Nigeria’s Inflation Hits 16-Year High, Reaching 33.95% in May 2024

Despite claims by the Tinubu presidency that inflation is slowing down, Nigeria’s inflation rate has surged to a 16-year high, reaching 33.95% in May 2024, according to data from the National Bureau of Statistics (NBS).

This development is the highest since 2009, surpassing the previous high of 17.93% recorded in May 2021.

The inflation rate has been steadily increasing over the past year, with food inflation reaching a staggering 40% in May 2024, nearing hyperinflation levels.

This has resulted in a severe hunger problem in Nigeria, with the Global Hunger Index reporting that 25 million Nigerians are at risk of food insecurity.

The minimum wage of N30,000, which was introduced in 2019, can now buy less than half of what it could previously, highlighting the erosion of purchasing power in the country. The situation has been exacerbated by the COVID-19 pandemic and the ongoing conflict in Ukraine, which have disrupted global supply chains and driven up food prices.

The inflation crisis has had a devastating impact on Nigerians, with many struggling to afford basic necessities like food and shelter. The situation is further complicated by the country’s high unemployment rate and widespread poverty, with over 133 million Nigerians living in multidimensional poverty.

The Tinubu presidency has come under fire for its handling of the economy, with critics accusing the government of failing to address the root causes of inflation and poverty. The government has been urged to implement policies that promote economic growth, reduce inequality, and improve the standard of living for all Nigerians.

In related news, the National Bureau of Statistics (NBS) has reported that the country’s GDP growth rate slowed to 2.1% in the first quarter of 2024, down from 2.5% in the previous quarter. The slowdown has been attributed to the ongoing economic challenges facing the country.

The inflation crisis in Nigeria has also had a significant impact on the global economy, with the country being a major player in regional and international trade. The situation has highlighted the need for urgent action to address the economic challenges facing Nigeria and other African countries.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook