Estimated Reading Time: <1
The Federal Government has admitted that the closure of the country’s land borders is contributing to rising inflation.
According to recent figures from the Nigeria Bureau of Statistics, the headline inflation stood at 11.61 per cent as of October.
Punch Newspaper reports that, the Minister of Finance/Budget /National Planning, Mrs Zainab Ahmed, told State House Correspondents that inflation rose due to hikes in food prices arising from border closure.
She was responding to questions after the Federal Executive Council in Abuja.
Ahmed said, “Now headline inflation is at about 11:61 per cent as of the end of October. The slight increase in inflation between September and October is due to food inflation.
“And part of the reason is the border closure, but the border closure is very short and temporary and the increase is just about two basis point.”
The FEC meeting was presided over by President Muhammadu Buhari.
However, she stated that the closure of the borders was a temporary measure adopted by the government to protect the economy against trade malpractices by neighbouring countries.
“We are still discussing with our neighbours to ensure that we all respect our trade protocols, especially now that the African Continental Free Trade Area Agreement is coming into effect.”
- Niger State civil servants threaten hunger strike over pay cut
- Lagos lawmaker, Tunde Braimoh dies from COVID-19 complications
- My house has never been searched by any security agency – Abdusalami Abubakar
- Buhari will on Friday sign the revised 2020 budget into law
- British High Commission to restart visa applications for Nigerians ready to travel to the UK
- Sokoto to construct flyovers with N10.2 billion
- Nigeria’s Vice President wants probe allegation he received N4bn from Ibrahim Magu
- A total of N281 billion has so far been released to the NDDC since 2016 – here’s why the senate declared open an investigation
- Attorney General, member Nasarawa state task force test positive for COVID-19
- Nigeria begin evacuation of another batch of citizens stranded in Europe