Tinubu's economic policies fail to tame Nigeria's inflation, surges 26.72% in September

Tinubu’s economic policies fail to tame Nigeria’s inflation, surges 26.72% in September

The National Bureau of Statistics released data on Monday, revealing that Nigeria’s headline inflation in September 2023 surged to 26.72%, up from the previous month’s 25.80%.

The NBS report stated, “In September 2023, the headline inflation rate increased to 26.72%, compared to the August 2023 headline inflation rate of 25.80%. This reflects a 0.92% point rise in the headline inflation rate from August 2023.”

Furthermore, the data from the country’s statistics bureau outlined that Nigeria’s year-on-year inflation soared by 5.94%, a significant increase compared to the 20.77% recorded in September 2022.

The persistent rise in inflation has worsened economic challenges faced by Nigerians, as the government led by President Bola Tinubu, experiments with several ideas to tane the monster.

The crisis in the economy particularly took a negative dive following the recent removal of fuel subsidies and the unification of the foreign exchange market.

It’s worth noting that President Bola Tinubu, upon assuming office, swiftly abolished the fuel subsidy and terminated the country’s multiple exchange rate system, as part of his administration’s strategy to revamp Nigeria’s economic prospects.

In a recent move to improve the country’s economic situation, the federal government, under Tinubu’s leadership, lifted foreign exchange restrictions on the importation of 43 previously banned items. This represents a departure from the policy approach of the previous President, Muhammadu Buhari, who had imposed stringent import bans in an effort to bolster domestic production. President Bola Tinubu’s actions aim to chart a new economic course for Nigeria’s recovery.