn’t any policy implemented to moderate prices of commodities or encourage production, instead our government is interested in high taxations and increasing custom duties, that’s why inflation and hardship keep on increasing, it’s well that’s all i can say, our government really need to wake up and fix certain basic things, this will help reduce the number of debtors in our society.