By Isaac Taiwo 
Bishop of Ife Diocese, Church of Nigeria (Anglican Communion), Rt. Rev. Olubunmi Akinlade, has bemoaned the economic situation in Nigeria. He spoke yesterday during the press conference where he announced the second session of the 12th Synod of the Diocese of Ife slated for Saturday, April 26, 2025 while the thanksgiving service follows on Sunday, April 27, 2025 with the theme: “The essential secret in a noisy world” to take place at Cathedral of St. Philips, Ayetoro, Ile-Ife.
 
Akinlade said that on the paper, Nigeria’s economic indicators suggest improvement with the recent drop in inflation from 34 per cent in December 2024 to 24.48 per cent in January 2025, but this has not translated into tangible relief for the average Nigerian.

He said that the cost of goods and services remains exorbitantly high due to increased taxation on financial transactions, while the hike in electricity tariffs, reduction in food production due to insecurity and other factors have not helped matters.
  
“Despite a marginal decrease in the prices of essential commodities, such as rice and garri, many families still find them unaffordable. 
  
“Indeed, the World Bank reports that 56 per cent of Nigerians live in poverty, the high unemployment rate, particularly among youths under the age of 25 that fuels restiveness, drug abuse, cybercrime, social crisis that is further compounded by 10 to 20 million out-of-school children who are vulnerable to recruitment by terrorists,” he said. He, however, commended the efforts of the government in trying to improve the power sector.