LIVE UPDATES
Nigerians have urged the federal government to put in place effective measures to curb inflation and fortify the economy.
Numerous inhabitants of the Federal Capital Territory (FCT) expressed to reporters in Abuja on Sunday that such actions would foster economic growth and stability, benefiting all citizens.
The National Bureau of Statistics (NBS) recently published the adjusted Consumer Price Index Report, revealing Nigeria’s headline inflation rate for January 2025 at 24.48 percent year-on-year.
Food inflation for the same month registered at 110.03, translating to a year-on-year rate of 26.08 percent.
The NBS indicated that this surge was predominantly influenced by prices in food and non-alcoholic beverages, restaurants, accommodation services, and transportation.
A businessman, Kennedy Okoli, noted that inflation is considerably affecting the populace, leading to increased economic difficulties.
Okoli urged the federal government to take swift actions to effectively tackle this pressing issue with viable and sustainable policies.
He acknowledged that while the CPI rebasing was a positive move, the outcomes do not mirror present circumstances.
“Nigerians are suffering; the costs of food and transport are rising. It may appear that matters are improving in theory, but the current situation tells a different story,” he remarked.
A public sector worker, Olabisi Samuel, pointed out that inflation is still on the rise and called for government intervention.
Samuel emphasized the need for concrete policies and reforms to enhance the economy's performance.
“The government must demonstrate its commitment to the people by taking decisive actions and making immediate efforts to boost the economy, a significant part of which is tackling inflation,” she stated.
An entrepreneur, Tunde Ajani, remarked that inflation continues to climb, as evident from the market prices of goods and services.
Ajani implored government officials at all levels to adopt proactive measures to mitigate inflation, which he believes would alleviate the burden on Nigerians. “Addressing insecurity is vital so that farmers can return to their fields, and transportation costs also need reduction,” he added.
Nura Idris, a businessman, expressed that small enterprises are greatly affected by escalating inflation and appealed to the federal government to create policies supportive of small businesses.
Nura suggested that small businesses should receive loans at single-digit interest rates to help them navigate current challenges.
“The government must demonstrate its seriousness in tackling the inflation issue. If they succeed in this, it will also draw in investors since no one wishes to invest in an unstable economy,” he concluded.
Experts continue to advocate for the federal government to address insecurity, reduce transportation costs, and adopt mechanized farming practices to help control inflation.
