Finding the sales locations for the N40,000 subsidized rice that the Federal Government formally inaugurated last week is proving difficult for Nigerians residing in the Federal Capital Territory. The sale of 30,000 metric tonnes of milled rice at a discounted rate of N40,000 per 50kg bag was inaugurated by Senator Abubakar Kyari, Minister of Agriculture…
This is because food inflation is over 40% and the overall inflation rate is 33.40 percent according to the National Bureau of Statistics (NBS) most recent data. According to the CBN report, the survey, which had a 99.7% response rate, was conducted from July 22 to July 26, 2024. The NBS master sample list, which included 1,665 homes across the 36 federation states and the Federal Capital Territory, was used to determine the sample size. According to the Household Expectations Survey data the CBN made available on its website, many Nigerians plan to reduce their consumption of non-essential commodities over the course of the next three to six months. However, throughout the next six months, they want to spend 54.9% of their income on food.
This unfavorable new development comes amidst the rising cost of food items across the country, pushing basic commodities beyond the reach of average Nigerians. According to the latest data from the National Bureau of State Statistics (NBS), Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024. This is an increase…
