A Central Bank of Nigeria report has warned of an increasing financial strain faced by Nigerians.
According to the report, more Nigerians may be forced to rely on borrowing to cover their increasing expenses over the next six months.
The report, titled “Inflation Expectations Survey Report” for July 2024, revealed that household expenditures are expected to continue rising through the remainder of 2024 and into January 2025.
This surge in expenses may lead many Nigerian families to deplete their lifetime savings to meet their financial commitments in the coming months.
The survey, conducted from July 14 to July 26, involved 1,600 businesses and 1,650 households across all 36 states and the Federal Capital Territory. The purpose of the survey was to gauge how businesses and households perceive current and future inflation trends, as well as the primary drivers of inflation.
The report revealed that 83.7 percent of respondents viewed the current level of inflation as high, with an overall perception index of -61.1 points. Businesses were slightly less pessimistic about inflation compared to households, with an index of -58.7 points and -63.3 points, respectively.
The report also highlighted that large businesses are particularly concerned about inflation, with an index of -70.8 points, reflecting a strong belief that the current inflation level is excessively high.