Amidst the crippling inflation driven by rising cost of food items across the country, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that Nigeria’s economy is actually experiencing an appreciable growth that would lead to drop in the inflation in the coming months.
Edun gave the assurance when he featured in a Channels Television’s programme, Politics Today.
The National Bureau of Statistics had reported in its April’s consumer price index that Nigeria’s inflation rate rose to 33.20 percent in March — up from 31.70 percent in February while food inflation also surged to 40.1 percent during the period.
However, the minister assured Nigerians that the situation was under control, saying the reforms and economic policies of President Bola Tinubu‘s administration were gradually paying off.
He said: “Mr. President has achieved relative growth and stability in his first year in office.
“The necessary fallout of the measures that had to be taken were higher interest rates to fight inflation and attract foreign currencies, which was successful. In terms of inflation, it is coming down.
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“It is expected and projected to come down over the next few months.
“On the other indices, the important thing is that the economy is actually growing.
“It is very rare to have a situation where authorities, particularly the monetary authority set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.
“Quarter by quarter when compared to the first quarter of last year, the growth is up by virtually three percent per annum above population growth compared to about the two percent achieved by this time last year.
“So, we do have the economy going the right direction. We just need to stay that course. In staying the course, help and amelioration must be given across the board”
By: Babajide Okeowo
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