Nigeria’s soaring inflation rate, which jumped to 25.80 per cent in August, has created severe economic shock.
According to the National Bureau of Statistics, the latest inflation figure is the highest since August 2005.
In May, inflation stood at 22.41 per cent, June inflation stood at 22.79 per cent, July was 24.08 per cent, and August was 25.80 per cent.
Although the country’s inflation rate had continued to skyrocket before the fuel subsidy removal policy, the floating of the Naira at the foreign exchange market in June has worsened the situation.
President Bola Ahmed Tinubu, in his inaugural speech on May 29, 2023, said fuel subsidy will cease as it is not budgeted for in the year under review.
Tinubu stood by his word; he phased out the aged-long fuel subsidy in June, leading to the selling of petrol at N600/per litre from N180/per litre.
The development was followed by the introduction of forex reforms, which saw the country’s currency exchanging at N915/$1 at the…