Former Finance Minister Ngozi Okonjo-Iweala also remarked during a recent visit that the economy was stabilising.
Nigeria’s inflation rate fell for the fourth straight month in July to 21.88 percent, down from 22.22 percent in June, according to the National Bureau of Statistics (NBS). The decline, which began in April when inflation was 23.7 percent, has been hailed by President Bola Ahmed Tinubu’s team as evidence of economic stability.
Former Finance Minister Ngozi Okonjo-Iweala also remarked during a recent visit that the economy was stabilising. However, businesses and households say they feel little relief, citing high food, fuel, transport, and energy costs. A 50kg bag of rice sells for N69,000–N75,000, petrol costs N865–N925 per litre, and electricity tariffs have risen above N209 per kWh.
Experts offered mixed views. Former CIBN president Mazi Okechukwu Unegbu said, “There is a wide difference between the inflation figure by NBS and the reality on the ground.” Economist Gbolade Idakolo linked food inflation to insecurity and exchange rate volatility, while Prof. Segun Ajibola explained that survey methods and limited pricing baskets could distort official figures.