Rising Inflation Under President Bola Ahmed Tinubu’s Administration Pushes More Nigerians Into Poverty
The surge in inflation continues to inflict hardship on Nigerians, leading to a rise in poverty levels under President Bola Ahmed Tinubu’s administration. Headline inflation has skyrocketed 24 times in two years, reaching 27.33% in October, with food inflation soaring to 31.52%. This has resulted in a sharp increase in the cost of living, affecting essential goods and services such as food, accommodation, clothing, electricity, and education fees. Despite the Central Bank of Nigeria claiming positive results from recent monetary policies, a market survey indicates a significant spike in food prices by at least 20%. The World Bank reports that accelerating inflation has pushed four million Nigerians into poverty in the first five months of 2023. The impact of inflation is evident in reduced purchasing power and stagnant disposable incomes, forcing individuals and families to cope with rising living costs. Despite promises by the government to address economic challenges, including plans to increase the minimum wage and introduce CNG buses, the situation remains challenging for many Nigerians. In the absence of effective economic policies, concerns persist about the rising inflation, weakening Naira, and the overall economic well-being of the country.