Posted by Amarachi on Wed 17th May, 2023 - tori.ng
Reacting to reports blaming certain decisions taken by the present administration for the spike in inflation, the presidency stated that it is a global problem and not peculiar to Nigeria.
President Muhammadu Buhari
The presidency has responded to Nigerians blaming President Muhammadu Buhari for the inflation witnessed across the country.
Data released by the Nigerian Bureau of Statistics on Monday, May 15, had shown that the Consumer Price Index (CPI) which measures the rate of change in prices of goods and services rose to 22.22 percent in April 2023, up from 22.04 percent in the previous month.
Reacting to reports blaming certain decisions taken by the present administration for the spike in inflation, the presidency stated that it is a global problem and not peculiar to Nigeria.
Presidential spokesperson, Garba Shehu who claimed that no nation is immune to the global economic downturn triggered by the COVID-19 pandemic, added that Nigeria's situation was worsened by its heavy reliance on imported goods and the war in Ukraine.
The presidency insisted that Buhari has consistently prioritized efforts to control inflation and will continue to do so.
The statement read;
“Inflation was boosted everywhere by the COVID-19 lockdowns with severe impact on national economies due to the dislocation of manufacturing and supply chains. This is what led to fewer goods and the rises in prices of those goods reaching the market.
“Considering that Nigeria relies heavily on imports for essential products like petroleum, cooking oils, fertilizers, crop chemicals, and others, international price fluctuations significantly impact local prices. The government, unless it chooses to disregard the principles of free trade, has limited manoeuvrability in this regard.
“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-decade high of 54.1 percent before a recent decrease. Turkey’s rate is 45 percent, and Pakistan has also reported an alarming high inflation rate compared to countries with similar profiles.
“The war in Ukraine meant a rocketing in foodstuff prices leading to fear of famine in many countries, never mind inflation.
"Suggesting that the Buhari administration is not making efforts to address the surging inflation is worrisome"