Nigeria inflation rise to 19.64%, expert tok wetin e mean for Nigerians

Nigeria inflation rate for di month of July 2022 rise to 19.64%, di National Bureau of Statistics (NBS).

Dis na di highest since 2005 – dat na 17 years ago.

E high pass wetin di kontri record for di of month June wey dey for 18.6%.

Di latest inflation data na according to di Consumer Price Index (CPI) wey NBS release.

But one sabi pesin for issues wey concern economy say Nigeria dey inside problem wit di report by NBS.

‘Di situation dey very bad’

Dr. Muda Yusuf, Chief Executive Officer of Centre for di Promotion of Private Enterprise say di summary of di inflation na say di cost of living don high.

E say say pipo wey poor go poor more sake of “severity of food inflation.”

Di sabi pesin say di essence of di NBS report na for pipo to know say di situation for Nigeria no make sense.

“Prices of food don double in di last one. You know how e dey be wen pipo dey struggle to chop.

“Di 19.64% summarise di situation say tins bad well well,” e tok.

Oga Yusuf add say, “Di situation dey extremely bad. Many pipo no fit feed well sake of di food inflation.

Wetin cause di inflation

Di implication of dis new inflation dey very serious and “severe”, di sabi pesin tok.

Chief Executive Officer of Centre for di Promotion of Private Enterprise list some of di cause of di failure of di economy.

“You know wetin e mean wen pipo dey struggle to eat.”

  • Insecurity wey dey cause food inflation
  • Energy cost to process food, goods and render services
  • Exchange rate
  • CBN financing of deficit

E explain say, “Insecurity don make am hard for pipo to go farm. Di pipo wey dey produce wetin we dey chop dey IDP camps sake of attacks. Di energy cost na wen producers dey spend plenty money to produce wetin pipo dey chop or use. Price of diesel, gas and aviation fuel.

“Exchange rate na anoda mata wia we don see wia naira no get value again.”

Wetin goment fit do

Dr. Muda Yusuf say goment need to chook eye inside di economic situation.

“E no be like say goment dey do any tin. Di head of di economic team wey di Vice president dey lead. Even di oga of di board Doyin Salami just dey dia like.”

E say goment only need to listen to wetin di experts wey dey im team advice am to do before solution go come.

“Make goment gada pipo wey unsaderstand di issue. No be theoretical matter. I no sure di president sabi wetin dey happun. Nigeria get pipo wey sabi economy mata wey fit find solution to dis problem.”

Di sabi pesin say to begin address di problem, Nigeria must first solve di problem of insecurity.