Nigeria’s inflation crisis worsens under Tinubu’s government

In the wake of Nigeria’s economic turmoil, President Bola Ahmed Tinubu’s administration faces mounting criticism as the nation grapples with soaring inflation rates.

The latest report from the National Bureau of Statistics reveals a staggering 31.7% surge in headline inflation and a 37.95% spike in food inflation, exacerbating the plight of ordinary citizens.

The Consumer Price Index (CPI), which tracks changes in the prices of goods and services, underscores the profound impact on Nigerians’ cost of living.

Year-on-year comparisons reveal a sharp 9.79% increase in headline inflation and a staggering 13.57% surge in food inflation since February 2023.

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Attributed to factors such as fuel subsidy removal and currency fluctuations, Nigeria’s inflation has surged by 8.91% between June 2023 and February 2024. This relentless upward trend highlights the growing struggle for essentials like food, healthcare, and shelter.

The misery index, a gauge of economic distress among the populace, has soared to 75% in March 2024, reflecting a sharp escalation from the previous year. Urban areas face an inflation rate of 33.66%, while rural regions experience 29.99%, amplifying hardships nationwide.

Despite efforts by the Central Bank of Nigeria to mitigate inflation through interest rate hikes, the impact remains elusive. Minister of Finance Olawale Edun’s acknowledgment of fiscal constraints further underscores the challenges ahead, casting doubt on the viability of the 2024 national budget.

As Nigeria grapples with deepening economic woes, the urgency to address inflation and its cascading effects on livelihoods looms large, demanding swift and decisive action from policymakers.