
• More people are being dragged into poverty because of poor purchasing power; unemployment has risen and will further hurt the economy
Nigerians are struggling as the inflation rate rose by 0.92 basis points to 20.52 per cent in August from 19.6 per cent in July, the highest since October 2005.
This represents the seventh consecutive monthly rise in Headline inflation since February. Food inflation also rose to 23.12 per cent in August 2022, representing a 1.1 percentage-point increase compared to 22.02 per cent recorded in the previous month.
In its Consumers Price Index, CPI, report for August, the National Bureau of Statistics (NBS) said the “increases were recorded in all divisions that yielded the headline index”.
The Bureau stated: “In August 2022, on a year-on-year basis, the headline inflation rate was 20.52 per cent. This was 3.52 percentage points higher compared to the rate recorded in August 2021, which was 17.01 per cent.

“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (August 2021). On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 per cent, this was 0.05 per cent lower than the rate recorded in July 2022 (1.82 per cent).”
On food inflation, NBS further reported: “The food inflation rate in August 2022 was 23.12 percent on a year-on-year basis; which was 2.82 percent higher compared to the rate recorded in August 2021 (20.3 percent).
“This rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam, and another tuber, fish, meat, oil, and fat. On a month-on-month basis, the food inflation rate in August was 1.98 percent, this was a 0.07 percent decline compared to the rate recorded in July 2022 (2.04 percent). This decline is attributed to a reduction in prices of some food items like yam tubers, garri, local rice, and vegetables.”
In addition to the reasons advanced by NBS, several experts listed other inflationary pressure points, while recommending some solutions.
Professor of Capital Market at Nasarawa State University, Keffi, Uche Uwaleke, reacting to the rise in inflation by 20.52% the highest in two decades, said: “The increase in headline inflation above the psychological threshold of 20% did not come as a surprise in view of the rising inflation trend in many economies, partly caused by the Russian-Ukrainian conflict.
“It’s interesting to note that the NBS, in its latest CPI report, provided a clue as to the major factors driving the inflationary pressure in Nigeria, namely supply disruptions and rising cost of production. In the light of this revelation, what becomes clear is that the recent monetary policy tightening stance of the CBN alone may not address the challenge. The government needs to formulate and implement complementary fiscal policies aimed at boosting food supply as well as reducing firm’s cost of production.”
In his reaction, analyst and Chief Executive Officer, APT Securities & Funds Limited, Mallam Garba Kurfi, said: “I am not surprised with the outcome but I hope it will not further go up as harvesting of our agricultural products will likely push the food cost down. Equally the price of other foods, especially, wheat is globally coming down. We are expecting inflation to fall before the end of the year. But of more concern is the increase of the Monetary Policy Rate, MPR, in the last two consecutive sittings of the Monetary Policy Committee, MPC. We hope the monetary authorities will keep the rate the same for the rest of the year.”
Reacting as well, analyst and CEO, Wyoming Capital and Partners, Tajudeen Olayinka, said: “20.52% inflation number for the month of August 2022, is an indication that demand-side management tools being deployed by CBN to tame inflation in Nigeria may actually be aggravating the situation, given the fact that most of the factors responsible for inflation in Nigeria are traceable to the supply side of the economy. These supply side factors had been there and largely unresolved before the emergence of imported inflation that came as a result of the Russian war on Ukraine.
“Foreign exchange scarcity and exchange rate mismanagement; unending insecurity and limited access to farms; crude oil theft and inability to meet OPEC production quota; high cost of raw materials; infrastructure deficit; highly elevated cost of capital in the economy are some of the dangerous factors bedeviling Nigerian economy. So, it will be difficult for CBN’s demand side management tools to solve the problem. Unfortunately, the fiscal side is weak, with no positive contribution to make at this time, other than to engage in excessive borrowing and fiscal rascality. That is also driving up inflation.”
He further said: “This is not to say CBN is not aware of possible failure of its demand side management tools, or that raising interest rate will not sufficiently address the current inflationary pressure, but because it must also act to address possible threats of reversal of capital flow, arising largely from interest rate hike in Europe and America. These are the issues.”
To solve the inflation rate problem, Olayinka, said: “So, solving this problem requires that global inflationary threat is dealt with by the more advanced economies, while Nigeria’s fiscal authority continues to search for solutions to supply side problems it created. Impact of high inflation is better imagined than real; more people are now being dragged into poverty because of poor purchasing power; unemployment will rise as a result. This will further hurt the economy.”
