President Bola Tinubu Inherited Nigeria’s Highest Inflation Rate In 20 Years? – Fact Emerge

Nigeria’s President, Bola Tinubu, assumed office on May 29, 2023, and marked his first 100 days in power during the initial week of September.

Opinions on his decisions and policies vary, with some critics and supporters attributing certain issues to the previous administration.

On September 6, Deutsche Welle, the German public broadcaster, released a report assessing Tinubu’s first 100 days in office.

The report discussed both existing and new challenges confronting the administration, as well as public evaluations of its performance.

Read Also President Bola Tinubu Has Set Date For Nigeria’s Much-awaited Census? – Fact Emerge

According to the report, Tinubu inherited a range of difficulties from his predecessor, Muhammadu Buhari, including high unemployment, record-breaking inflation (at the highest level in 20 years), substantial debt, widespread insecurity, and significant oil theft impacting national revenue.

However, an investigation by Africa Check revealed that the claim of the highest inflation rate in 20 years was inaccurate.

The Central Bank of Nigeria’s data, spanning from January 2003 to July 2023, indicated that in May 2023, when Tinubu took office, Nigeria’s inflation rate was 22.41%. The highest inflation rate within this period occurred in August 2005, at 28.2%.

Furthermore, inflation rates surpassing the May 2023 level of 22.41% were recorded for seven months between 2003 and 2005. It’s worth noting that the inflation rate has continued to rise under Tinubu, reaching 24.08% in July 2023.

In summary, while Nigeria faced significant economic challenges when Tinubu took office, the claim that he inherited the highest inflation rate in 20 years is incorrect.

Credit: Africa Check