The newly inaugurated Chairman of the Amuwo District of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Olamide Balogun, has appealed to President Bola Tinubu to address the economic struggles faced by Nigerians.
Balogun made this appeal while speaking shortly after his investiture on Saturday, June 15, 2024, at the Lagos Chamber of Commerce and Industry (LCCI) in Ikeja, Lagos.
He called on Tinubu to listen to the plight of Nigerians who are wallowing in excruciating economic deprivation.
Balogun expressed optimism for a better economy in the coming years but said the president must remain focused, empathize with Nigerians, and do the right things at the right time. He assured that the welfare of members in his district and support for its cooperative society among others are his top priorities.
Balogun said, “We shall make our district more visible, promote many entrepreneurship schemes, engage in training and retraining of members, and other development programs to boost the capacity of our members.”
Balogun’s plea comes as Nigerians continue to face economic hardship, with many struggling to make ends meet. According to the National Bureau of Statistics, in April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate, which was 33.20%.
Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%. This shows that the headline inflation rate (year-on-year basis) increased in April 2024 when compared to the same month in the preceding year (i.e., April 2023).
Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%). This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.