Politics
Nigerians React As Surging Inflation Under President Bola Tinubu’s Leadership Exacerbates Poverty Struggles For Nigerians
Nigeria is grappling with an escalating inflation crisis that is plunging more of its citizens into poverty, leading to a diminishing purchasing power and quality of life under the administration of President Bola Ahmed Tinubu…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

In October, headline inflation surged to 27.33%, marking a 24-fold increase over two years, primarily fueled by a spike in food inflation, which rose from 30.64% in September 2023 to 31.52% in October 2023.
The impact of this inflationary surge is palpable across various sectors, including soaring prices for food items, accommodation, clothing, electricity, and education fees. The Central Bank of Nigeria contends that its recent monetary policies are yielding results, but a market survey by NIVO NEWS reveals a significant spike of at least 20% in food prices. For example, the cost of a mudu of rice has risen from N1,500 to N1,700, beans (Red) from N800 to N1100, and a loaf of bread from N700 to N1100.
The inflationary pressure is taking a toll on citizens like Chinedu Odah in Abuja, who describes being in a daily survival mode due to the escalating prices of goods and services. The situation is compounded by a surge in education costs, adding to the financial strain on families. Similar sentiments are echoed by Amina Zakaria in Kaduna and Nkechi Nwankwo in Port Harcourt, reflecting a widespread struggle with the rising cost of living.
The World Bank reports that accelerating inflation in the first five months of 2023 has pushed an additional four million Nigerians into poverty, exacerbating the existing challenge of 133 million people living below the poverty line. Despite President Tinubu’s earlier promise to revitalize the economy, the removal of the fuel subsidy and foreign market liberalization since June has adversely affected the nation’s economic well-being.
While the government has outlined plans such as increasing the minimum wage, deploying Compressed Natural Gas buses, addressing the tax gap, and suspending certain revenue remittances, the implementation of these measures is awaited. The government’s delay in delivering on promises, including the pledged N75,000 payment to vulnerable Nigerians, adds to the discontent.
Experts such as Dr. Uju Ogunbunka and Mazi Okechukwu Unegbu emphasize the severe impact of inflation on Nigerians, with stagnant disposable incomes amid rising prices. Unegbu calls for a focus on job creation, production, and efficient resource utilization to address the economic challenges.
Prof. Segun Ajibola stresses the urgent need to tackle agricultural issues contributing to food insecurity, including conflicts between farmers and herdsmen, policy inconsistencies affecting local rice production, and the impact on poultry and palm produce farmers.
Idakolo Gbolade of SD & D Capital Management highlights the multifaceted reasons behind the inflation surge, including the subsidy removal, forex policies, ecological challenges, and the weakening Naira. Gbolade urges the government to strengthen the Naira, implement agricultural policies, and expedite economic interventions to curb inflation and alleviate poverty before mid-2024.
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