Inflation Jumps To 33.2% In Nigeria

Nigeria’s inflation rate has increased to 33.2% for the month of March 2024 according to the latest data released on Monday by the National Bureau of Statistics (NBS).

The new figure represents a 1.5% increase from the 32.7% recorded in February 2024.

The NBS data shows that on a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

Announce New Minimum Wage On Workers’ Day – Labour Tells FG

Organised Labour, comprising the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), has asked the federal government to announce a new minimum wage on Workers’ Day, May 1, 2024.

The National Vice President of the TUC, Tommy Etim, stated this on Sunday in an interview.

According to Etim, the announcement of the new minimum wage is one of labour’s expectations ahead of the 2024 Workers’ Day.

Speaking with the Punch, Etim said there were lots of expectations particularly since some of the newly initiated policies of government had continued to push more Nigerians into poverty.

Etim said workers in the country were expectant of the new minimum wage, stating that Workers’ Day is like Christmas Day for workers.