Student Struggles Due to Economic Crisis and Rising Cost of Living

As the new academic year begins, students are not just worried about coursework and grade point averages. The cost of essential commodities, especially food items, has skyrocketed, causing a strain on the already tight budget of the average Nigerian student. The rise in prices, particularly for essential commodities like food, has imposed new and severe challenges on students, impacting their financial stability, academic performance, social lives, and mental health.

One of the most well-known comedic reliefs about life as a student is how students are often inclined to purchase cheaper products and make meals that are easy and cheap. Brief periods characterized by a lack of funds are often referred to as ‘sapa moment’. However, it seems with the current price of commodities, these moments may come a lot more often and last longer. This can only mean one thing for the average UIte. The shopping bags from trips to Agbowo and Bodija will become considerably lighter this semester.

 

The financial strain that has been placed on students cannot be exaggerated. Students now find it increasingly difficult to afford nutritious meals. This will not only affects their health but also their ability to concentrate and perform academically. The increase in prices for basic necessities like housing, textbooks, and transportation further exacerbates things

To cope with the heightened financial pressures, many students are taking on part-time jobs or freelance work, or even multiple jobs. While this helps to supplement income from parents and guardians, it comes at a significant cost to their academic performance. Balancing work and study is challenging and this can sometimes lead to reduced study time, increased stress, and lower grades. The necessity to prioritize finances over long-term educational goals can undermine academic progress. More students are going to be interested in work and balance in an effort to lighten the load because it costs so much just to feed no to talk of other utilities.

Given the high cost of food, many students are forced to compromise on the quality and quantity of their meals. Cheap, less nutritious options have become staples leading to poor dietary habits. This not only affects their physical health but also their cognitive functions, making it harder to concentrate and perform academically. Some students are skipping meals to save money, further exacerbating health issues and academic difficulties.

The work and study program by the University of Ibadan aims to alleviate the financial burden on students. This not only provides students with extra income but also ensures their academic performance remains a priority. The program carefully considers students' grades and tailors work arrangements to fit their schedules, minimizing any potential negative impact on their studies. By balancing work responsibilities with academic commitments, the program ensures that students can manage their finances without compromising their education, ultimately contributing to their overall well-being and success.

The current economic crisis has significantly impacted students, increasing their financial burdens and affecting their academic and personal lives. Through meticulous budgeting, part-time jobs and freelancing, students are finding ways to cope. Unfortunately, there seems no end in sight to the inflation and financial problems.