Chinedu Nwuzor waits for costumers while selling grains, legumes and flours in his stall at a market in the Obalende area of Lagos on December 18, 2023. (Photo by Benson Ibeabuchi / AFP)
As the National Bureau of Statistics announced on Friday that Nigeria’s inflation stands at 31.70 per cent, economist, Paul Alaje, has said that it will continue to in an upward trajectory until the government brings in positive signalling to the economy.
According to him, the reason for the continued increase of inflation is because the country has not gotten to the point of deflection yet, adding that from his personal check and that of many others, inflation is more that the reported 31.7 per cent.
“For most economists, we thought inflation will grow not as high as was eventually reported by the Bureau of Statistics. Of course if you as many Nigerians they will say that inflation is far more that 31.7 per cent and like I said time and again that my personal inflation is actually beyond the average of what they said.
“I can tell you when we started taking survey of inflation in 2025, if you were to buy a pole of 20mm, 12 metres long by 20 inches, at that time it was N500,000, today the minimum you will see the same is N6 million. The truth is that for so many people, inflation figure is even much higher than this.
“The reason we got to this point and we have really not gotten to the point of deflection; that means inflation is still expected to go high until we bring in positive signalling to the economy such that the impact of inflation will reduce unlike what we are having today,” Alaje said on Channels Television’s Politics Today on Friday.
''Inflation is still expected to go high until positive signalling is brought to the economy''
Economist, Paul Alaje#PoliticsToday pic.twitter.com/Ip2HYCDOoR
— Channels Television (@channelstv) March 15, 2024
The economist said that if President Bola Tinubu fights the forces driving inflation, he will be one of the best presidents that Nigerians will remember. He maintained that shortcuts and quick fixes cannot be used to solve the problem.
Alaje believes that people are sabotaging the Nigerian economy but insists that it is the duty of the president to fish out those doing that to save his administration from be referenced in the negative in the future.
“I certainly believe people are sabotaging the economy but if they don’t take decision about it (those sabotaging the economy), like we have said about so many other leaders, we may also say that perhaps the president has not tried enough because in the next ten years when we remember the administration we will put his name on it,” he said.
The latest data released by the NBS on Friday show a rise from the 29.90 per cent recorded in January 2024.
According to the ‘Consumer Price Index and Inflation Report’ for February obtained by Channels Television, the hike represented a 1.80 per cent increase from what was recorded in January.
“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate,” the report read in part.
The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 per cent higher, compared to 21.91 per cent recorded in February 2023.
As the National Bureau of Statistics announced on Friday that Nigeria’s inflation stands at 31.70 per cent, economist, Paul Alaje, has said that it will continue to in an upward trajectory until the government brings in positive signalling to the economy.
According to him, the reason for the continued increase of inflation is because the country has not gotten to the point of deflection yet, adding that from his personal check and that of many others, inflation is more that the reported 31.7 per cent.
“For most economists, we thought inflation will grow not as high as was eventually reported by the Bureau of Statistics. Of course if you as many Nigerians they will say that inflation is far more that 31.7 per cent and like I said time and again that my personal inflation is actually beyond the average of what they said.
“I can tell you when we started taking survey of inflation in 2025, if you were to buy a pole of 20mm, 12 metres long by 20 inches, at that time it was N500,000, today the minimum you will see the same is N6 million. The truth is that for so many people, inflation figure is even much higher than this.
“The reason we got to this point and we have really not gotten to the point of deflection; that means inflation is still expected to go high until we bring in positive signalling to the economy such that the impact of inflation will reduce unlike what we are having today,” Alaje said on Channels Television’s Politics Today on Friday.
''Inflation is still expected to go high until positive signalling is brought to the economy''
Economist, Paul Alaje#PoliticsToday pic.twitter.com/Ip2HYCDOoR
— Channels Television (@channelstv) March 15, 2024
The economist said that if President Bola Tinubu fights the forces driving inflation, he will be one of the best presidents that Nigerians will remember. He maintained that shortcuts and quick fixes cannot be used to solve the problem.
Alaje believes that people are sabotaging the Nigerian economy but insists that it is the duty of the president to fish out those doing that to save his administration from be referenced in the negative in the future.
“I certainly believe people are sabotaging the economy but if they don’t take decision about it (those sabotaging the economy), like we have said about so many other leaders, we may also say that perhaps the president has not tried enough because in the next ten years when we remember the administration we will put his name on it,” he said.
The latest data released by the NBS on Friday show a rise from the 29.90 per cent recorded in January 2024.
According to the ‘Consumer Price Index and Inflation Report’ for February obtained by Channels Television, the hike represented a 1.80 per cent increase from what was recorded in January.
“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate,” the report read in part.
The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 per cent higher, compared to 21.91 per cent recorded in February 2023.
CHANNELSTV.COM.
