Tinubu, Governors meet over economic hardship, insecurity as Nigeria’s headline inflation hits 29.90 percent

*President Bola Ahmed Tinubu holds a meeting with the State Governors, in Abuja, amid several consumers’ concerns, especially over the increasing costs of food items, festering insecurity, and related issues in the country’s economy

Alexander Davis | ConsumerConnect

As the current socio-economic challenges facing millions of Nigerian consumers and attendant hardship deepen, President Ahmed Tinubu morning Thursday, February 15, 2024, held a meeting with State Governors in the Council Chambers of the State House, Abuja, FCT.

ConsumerConnect reports the meeting also had in attendance Vice-President Kashim Shettima; Chief Nyesom Wike, Honourable Minister for the Federal Capital Territory, and Kayode Egbetokun,  Inspector General of Police (IGP).

Sources close to the meeting disclosed Thursday meeting was convened in connection with several consumers’ concerns over the increasing costs of food items, festering insecurity, and related issues in the country’s economy.

It was also learnt that the monthly National Economic Council (NEC) meeting, which would be presided over by Vice President Shettima would be held thereafter.

It is recalled as part of ongoing moves to address the socio-economic challenges amid the citizens’ outcry, especially over the degenerating security situation and worsening of economic hardship, the President recently directed the Ministry of Agriculture and Food Security to release about 102, 000 metric tonnes (MT) of maize, millet, and other commodities in strategic reserves to address the rising cost of food stuffs and related commodities in Nigeria.

On the security situation, Tinubu, at a recent event marking the Diamond Jubilee of the Nigerian Defence Academy (NDA) in Kaduna, Northern Nigeria, also commended and urged the country’s Military to intensify efforts at fighting against the criminals threatening the peace while continuing to defend the territorial integrity of the East West African country.

Yet, as some have lauded the Presidential interventions, some other leaders and interest groups have insisted that the Federal Government do more by reviving the ailing oil refineries, and diversifying the Nigerian economy.

President Tinubu has continued to assure Nigerians that he is committed to resolving Nigeria’s economic and security challenges.

The Presidency also stated that the current economic reforms of the Tinubu-led administration, including fuel subsidy removal, floating of the Naira, among others, would yield dividends soon.

Headline inflation now 29.90 percent, says NBS

Meanwhile, Nigeria’s National Bureau of Statistics (NBS) has disclosed the country’s headline inflation moved to 29.90 percent January 2024.

The NBS, in the latest data contained in its Consumer Price Index (CPI) report released Thursday, February 15, 2024, stated: “In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%.”

ConsumerConnect reports the CPI measures changes in prices of goods and services in the economy.

The agency also said in the report: “Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate.

“Similarly, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%.”

According to the NBS, the food inflation, on a year-on-year basis was 35.41%,  11.10% points higher compared to the rate recorded in January 2023 (24.32%).

It noted: “The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, oil and fat, fish, meat, fruit, coffee, tea, and cocoa.”

Kindly Share This Story