The cost of living in Nigeria has continued to increase under President Bola Tinubu's administration, causing hardship for most Nigerians. The poverty rate has risen to 46 percent, and inflation has reached 28.20%. Food prices, including rice, beans, and yam, have also significantly increased.
Six months into the tenure of the President Bola Tinubu administration, cost of living has continued to witness an astronomical increase. DAILY POST reports that hardship, made worse by the removal of subsidy by President Tinubu , has further made life more difficult for most Nigeria ns. According to the World Bank, the poverty rate in Nigeria increased to 46 percent in 2023, representing 104 million poor Nigeria ns. Inflation rose to 27.33% in October 2023 and 28.
20% in November, according to the National Bureau of Statistics, NBS, and this made a significant impact on household spending. The NBS said the rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs. A check on the prices of foodstuffs in Nigeria in January by DAILY POST shows that rice is sold from N45,000 to N60,000 for a 50kg bag. Beans cost between N60,000 to N70,000 for a 50kg bag, while yam prices range from N800 to N3000 for a tube
Nigeria Cost Of Living President Tinubu Hardship Poverty Rate Inflation Food Prices
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