Nigeria's inflation soared to a new 28-year peak in April, with headline consumer inflation reaching 33.69% year-on-year, up from 33.20% in March, according to the National Bureau of Statistics. This surge is largely attributed to President Bola Tinubu's administration's decision to slash petrol and electricity subsidies and devalue the naira twice.

The Central Bank of Nigeria has responded by raising interest rates twice this year, including its largest hike in 17 years, in an attempt to curb the escalating price pressures.

The central bank governor has affirmed that rates will remain high as long as necessary to control inflation, with another rate-setting meeting scheduled for next week.

Food inflation continues to be a significant driver, climbing to 40.53% in April from 40.01% in March. This category, encompassing food and non-alcoholic beverages, constitutes the largest portion of the inflation basket.

The rising inflation has plunged millions of Nigerians into a severe cost of living crisis, struggling to afford basic necessities. In response, President Tinubu has announced a salary increase of up to 35% for civil servants and reinstated a direct cash transfer program to support vulnerable households. Additionally, the government has distributed at least 42,000 tons of grains, including corn and millet, to ease the burden on citizens.