Just In : Nigeria’s Inflation Rate Rose To 34.19% In June, Up From 22.79% A Year Ago
The annual inflation rate in Nigeria has hit 34.19 per cent as millions of citizens continue to battle growing hunger and hardship worsened by the policies of President Bola Tinubu’s administration.
This new development was disclosed in a report issued by the National Bureau of Statistics (NBS), released on Monday, saying the June figure is 0.24 per cent higher than the 33.95 per cent recorded in May.
Nigeria’s annual inflation rate increased for the fifth consecutive month to 34.19 per cent as citizens of Africa’s most populous country grapple with a cost-of-living crisis.
The lowest inflation figure in 2024 for the country was 29.90 per cent, recorded in January.
Compared to what was recorded in June 2023, one year ago, the headline inflation rate was 11.40 per cent points higher. The rate recorded in June 2023 was 22.79 per cent.
The report says, “In June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 head line inflation rate which was 33.95%.
“Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%). This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024.”
These developments continue to worsen the living conditions of Nigerians whose purchasing powers have been drastically reduced since Tinubu’s inauguration in 2023.
In June, human rights lawyer, Dele Farotimi said the current Nigerian system is not sustainable and that the revolution and problem that will destroy President Tinubu’s government will come from the Northern region of the country.
Also, a popular controversial Islamic cleric Sheik Dr. Ahmad Gumi has also urged Nigerians to engage in peaceful protests as a means of conveying their grievances to the government, emphasising that protests are a crucial tool for driving change.
In a video clip seen by SaharaReporters, Sheik Gumi emphasised the importance of peaceful demonstrations while cautioning against the use of violence or incitement.
“Politicians are very stubborn, it is mass protests that only disturb them,” he said.
Addressing concerns over comparisons with past protests in countries like Sudan, Lebanon, and Liberia, Sheik Gumi highlighted Nigeria’s unique diversity.
“In Sudan and Liberia, the conflicts were like family feuds, which are very dangerous. But Nigeria is different, with diverse ethnicities, religions, cultures, tribes, and sects,” he explained, noting internal tensions even within religious sects like the Izala in Nigeria.
Sheik Gumi expressed optimism that peaceful protests would convey the public’s demand for good governance and development.
