Nigeria's inflation hits 29-month high amid petrol, electricity tariff hike, NBS report

Nigeria's inflation hits 29-month high amid petrol, electricity tariff hike, NBS report

- President Muhammadu Buhari has made efforts to douse the fear of Nigerians amid rising inflation

- The president on Tuesday, September 15, assured fellow citizens that the nation's economy will bounce back in no time

- This assurance came after the NBS revealed that the rate of inflation rose to 13.22% in August 2020

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Even before Nigerians started to feel the pinch of petrol price and electricity tariff hike, statistics revealed that they have had to deal with inflation in food prices in the recent past.

According to the Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) on Tuesday, September 15, Nigeria's inflation rate rose to 29-month high and hit 13.22% in August 2020.

The NBS' CPI report revealed that the prices of imported foods increased by 16.6% in the same month.

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Within the period covered, it was obvious that the prices of food items, household and outdoor expenditures did not decrease in any way.

While year-on-year inflation in urban places rose from 13.40% in July to 13.83% in August, month-on-month increased from 1.27% to 1.40%.

For rural areas, year-on-year inflation increased from 12.28% in July to 12.65% in August, while the month-on-month case experienced a slight upward push from 1.23% to 1.27%.

However, reacting to the worrisome statistics, President Muhammadu Buhari, during the annual Chartered Institute of Bankers of Nigeria (CIBN) Conference in Abuja recently, called on Nigerians to be patient with the federal government and assured citizens that the prices will drop soon.

Nigeria's inflation hits 29-month high amid petrol, electricity tariff hike, NBS
President Muhammadu Buhari (Photo credit: Twitter/@MBuhari)
Source: UGC

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President Buhari said: “Amidst the uncertainty created by the pandemic, we’re confident that the Nigerian economy will bounce back strongly within the near term with the right policy responses to the multidimensional crises.

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“Since we cannot simply wait for things to get better on their own, we have to formulate appropriate policies and implement them steadfastly to address the challenges head-on.”

Meanwhile, reported that dissatisfied with the way things were going in the country, a former chief of defence staff, Lt. General Alani Akinrinade, had sent a crucial message to President Buhari.

The retired army chief advised the president to allow the restructuring of Nigeria otherwise there might soon be no country.

He issued the warning on the night of Monday, September 14, at a dinner in Osogbo, the capital of Osun state in honour of the visiting chief of army staff, Lt General Tukur Buratai.

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