Trouble for Nigerians as country's inflation rises to 17.33% in February, highest in four years

- Prices of commodities are now on the rise in Nigeria due to inflation factors

- According to NBS, this is the highest rise in the last four years

- Specifically, it said that food inflation rose to 21.79 per cent in February, compared to 20.57 per cent recorded in January 2021

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The National Bureau of Statistics (NBS) has disclosed that Nigeria’s inflation rose to 17.33 per cent in February 2021, the nation’s statistics bureau said Tuesday, March 15.

This is the highest inflation rate recorded in four years. In January, inflation rose to 16.47 per cent amid skyrocketed food prices.

It said that food inflation rose to 21.79 per cent in February, compared to 20.57 per cent recorded in January 2021. The NBS said it is the highest point since the data series began over a decade ago.

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According to figures released by Yemi Kale, the CEO of the NBS via Twitter the headline inflation increased by 1.89 per cent from 1.83 percentage points, month-on-month.

The cost of food rose penultimate week when a good blockade was announced by food and cattle suppliers.

In other news, the ministry of finance has confirmed the plan by the Nigerian government to sell some government-owned properties to fund the 2021 budget.

Nigeria’s finance minister, Zainab Ahmed, at a presentation in Abuja on Tuesday, January 12, told stakeholders that the government plans to sell and concession government-owned properties and non-oil assets.

According to Premium Times, a copy of the presentation by the minister showed that the sales of government property and non-oil asset sales were listed under the additional financing section of the document.

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Aanu Adegun is a politics and current affairs content editor at Legit.ng with over 7 years of experience in both digital and traditional media. A graduate of English Studies from Adekunle Ajasin University, Akungba Akoko, Ondo state, Aanu started his journalism career as a features writer. Aanu, who is also a creative writer has written books and children magazines. He once anchored some specialised pages of a national newspaper. Aanu is also a satirist.

Source: Legit.ng