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Nigerian Economy: Rise In Inflation Rate Defines, Humbles Buhari Govt

 

The Oasis Reporters

October 25, 2018

Nigeria’s President Muhammadu Buhari.

Before coming to power in 2015, the Buhari team continued to pride itself in portraying him as the poster boy of efficiency and good management of the economy. With that as a selling point, he was voted in to power.

Nigeria’s Consumer Price Index (CPI), otherwise referred to as inflation rate for goods and services, has risen for the second time in two months after 18 months of consecutive decline under the Buhari regime.

The National Bureau of Statistic (NBS), in its latest CPI report published last week Tuesday, said the figure climbed again, albeit marginally, by 1.05 per cent, from 11.23 per cent in August to 11.28 per cent in September.

The report showed that food inflation rose to about 13.31 per cent, from 13.16 per cent in the previous month.

Despite the rising figures, the NBS said core inflation, which reflects the actual inflation figure for the country’s economy dropped marginally to about 9.8 percent from 10 percent.

The nation experienced it’s first recession in over twenty years under President Muhammadu Buhari and the first time too to have experienced double digit inflation that was one digit under Presidents Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan.

Greg Abolo

Blogger at The Oasis Reporters.

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