Reacting, the Nigeria Employers’ Consultative Association, NECA, urged the government to suspend all forms of new taxes and levies to give a respite on the spiking production cost to tackle the rising inflation.
Speaking through its Director-General, Mr Wale Oyerinde, NECA contended that “it is apparent that the government’s intervention so far has not impacted the inflationary pressures that have kept rising.
He stated: “Around the globe, concerns about inflation have led many countries to consider an aggressive approach towards slowing down the economy. Consumers are also beginning to think twice about spending on goods and some services. In Nigeria, it is apparent that the government’s intervention so far has not impacted the inflationary pressures that have kept rising. Rather, some of these interventions have been counterproductive. The recently announced 20.52 percent inflation rate affirms the need for Government to take a second look at current strategies aimed at flattening the curve.
“The key drivers of inflation which includes, worsening currency depreciation, escalating transportation cost, high import duty on manufacturing inputs, security concerns among others have continued to crowd out the government’s interventions.
It leaves us to wonder whether these interventions are truly right for our peculiar challenges. With the crisis between Russia and Ukraine, the rising cost of energy around the world has translated to a significant uptrend being witnessed in most economies as prices of goods and services have reached unprecedented levels.
“To tackle inflation, all forms of new taxes and levies should be suspended to give a respite on the spiking production cost. There should also be deeper stakeholder engagements across sectors to develop an enduring strategy on the way forward. The federal government like its counterpart in other climes must be responsive and deliberate in its efforts to flatten the inflationary pressures.”
Reacting, former National President of National Association of Government Approved Freight Forwarders, NAGAFF, Eugene Nweke, has blamed the Federal Government’s economic policy for the sharp rise in inflation rate.
Speaking with Vanguard on the inflationary situation Nweke said the inflation rate rise will further force companies in the maritime sector to close shops or down-size their workforce.
He said: “The closure of companies will further drive more citizens into poverty. Already the sector is struggling and the government policies are not helping. The ports being the gateway for trading and most goods imported are consumables; The scarce foreign exchange will drive up the cost of goods which will in turn drive up inflation.” – Vanguard.
President Bola Tinubu has said that political power belongs to Allah, who has the authority to give it to anyone and take it away, declaring that those entrusted with leadership must exercise it in accordance with God’s dictates.
Tinubu made the remarks while reflecting on his recent Umrah pilgrimage to Saudi Arabia, where he was granted access to enter and pray inside the Holy Ka’abah in Makkah.
The President said his emergence as Nigeria’s leader was an extraordinary blessing from Allah, adding that he recognised that his position as President and Commander-in-Chief was not something he could claim to have attained solely through human effort.
Speaking about his understanding of divine authority, Tinubu said Allah was the ultimate giver and taker of power and that anyone who received such a privilege must use it responsibly.
“There is no other God but Almighty Allah. He is the giver and the taker. He owns power and authority. He says, ‘If I give you, use it well. If you don’t use it in accordance with my dictates, I can take it from you and give it to another person. I am the only One who has that authority,” Tinubu said.

He described his emergence as President as a special favour from God, given the large number of people in the country.
“Out of many millions of people, to be the President and Commander-in-Chief is a favour that only Almighty God can do to a human being,” he said.
The President also expressed gratitude to Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman for granting him and members of his delegation access to the Ka’abah, describing the experience as historic.
He said the green-white-green colours on the fencing around the Ka’abah reminded him of Nigeria’s national identity.
“I want to say a big thank you for the faith, for the recognition. I can’t believe the fencing of the Ka’abah is in Green-White-Green, which reminds us of the Nigerian identity,” he said.
“I thank the Crown Prince and all the administrators of the holy land. I thank them for the hospitality and recognition given to me as the leader of the delegation and the country.
“We are all facing challenges and hostility around us. We will overcome them with faith in God Almighty. I’m grateful forever. I thank the King and the royal Crown Prince.”
Tinubu was accompanied on the pilgrimage by several members of his cabinet, governors and business leaders.
Those in the delegation included Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi; Coordinating Minister of Health and Social Welfare, Ali Pate; and governors from Borno, Sokoto, Jigawa, Kaduna, Yobe and Kwara states.
Business leaders accompanying him included BUA Group Chairman, Abdulsamad Isiaka Rabiu, and Oando Chief Executive Officer, Wale Tinubu.
The President’s remarks come amid his administration’s continued efforts to defend its policies and record in office.
