The weight of the economic and fiscal policies of the President Muhammadu Buhari led administration is taking a gargantuan toll on Nigerian citizens.
The National Bureau of Statistics (NBS) placed the misery index at 47.7%.
According to a Monthly Economic News and Views research report from Financial Derivatives Company, the daunting policies of the Federal Government has led to the widespread uncertainty in the market and is causing the average Nigerian citizen to groan under the weight of the rising inflation and reduction in wages.
The International Monetary Policy cut the country’s growth forecast to -1.8%, representing the second cut within 6 months.
The GDP growth rate is however expected to bottom out in Q3 and recover over the fouth quarter.
FDC attributed the “Stratospheric rise” in kerosene prices by 62% to N600 per litre as a key driver of inflation rate which is currently north of 16%.