News
Presidency condemns report blaming Buhari for highest inflation since 2006
The presidency on Tuesday condemned a newspaper report which said inflation under President Muhammadu Buhari has hit a 17-year high.
Presidential spokesperson, Garba Shehu described it as a fallacy and a twisting of sensitive facts to suit preconceived notions.
His statement on Tuesday said the authors either do not know what is happening across the world or are not paying attention to the facts.
The high inflation is a global problem and no nation is immune to it since the global economic downturn triggered by COVID-19, Shehu stressed.
The aide said the pandemic led to lockdowns which had severe impact on national economies due to the dislocation of manufacturing and supply chains.
Shehu reminded the public that Nigeria relies on imports for products like petroleum, cooking oils, fertilizers, crop chemicals, and others.
Noting that international price fluctuations affect local prices, he said the government has limited maneuverability, unless it disregards the principles of free trade.
The presidential aide said France, which enjoyed a stable average inflationary regime of 4.1 percent from 1960-2022, is today reporting price increases of up to 1,080.36%.
“At 10.1 percent, UK inflation is at a 41-year high. Ghana’s inflation rate had hit a two-decades high of 54.1 percent before a recent decrease.
“Turkey’s rate is 45 percent, Pakistan has also reported a high inflation rate comparable to countries with similar profiles,” the statement reads.
Shehu said while Nigeria’s inflation rate of 22 percent is high and worrisome, it would be incorrect to suggest that the Buhari administration failed.
The statement added that President Buhari has consistently prioritized efforts to control inflation and continues to do so
-
News3 days ago
Yahaya Bello: American International School Of Abuja Has Transferred $760,910.84 To EFCC Out Of $845,852
-
Politics5 days ago
ONDO 2024/ Akeredolu’s ex-deputy Agboola wins PDP governorship election primary.
-
Politics3 days ago
Kogi: I didn’t pay $720,000 as school fees – Yahaya Bello
-
News3 days ago
Why people do strange, incredible things for love – Psychologist
-
Politics3 days ago
Ondo Guber: PDP ‘ll win November election — Jegede
-
Sports4 days ago
Victor Boniface: Leverkusen boss Alonso makes you ‘up your game’
-
Business4 days ago
Customs Area 1 Ph Hits N43 Billion Revenue Generation in first Quarter of 2024
-
News3 days ago
Abia Speaker defies court order, declines inauguration of PDP lawmaker-elect