A recent report by the National Bureau of Statistics, (NBS) has uncovered the shocking impact of former Lagos State governor, President Bola Tinubu’s rule on inflation rates in Nigeria.
The data paints a grim picture, revealing that the value of ₦100 in 1999 has plummeted to a mere ₦2,408 to ₦2,599 in 2024, leaving many Nigerians struggling to afford basic necessities.
Over the past 25 years, inflation has surged from 8.28% in June 1999 to an alarming 34.19% in June 2024, with food inflation skyrocketing from 5.92% to a devastating 40.87%, according to the report.
The consequences of such extreme inflation rates are dire, with families facing increasing challenges in meeting their daily needs, including food and healthcare.
The escalating economic hardship has sparked widespread frustration and anger among Nigerians, leading to drastic actions such as suicide attempts and planned nationwide protests secluded for August 1.
These distressing developments raise serious doubts about the efficacy of the economic policies implemented during Tinubu’s reign, casting a shadow of uncertainty over the future of the country’s economy.
