According to the latest consumer price index (CPI) and inflation report by the National Bureau of Statistics
(NBS), Nigeria’s headline inflation has surged to 33.69%. This reflects a 0.49% points increase from the
previous month’s rate of 33.20% and an 11.47% points increase compared to the 22.22% recorded in April 2023. The urban and rural inflation rate rose to 36% and 31.64% respectively. Additionally, food inflation
soared to 40.53%, representing a 15.92% points increase from 24.61% recorded in April 2023.
June 5, 2024
Nigeria Economic Update (Issue 19)
Related
Nigeria Economic Update (Issue 45)
Recently
released report by Nigeria Extractive Industries Transparency
Initiative (NEITI)shows a significant decline in revenue
allocation across the three tiers of government for 2016H1 (January to June). Specifically, total disbursements dropped
(year-on-year) by 30.45 percent to N2.01 trillion in 2016H1. The
drop in revenue allocations is accountable to the decline in both oil and
non-oil revenue. While lower oil revenue was triggered by the drastic fall in
oil price and production in 2016H1, lower non-oil revenue was driven by the decline
in tax revenue occasioned by contraction in economic activities in the review
half-year.
Nigeria Economic Update (Issue 5)
Recently released media highlights show that Nigeria has dropped in terms of macroeconomic indicator rankings in 2018. With a headline index of 2.77, Nigeria is ranked 158th globally out of 181 countries five places lower than the previous year rankings. Indicators suggest that Nigeria is presently behind 28 other African countries, and just ahead of only 4 West African countries (Mauritania, Togo, Niger and Guinea Bissau).