Beauty Queen “Beauty Tukura” indeed looks good in just about anything. But when it comes to posing for a photoshoot, the reality star proves time and again that you can be comfortable, fun, or even tell a beautiful story without uttering words.

See more photos below

 

View this post on Instagram

 

A post shared by 𝐁𝐄𝐀𝐔𝐓𝐘 𝐄𝐓𝐒𝐀N𝐘𝐈 𝐓𝐔𝐊𝐔𝐑𝐀 (@beautytukura)

Nigeria witnesses a substantial surge in its inflation rate, reaching 24.08% in July 2023, driven by the impactful removal of subsidies.

Date:

Nigeria witnessed a remarkable surge in inflation, reaching 24.08% in July 2023, marking a 129 basis-point increase compared to the previous month’s 22.79%.

This surge marks the sixth consecutive increase in the headline index for this year, as reported by the National Bureau of Statistics (NBS) in its recently released Consumer Price Index (CPI) report.

This substantial increase can be attributed to the complete removal of petrol subsidies and the unification/devaluation of the official exchange rate.

Notably, the month-on-month headline inflation rate for July stood at 2.89%, which was 0.76% higher than the rate recorded in June 2023 (2.13%).

The driving factors behind the year-on-year inflation were Food and non-alcoholic beverages (12.47%), housing water, electricity, gas, and other fuel (4.03%), and clothing and footwear (1.84%).

Food inflation experienced a significant rise, reaching 26.98% in July 2023, marking a 1.73% point increase from the previous month and a 4.97% point increase from the same period in 2022.

On a month-on-month basis, the Food inflation rate for July 2023 was 3.45%, 1.06% higher compared to June 2023 (2.4%).

The Core inflation rate, excluding volatile agricultural produce, stood at 20.47% in July 2023 on a year-on-year basis, reflecting a 4.41% increase from July 2022 (16.06%).

On a month-on-month basis, the Core inflation rate increased from 1.77% in June 2023 to 2.11% in July 2023.

In terms of regional variation, Kogi (28.45%), Lagos (27.30%), and Ondo (26.83%) experienced the highest year-on-year inflation rates, while Borno (20.71%), Jigawa (20.85%), and Sokoto (20.92%) recorded the slowest rises. Kogi State also recorded the highest food inflation at 34.53% in July, followed by Lagos (32.52%), and Bayelsa (31.31%).

The removal of fuel subsidies and exchange rate unification have had a substantial impact on inflation, resulting in an escalation of food, energy, and transport costs.

Transportation expenses saw a nationwide spike, largely attributed to the significant rise in petrol prices and the unification and devaluation of the official exchange rate.

The Nigerian Naira’s exchange rate surpassed N740 per US Dollar, reflecting a substantial devaluation from the previous average of N460 per US Dollar.

This data showcases a clear reflection of the ongoing economic trends and challenges in the country.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Clowd9 Powers Fintech Bridge Between Lagos and London, Fueling Cross‑Border Innovation

Clowd9, the UK-based cloud-native payments platform, is emerging as...

Nigeria’s Hajj Urge Probe into NAHCON Failures in Security and Medical Screening

Civil society groups have called for a comprehensive review...

US WARNS NIGERIANS: Overstaying Visas Triggers Deportation, Bans and Criminal Charges

In March 2025, the U.S. Mission in Nigeria issued...

US Embassy: Visa Validity Cut Due to Global Security Review, Not Nigeria’s Policies

On July 8, 2025, the U.S. Embassy in Nigeria...