An update of the Consumer Price Index report from the National Bureau of Statistics (NBS) shows consistently rising inflation in Nigeria, up from 25.8% in August to 26.72% in September.
Inflation accelerated since May when new Nigeria’s president Bola Tinubu abruptly ended fuel subsidies, raising fuel prices nearly 200% and sending transportation costs surging.
Further currency (Naira) devaluation exerted an additional inflationary pressure on consumer prices.
Food inflation led the index at 30.64%
The report said, “Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.
“Nigeria’s record inflation is a reflection of how President Tinubu has failed since taking over as president” – Labour Party
“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.
”This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”
Armed with the report, the opposition Labour Party came for the president describing the inflation numbers as “a reflection of how badly the Tinubu administration has failed since taking over“.
LP publicity secretary Obiora Ifoh in a press release remarked, “The truth is, you can’t give what you don’t have. He has recruited more image makers than people who can properly manage the economy. What we have is a trial and error administration. The facts on ground speaks for itself. God help us.“
Economist Bismarck Rewane Weighs In On The NBS Report
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