Monday’s release of Nigeria’s state of the economy by the National Bureau of Statistics (NBS) putting the country’s inflation rate at 26.72 percent in September 2023, the highest in two decades, sparked reactions from the opposition parties.
The high inflation figure put out by the NBS was as a result of the skyrocketing food costs and the challenging economic conditions brought on by the removal of fuel subsidies in May.
According to the Consumer Price Index (CPI) and Inflation Report for September 2023, which the National Bureau of Statistics (NBS) released on Monday, the CPI, which tracks changes in product and service costs, increased from 25.80 percent in August 2023 by 0.92 percent points.
“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%,” the report partly read.
“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.”
Meanwhile, the Peoples Democratic Party, PDP, Nigeria’s main opposition party, said the startling report by the NBS was proof that the All Progressives Congress, APC administration by President Bola Ahmed Tinubu were unprepared for the tasks given the steady rise of inflation on a regular basis.
The National Publicity Secretary of the party, Mr. Debo Ologunagba, told journalists that the party was not surprised about the report but a confirmation that the APC had nothing to offer Nigerians when they started the administration in 2015.
The PDP spokesman claimed that the APC administration has plunged many Nigerians into poverty.
His words: “We are not in the least surprised about the report. It is not particularly news that the prices of food and other items have pushed inflation to 26.72 per cent, it also confirms what we have always told Nigerians about this government.
“When inflation climbed to double digits after the APC took power in 2015, we told Nigerians it can only get worse because the APC can’t give what it does not have.
“Like the Muhammadu Buhari administration before it, this administration has pushed more Nigerians further down into poverty. The number of Nigerians living in extreme poverty, which stood at over 133 million, representing roughly 64 percent of Nigerians during the Buhari regime, has risen under Tinubu.”
However, Ologunagba urged Nigerians not to despair as help is on the way as the party awaits judgement from the Supreme Court hoping to overturn the election victory of President Tinubu.
According to him, “Nigerians are invited to note that when the PDP was in power, the economy was better managed, inflation was within single digits, the exchange rate of the Naira to the Dollar was around N180 to $1 USD but today, the Naira is the worst performing currency in the world exchanging at over N1,000 to $1USD.
“A 50 kg bag of rice under successive PDP governments sold for no more N8,000 per bag but now you’ll struggle to get the same bag for N50,000 at a time the national minimum wage is just N30,000 per month.
“This is the legacy the APC is leaving behind. We urge Nigerians not to despair, help is coming. We are confident that the Supreme Court which is the last hope of the common man will do justice and return our stolen mandate for our dear nation to return to the path of growth and prosperity.”
Also, the Labour Party in their reaction to the report said it is a reflection of how bad the Tinubu administration has failed Nigerians since May 29.
Mr. Obiora Ifoh, the National Publicity of the party said there is little president Tinubu can do to save Nigerians from the economic hardship due to the caliber of those in his cabinet who cannot effectively address the situation.
He said, “The NBS report pegging the national inflation rate of food prices and other items at 26.72 per cent, is simply a reflection of how badly the Tinubu administration has failed since taking over albeit temporarily on May 29, 2023.
“The truth is, you can’t give what you don’t have. He has recruited more image-makers than people who can properly manage the economy. What we have is a trial and error administration.”
