The rate of inflation in Nigeria is on a steady increase and people blame it on the lack of a coordinating minister of the economy.
Inflation, which entails the rise in prices of commodities, is drastically affecting the Nigerian economy. According to Vanguard news, the inflation rate has resumed an upward swing again after a month of relative stability. Going by August 2015 figures which shows the inflation rate at 9.3 percent, it rose from 9.2 percent recorded in July 2015.
However, the National Bureau of Statistics, NBS claimed that the situation has not gotten out of hand. The bureau explained that the marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions.
On a month-on-month basis, the pace of increases of food prices as reflected by the Food Sub-index has slowed, contributing to the relatively slower pace of increases reflected on the year-on-year rates between July and August.
Many people have claimed that the problem in Nigeria’s economy is worsened by the fact that President Buhari is yet to have a coordinating minister for the economy. They have called on the president to constitute his cabinet on time and give the economy a meaning direction.