Nigerians Endure 34% Inflation Under Tinubu Government Despite Reform Promises
As Nigerians prepare for year-end celebrations, the inflation rate has surged to 34.6%, exacerbating economic hardship across the nation. This increase comes despite numerous promises from President Bola Tinubu’s administration to address the country’s inflation challenges and reduce the cost of living.
The current inflation rate of 34.6% marks a rise from 33.88% in October 2024, 32.70% in September, and 32.15% in August. Earlier in the year, rates were recorded at 33.40% in July, 34.19% in June, and 33.95% in May, indicating a persistent upward trajectory.
The Tinubu government pledged in July 2024 to tackle food inflation and alleviate the financial burdens on citizens. Vice President Kashim Shettima reaffirmed the administration’s commitment to addressing these challenges, and during Nigeria’s Independence Day celebrations on October 1, the government reiterated its resolve to curb inflation.
The Central Bank of Nigeria (CBN) has also attempted to mitigate the crisis by increasing the Monetary Policy Rate (MPR) to 27.5%, aiming to reduce inflationary pressures. However, these measures have yet to yield tangible results.
This persistent inflation spike adds to the financial strain on Nigerians during the festive season, amplifying the struggle for many households to celebrate Christmas and other festivities.
Source: Sahara Reporters
