“Tinubu’s Renewed Hope Fades as Nigeria’s Inflation Hits 28-Year High at 33.95% in May”

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“Tinubu’s Renewed Hope Campaign Mantra Fades As Nigeria’s Annual Inflation Hits 28-Year High at 33.95% in May” implies that despite Bola Tinubu’s optimistic campaign promising “Renewed Hope,” the worsening economic conditions, particularly the record-high inflation rate, are diminishing the credibility and impact of his message among Nigerians.

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According to official data released on Saturday, marking the 18th consecutive month of rising prices from 33.69% in the previous month.

President Bola Tinubu’s economic reforms, which include cuts to petrol and electricity subsidies and two currency devaluations within a year, have intensified price pressures, fueling public discontent.

Labour unions, who recently suspended a strike over minimum wage demands, argue that these reforms disproportionately affect the poor, exacerbating what is described as Nigeria’s worst cost-of-living crisis in decades.

Data from the National Bureau of Statistics indicated that food and non-alcoholic beverages were the largest contributors to May’s inflation, with food inflation rising to 40.66% from 40.53% the previous month.

The NBS further reported that on a year-on-year basis, Nigeria’s headline inflation rate was 11.54 percentage points higher compared to May 2023, which stood at 22.41%. Month-on-month, the headline inflation rate in May was 2.14%, slightly lower than April’s 2.29%.

Analysts attribute Nigeria’s high inflation to elevated food prices and a weakening naira, prompting the central bank to raise interest rates three times this year. Governor Olayemi Cardoso has signaled that rates will remain elevated as long as necessary to curb inflation.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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