Nigeria is currently facing severe economic challenges characterized by persistently high inflation rates, causing immense hardship for the citizens during President Bola Ahmed Tinubu’s reign over the last six months.
The nation is grappling with issues such as Naira depreciation, rising insecurity, and an overall decline in the standard of living.NYSC Portal
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThe latest figures from the National Bureau of Statistics reveal that Nigeria’s inflation rate in December surged to 28.92%, up from 28.20% in November. This marks the highest inflation rate in 27 years, further exacerbating the economic woes of the population.informationguidenigeria
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Notably, the country’s food inflation, which holds a substantial share in Nigeria’s inflation basket, rose to 33.93% in December, compared to 32.84% in the previous month.JAMB Result
The direct consequence of this inflation surge is the increasing cost of living for Nigerians, with a noticeable reduction in people’s purchasing power.JAMB Portal
President Bola Ahmed Tinubu has consistently urged Nigerians to exercise patience amid these economic challenges. However, citizens are expressing concerns about the duration of this waiting game. The rising costs of essential commodities illustrate the tangible impact on everyday life, with significant price hikes observed across various goods such as rice, beans, groundnut oil, bread, eggs, and garri.
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