OK Movement USA has reaffirmed its organisational independence and clarified its relationship with the broader OK Movement in Nigeria, stressing that cooperation between the two organisations does not automatically imply common financial control, candidate authorisation or a direct political-party relationship.
The organisation made this clarification in a press statement issued in Washington, D.C., on November 1, 2026, in which it outlined its identity, operational structure and commitment to democratic development, civic participation, good governance and community development.
According to the statement, OK Movement USA is a registered nonprofit organisation in the United States established to promote civic engagement, democratic values, responsible public participation and the welfare of Nigerians at home and in the diaspora.
The organisation explained that it operates with its own leadership, governance structure, operational responsibilities and institutional objectives.
It stressed that although it shares aspirations for a better Nigeria with the broader movement in the country, its organisational identity and responsibilities remain distinct.

OK Movement USA acknowledged the grassroots organisational efforts of OK Movement Nigeria, noting that its network of coordinators, zonal leaders, state women leaders, volunteers and community representatives extends across Nigeria’s 36 states and the Federal Capital Territory.
The statement also highlighted the movement’s presence at the local government, ward and polling-unit levels, describing the structures as a valuable platform for promoting civic education, public enlightenment and constructive democratic engagement.
The US-based organisation said cooperation between the two structures could support initiatives aimed at strengthening public participation and raising awareness of democratic responsibilities across Nigeria.
However, it maintained that such cooperation should not be interpreted as establishing common financial control or automatically authorising either organisation to act on behalf of the other.
The organisation also acknowledged the growing national conversation surrounding former Anambra State Governor Peter Obi, former Kano State Governor Rabiu Musa Kwankwaso and the wider aspirations of Nigerians seeking responsible leadership and democratic progress.
It said its engagement with these national aspirations was informed by its commitment to democratic values, accountable leadership, public transparency, economic opportunity and the welfare of ordinary Nigerians.
The statement did not establish any formal endorsement of a political candidate or party.
OK Movement USA further emphasised that its activities and financial decisions are governed by internal procedures and applicable legal requirements.
It said the organisation remained committed to lawful cooperation with grassroots structures in Nigeria on initiatives promoting good governance, civic awareness and responsible democratic participation.
Outlining its areas of focus, OK Movement USA said it would continue to promote awareness of democratic rights, civic responsibilities and electoral processes.
It also identified informed public dialogue, government accountability, lawful voter sensitisation, transparency and peaceful participation as important components of its work.
According to the statement, the organisation intends to support initiatives that strengthen public confidence in democratic processes and encourage citizens to participate responsibly in national development.
It added that its activities would be implemented in accordance with applicable laws, regulatory requirements and organisational policies.
The organisation identified women’s empowerment, youth development, healthcare awareness, education and support for vulnerable communities among its principal areas of interest.
It said its ongoing Women Affairs Podcast Series was designed to amplify women’s voices and provide a platform for discussions involving professionals, community leaders and Nigerians in the diaspora.
The programme focuses on issues including healthcare, girl-child education, women’s empowerment, civic awareness and national development.
OK Movement USA also expressed its intention to encourage support for women-focused initiatives across Nigeria, including healthcare interventions, educational opportunities, community empowerment and good governance.
The organisation said it would provide lawful educational, organisational and logistical support for approved civic initiatives while building stronger connections between Nigerians abroad and communities at home.
On funding and financial management, OK Movement USA said it recognised the importance of responsible fundraising, transparency, proper documentation and compliance with applicable laws in the jurisdictions where it operates.
It explained that funds independently raised by the organisation were intended to support duly authorised and legally permissible initiatives, including civic education, community engagement, women’s empowerment, public enlightenment and other approved development programmes.
The organisation pledged to maintain appropriate financial oversight, responsible disbursement procedures, accurate recordkeeping and accountability to supporters and relevant regulatory authorities.
It further stated that cross-border financial support and operational collaboration would be subject to applicable legal and regulatory requirements.
The statement specifically highlighted the need to distinguish lawful civic initiatives from regulated political campaign financing.
OK Movement USA called on Nigerians in the diaspora to play a more active role in addressing the country’s challenges and supporting sustainable development.
It noted that Nigerians living abroad possess professional expertise, knowledge, financial resources and experience that could contribute positively to national development.
The organisation said diaspora communities should go beyond observing developments in Nigeria from a distance and become responsible participants in efforts to promote meaningful progress.
It reaffirmed its commitment to strengthening civic consciousness, building bridges between Nigerians at home and abroad, encouraging responsible public participation and supporting initiatives centred on citizens’ welfare.
