The skyrocketing inflation under President Bola Ahmed Tinubu’s government in the past nine months has deepened the suffering of Nigerians.
According to the recent report from the National Bureau of Statistics on Consumer Price Index and inflation, Nigeria’s headline inflation surged to 31.7 percent, with food inflation reaching 37.95 percent.
This surge in inflation rates reflects the worsening living costs and hardships faced by most Nigerians. Compared to February 2023, the year-on-year analysis showed a significant increase in both headline and food inflation rates.
Since June 2023, under President Tinubu’s administration, Nigeria’s inflation has surged by 8.91 percent, primarily due to the removal of fuel subsidies and the fluctuating value of the Naira in the foreign exchange market.
This untamed rise in inflation has made it increasingly difficult for citizens to afford basic necessities such as food, clothing, healthcare, and energy, regardless of whether they reside in urban or rural areas.
The surge in inflation has also contributed to a rise in the country’s misery index, which increased from 55.2 percent in February last year to 75 percent in March 2024.
The misery index, which measures economic distress experienced by ordinary citizens, reflects the growing economic challenges facing Nigerians. Despite efforts by the Central Bank of Nigeria to address inflation through measures such as increasing interest rates, the inflationary trend persists.
Renowned economists, such as Prof. Segun Ajibola and Mr. Idakolo Gbolade, emphasize the need for a holistic approach to combat inflation. This approach includes addressing the root causes of inflation, such as energy costs, infrastructural challenges, and insecurity affecting food production.
Additionally, they stress the importance of promoting local consumption and implementing agricultural policies to boost food production and stimulate economic growth in the long run.
However, despite these efforts, Prof. Godwin Oyedokun from Lead City University believes that Nigeria’s inflation rate may not decrease soon due to the absence of significant improvements in the economy.
He emphasizes the need for sustained government support to alleviate the hardships faced by Nigerians, while also addressing factors contributing to inflation.
In conclusion, Nigeria’s persistent inflationary pressures continue to pose significant challenges to the economy and the welfare of its citizens. Urgent measures are needed to address the root causes of inflation and alleviate the hardships faced by Nigerians, particularly the most vulnerable segments of society.
