“I Can't Save Even 1 Kobo Now ”: Nigerian Man Earning 200k Monthly Cries Out Over High Living Cost
- A young Nigerian marketer who struggles to cope with the high inflation shares his story
- Khalidu spoke to Legit.ng about how he manages his expenses, looks for additional income, and supports his family
- He hopes for the government to take urgent and effective measures to address the economic situation
Nigeria is facing a severe economic crisis, with inflation reaching its historic high in 2023.
The rising cost of living has eroded the purchasing power of many Nigerians, especially the young and salary earners.
Source: TikTok
One of them is Sada Khalidu*, a 29-year-old man who works as a marketer at a private media company in Kano, the second-largest city in the country. He earns N200,000 a month, but he said that is barely enough to cover his basic needs.
He lives alone in a rented apartment and had hoped to get married soon, but the current reality may postpone that longtime wish.
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He told Legit.ng:
“The inflation has significantly reduced my purchasing power, making it challenging to maintain my previous standard of living. I have to carefully budget for the high costs of food, transportation and essentials, and prioritize my needs over my wants."
Khalidu revealed that the fuel subsidy removal, which was implemented by the President Tinubu-led government in 2023 as part of its economic reforms, has increased his daily commute expenses, impacting his overall budget for transportation.
“I used to spend N800 a day on transport, but now I spend N1500. That is a 90% increase. It means I have less money to spend on other things,” he said.
He also disclosed that he can’t save anything from his salary due to currency depreciation and exchange rate fluctuations, which have made the naira lose more than 20% of its value against the dollar in the past months.
“I used to save between N30, 000 to N50,000 a month, but now I can’t save even 1 kobo. The naira is losing value daily, and everything is becoming more expensive,” he said.
Khalidu plans to find another source of income to cope with the uncertainty which has also worsened the situation.
He told Legit.ng:
“I am looking for a side hustle to supplement my income. I have some skills in graphic design and photography, so I am trying to market myself online and get some clients. But you know these things are not easy."
At the moment, Khalidu said, he is rearranging his personal and professional obligations based on his income, and exploring additional ways to support his family, who depend on him more at this time.
“Right now I support them in any little way I can but the call for support has increased from my family more than ever. Everybody is truly affected,” Khalidu reiterated.
Also, he is dealing with the psychological and emotional stress that comes from his current situation:
“I access quality health care and education on available alternatives. I am focusing very much on mental well-being which is one of the ways I deal with my psychological and emotional stress. Also I am staying connected to cost-effective things while adapting to the economic challenges,” he concluded.
*name withheld for privacy purposes
Nigerian man cries out over new flight ticket price
Meanwhile, Legit.ng reported that the continued crash of the naira has seen the cost of transportation by air shoot up.
A Facebook user, Hon Roberto Chibueze, shared the whopping price he got for two economy-class seats for a flight from Owerri to Lagos.
Roberto lamented over the amount, saying Nigeria was finished.
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Source: Legit.ng
