- There has been a rapid increase in Nigeria’s inflation rate lately
- This is an overview of the growth of inflation since Nigeria’s independence in 1960, including Goodluck Jonathan and Muhammadu Buhari’s tenures
- There is also the fear of how an increase in the minimum wage will affect the already high inflation rate
Following the recent celebration of Sallah, cries have been loud because of the high cost of food items, with many citing the current inflation as the most acute in Nigeria’s recent history.
Statistics back this up as data provided by the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) showed that the country’s inflation rate rose to 33.69% in April 2024 and 40.66% in May 2024.
The cost of living increased drastically by 61%, from 25.25% in June 2023 to 40.66% in May 2024.
While the country is currently beaming in the euphoria of the increase in the inflation rate, it is paramount to assess the rate of inflation under different administrations in Nigeria.
Assessing Nigeria’s inflation in different tenures
- Tafawa Balewa (1960-1965)
The inflation rate during Tafawa Balewa's tenure was okay and stable to an extent. The inflation rate was 5.44% in 1960 and reduced to 4.10% in 1965 at the close of Tafawa Balewa's administration.
- Tafawa Balewa, Aguiyi Ironsi, Yakubu Gowon (1966)
The inflation rate rose to 9.69% during this tenure.
- Yakubu Gowon (1967-1974)
Yakubu Gowon’s administration recorded -3.73% inflation rate in 1967 and increased to 12.67% in 1974.
- Murtala Muhammed (1975)
The inflation rate rose to 33.96% during Murtala Muhammed’s tenure.
- Olusegun Obasanjo (1976-1978)
The inflation rate was 24.3% in 1976 and reduced to 21.71% in 1978.
- Olusegun Obasanjo, Shehu Shagari (1979)
The inflation rate reduced to 11.71% during Shagari’s tenure.
- Shehu Shagari (1980-1983)
The inflation rate was 9.97% in 1980 and increased to 23.21% in 1983.
- Muhammadu Buhari (1984-1985)
Buhari’s administration recorded 17.82% inflation at the beginning of the administration and reduced to 7.44% in 1985.
- Ibrahim Babangida (1986-1992)
The administration started with inflation at the rate of 5.72% in 1986 and increased to 44.59% in 1992.
- Sani Abacha (1993-1997)
The inflation rate was 57.17% at the beginning of Abacha’s administration and reduced to 8.53% at the end of his administration.
- Abdulsalam Abubakar (1998-1999)
Abubakar’s administration recorded a decrease in inflation rate at the end of his tenure; the inflation rate was 10% in 1998 and reduced to 6.62% in 1999.
- Olusegun Obasanjo (2000-2006)
The inflation rate was 6.93% in 2000 and increased to 8.23% in 2006.
- Umaru Yar'adua (2007-2010)
Yar'adua’s administration recorded a 5.39% inflation rate in 2007 and increased to 13.72% in 2010.
- Goodluck Jonathan (2011-2015)
The inflation rate reduced at the end of Jonathan's administration to 9.01%, having started with 10.84% in 2011.
- Muhammadu Buhari (2016-2022)
The inflation rate during Buhari's tenure was almost within the same range. The inflation rate was 15.68% in 2016 and 15.63% in 2021.
- Bola Ahmed Tinubu (2023 till date)
In January 2024, the inflation rate hit 29.9%, with the food inflation measuring 35.4% and 40% in some states according to the National Bureau of Statistics. The rate of increase in inflation during this period has been the highest so far in history.
Nigerians state what they want the minimum wage to be
Meanwhile, TheRadar earlier reported that there is a debate ongoing concerning the minimum wage in the country.
This has drawn the opinions of Nigerians on what they want the minimum wage to be.
