I came across a figure that happens to be the new inflation rate, but I can't really remember the value now. Recently, I have seen tweets saying that the Naira has appreciated and the prices of goods are beginning to come down, especially the price of a bag of rice, which fell from 80K to 64K. Though news like this is quite impressive, I can't really feel the effects when I choose to make purchases. The issue with local marketers is really making things more difficult for everyone, making it seem as if the country is making progress.
Yes Rufai claims that the FG has spent over 8 billion Naira on fuel subsidy, and that is why we are buying petrol at the price of 670, that if not petrol would have be as expensive as diesel. I am shocked to hear this, because I thought that subsidy on petrol have been removed by the new administration in May 29th.
You can read it here https://www.vanguardngr.com/2024/04/fg-still-subsidising-petrol-in-trillions-of-naira-el-rufai/
How can they spend 8 billion naira on fuel subsidy when it was removed the moment they came into power? The whole story doesn't even make any sense. Unfortunately, there is no one to hold them accountable for all this bad joke because those who are supposed to represent us (Labour Congress) have become their puppets. Just imagine if the supposed 8 billion naira wasn't spent; then, we would have bought it for 1200 and above.