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Nigeria’s Inflation Surges to 34.60% in November, Food Prices Worsen Hardship
Nigeria’s inflation rate climbed to 34.60% in November 2024, up from 33.88% recorded in October, signaling deepening economic challenges for citizens.
According to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS), inflation increased by 0.72% month-on-month and surged by 6.40% year-on-year when compared to the 28.20% recorded between November 2022 and November 2023.
The report highlights a significant rise in food prices, pushing food inflation to 39.93% in November, up from 39.19% in October. Urban inflation stood at 37.10%, while rural inflation was recorded at 32.27%, further underscoring widespread economic strain.
The persistent inflation spike comes amidst the Central Bank of Nigeria’s (CBN) tightening monetary policies. In its 297th Monetary Policy Committee meeting held in November, the CBN raised the interest rate to 27.50% from 27.25%, citing rising inflation as a key justification for the hike.
The increasing cost of food and other essential goods continues to worsen living conditions, placing a heavier financial burden on households across the country.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
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