South-East youths, under the aegis of Coalition of South East Youths Leaders (COSEYL), have expressed disgust over the rising cost of living in the country, urging President Bola Tinubu to urgently address the phenomenon.

The group regretted that prices of petrol, food items, goods, and essential services across the nation have plunged Nigerians into unimaginable sufferings.

A statement issued yesterday by the President General of COSEYL, Goodluck Ibem, said: “The current economic situation has placed unbearable hardship on millions of Nigerians who are already struggling to meet their daily needs.”

The group lamented the hike in fuel pump price from N900 to N1,500 per litre, cascading into the geometrically high price of goods and services. Diesel, they noted, is also almost unaffordable.

“In recent times, the price of petrol has reportedly risen from about N900 to as high as N1,500 per litre in several parts of the country. This sharp increase has triggered an astronomical rise in the cost of transportation, food, goods, and services. Similarly, the prices of diesel and other petroleum products have also increased significantly, further worsening the economic pressure on businesses and households,” the group lamented.

COSEYL wondered why prices of goods and services continue to escalate, whereas salaries and other incomes are not increasing.

“These developments have created a situation where the cost of living continues to rise daily, while the salaries and incomes of citizens remain largely static. Many Nigerians can no longer afford necessities such as food, transportation, and healthcare.

Small businesses are also struggling to survive due to the high cost of energy and logistics,” the group added.

Calling on the President’s intervention, the group said: “We therefore call on President Bola Tinubu and the Federal Government to take immediate and decisive steps to alleviate the suffering of Nigerians. Such measures should include policies aimed at stabilising the price of petroleum products, strengthening the value of the naira, supporting local production, and providing relief programmes for citizens and small businesses.”