The National Bureau of Statistics (NBS) revealed on Tuesday that Nigeria’s annual inflation dropped to 17.78% last month from the 18.72% in January driven by a slower rise in general price levels. This is the first decline in 15 months.

According to the statistics office, the major sectors responsible for the slower rise in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education, Food and Alcoholic Beverages, Clothing and Transportation Services.

Nigeria’s inflation rose to 18.72% in January, its highest level in over 11 years, as the country struggles with an economic recession, a currency crisis and dollar shortages caused by low oil prices.

In order to pull the economy from recession and stimulate growth, President Buhari presented in December 2016, a N7.298 trillion naira ($23.97 billion) budget for 2017 to the National Assembly.

A week ago, the government also unveiled its economic recovery plan which contains measures in which it plans to reduce the country’s dependence on oil and ease foreign exchange restrictions.

Anita Fatunji