Tag
A trend analysis of Nigeria’s Gross Domestic Product (GDP) measured in constant prices shows that the country’s domestic output has been declining since 2010, after the Musa Yar’adua administration, while inflation has been rising lately.
Nigerians now pay more for food and other items as general inflation rose from 17.33% in February to 18.17% in March, marking a 1.56% increase in the inflationary rate between the months.
Besides EndSARS, the security forecast is cloudy with a chance of banditry. On the financial scene, we see more vague transactions reminiscent of the disappearing act we noted before, and escalating inflation rates. In other news, once again, trouble comes a-knocking for Babatunde Fowler, identified in yet another scam.
The Federal Government of Nigeria has retained N360 to a dollar as the country’s official exchange rate. This was according to the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper. The details were released by the Ministry of Finance, Ahmed Zainab, during a “Public Consultative Forum,” on Friday.
Data from the Central Bank of Nigeria has revealed an increasing growth of inflation in Nigeria. While the inflation rate was 11.37 percent in April 2019, the figure stood at 12.34 percent in April 2020. The data has also shown a progressive increase in the inflation rate since August last year. From 11.02 percent in August, inflation rate increased to 11.24 percent in September and has since been increasing. Increases in inflation rate from August 2019 to April 2020 is shown in the figure below.
The figures are being thrown around in news articles and broadcasts. Analysts have been telling of its consequences – the repeatedly depressing rates of unemployment and inflation, low GDP per capita, lean spending on building, maintenance and expansion of available infrastructure, all culminating in a youth restiveness and crime, extreme incidences of violent deaths, poorer standards of living, financial uncertainties and a general state of hopelessness. These are the negative consequences of a country on the brink of bankruptcy due to an unhinged appetite for loans and irresponsible use of same.
