33.69% Inflation Rate Not Alarming, Things Are Improving – Presidency

Despite the country’s inflation rate soaring to 33.69%, the Nigerian Presidency has expressed optimism that the situation is improving, contrary to reports of a “staggering” increase.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known in a recent interview with Television Continental (TVC).

Onanuga pointed out that the inflation rate has decreased slightly on a month-to-month basis, indicating a positive trend. He also stated that food prices have been dropping and will continue to decline across the country, contrary to reports of a sharp increase.

“I read a report recently saying inflation has moved to a staggering 33.69%. How is it staggering? Last month in April, inflation was 33.4 something. Then it moved by a mere 0.26%. 

“In fact, from March to April, inflation slowed down. So things are improving. People will soon begin to feel the impact of all these reductions. 

“I had a call from my town a few days ago, with someone telling me the price of garri is going down. Inflation is on a reduction level. And it’ll continue to go down,” Onanuga said.

According to Onanuga, President Tinubu is working tirelessly to implement measures that will cushion the effects of the federal government’s reforms on citizens.

He cited the introduction of a student loan scheme as one of the initiatives aimed at supporting students and their parents.

The Presidency also stressed that the current economic challenges were inherited, with inflation already at 23.65% before President Tinubu assumed office.

“This government when it came in May last year, inflation was at 23.65%. The movement from there till now is about 10.4%. 

’We already had some problems before this government came into office. We didn’t create all the problems. We inherited many of them. And this government is making so much effort to reduce these problems. 

“One of those things that the government is doing is the introduction of a student loan scheme. Millions of students will benefit from this. This will also help the parents at home,” Onanuga said. 

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate surged to 33.95% in May 2024, up from 33.69% in April 2024.

The food inflation rate also reached 40.66% on a year-on-year basis, a significant increase from the previous year.