According to the statement, meaningful change requires informed citizenship, institutional accountability, constructive cooperation and a shared commitment to building a better society.
The statement was signed by Patrick Esoro, Coordinator of OK Movement USA, and Victor Ben Onyeka, Director of Media and Communications.
The organisation provided its website as www.okmovementusa.org and listed secretariat@okmovementusa.org as its official email address.
The Association of Former Legislators of the Enugu State House of Assembly (AELESHA) has endorsed Governor Peter Ndubuisi Mbah for a second term in office, citing his administration’s infrastructure development, governance reforms and commitment to economic growth.
The former lawmakers also adopted all candidates of the All Progressives Congress (APC) for the 2027 general elections, urging the people of Enugu State to support the party at all levels.
The resolutions were contained in a communique issued after the association’s strategic engagement and special meeting held on Wednesday, October 21, 2026, at La Nueva Hotel, Independence Layout, Enugu.

The meeting brought together former legislators from the third, fourth and fifth sessions of the Enugu State House of Assembly for discussions on governance, development and the political future of the state.

In the communique, AELESHA said it had closely monitored developments in Enugu State since Mbah assumed office in 2023, commending the governor for what it described as significant achievements backed by verifiable projects, policies and strategic leadership.
The association highlighted the rehabilitation of legacy assets, including the International Conference Centre, Hotel Presidential, Nigergas, United Palm Produce Limited and Enugu Vegetable Oil Products Limited.
It also cited the construction of 260 smart schools, primary healthcare centres, the Enugu International Hospital, modern bus terminals and the development of Enugu Air as evidence of the administration’s commitment to transforming the state.
Other projects identified by the former lawmakers include the establishment of a Haier manufacturing factory through a reported $20 million foreign direct investment, the construction of rural and urban roads, improvements in the state’s security architecture and the development of the New Enugu City.
On security, the association commended the establishment of a Command and Control Centre, supported by CCTV cameras, police patrol vehicles and modern security equipment, describing the measures as important steps towards strengthening security across the state.
AELESHA further noted that the administration’s development initiatives, driven by its Tomorrow Is Here mantra, had contributed to the state’s progress in human development.
Reaffirming its support for continuity in governance, the association declared Mbah its sole governorship candidate for the 2027 election.
It also called on residents of Enugu State to vote for APC candidates across all elective positions, maintaining that a continuation of the current administration would sustain the state’s development agenda.
The former legislators disclosed that they had compiled a document titled Governor Mbah’s Impressive Scorecard, which they described as a working document detailing the administration’s achievements across various sectors over the past three years.
According to the communique, the document captures what the association described as approximately 10,000 milestones and achievements recorded by the administration.
The group also expressed its intention to seek an audience with the governor to formally present the document through a delegation of former lawmakers.
The association commended Mbah for appointing some of its members to public offices, describing the appointments as recognition of the experience and contributions of former legislators to governance.
It specifically mentioned Rt. Hon. Paul Nnajiofor, the governor’s Special Adviser on Legislative Matters, and Rt. Hon. Dr. Chinedu Nwamba, who, according to the communique, was appointed to the board of the Nigeria Integrated Projects and Zones Authority (NIPZA).
AELESHA requested that the governor consider more former lawmakers for appointments, arguing that their inclusion would promote human empowerment, development and broader citizen participation in governance.
The association also praised Nnajiofor for his efforts to maintain cordial relations between the executive and legislative arms of government.
It described his regular strategic engagements with serving and former lawmakers as commendable and result-oriented.
The former legislators also commended the governor for the recent review of tax charges and ticketing fares for tricycle operators, as well as the extension of their permitted operating hours to 10 p.m.
The association described the measures as people-oriented policies that would ease the burden on operators and improve their working conditions.
Looking ahead to the 2027 general elections, AELESHA requested representation on the forthcoming Enugu State APC Campaign Council.
The association said some of its members were willing to serve, citing their years of legislative experience, leadership capacity and knowledge of political mobilisation.
It also urged political leaders and candidates across the state to shun violence and embrace peaceful campaigns ahead of the 2027 elections.
The former lawmakers stressed the importance of maintaining peace, political tolerance and responsible conduct throughout the electioneering period.
The communique was issued following the association’s strategic engagement, hosted by Rt. Hon. Paul Nnajiofor, the Special Adviser to the Governor of Enugu State on Legislative Matters.
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