A Special Adviser to the President on Economic Matters, Tope Fasua has alleged that the current inflation rates in Nigeria are not unprecedented as he stated that Nigeria witnessed severe economic turmoil three decades ago that saw inflation soar to between 60% and 70%.
He emphasized that the present government is keen to avoid a recurrence of such extreme inflationary pressures. He assured Nigerians that by the end of the month, inflation trends would begin to decrease significantly, with a sharp drop in inflation anticipated in the near future. He elaborated on the nature of inflation, explaining that when prices reach a ceiling beyond which they cannot rise, inflation hits 0%, signifying no further price increases. He stressed the importance of understanding that Nigeria’s inflation issue is not solely a domestic problem but is influenced by various external factors.
He said in an interview with Arise TV From Minute 8:17, ”This is not the highest inflation crisis that we’ve had in this country. We have had a serious economic crisis 30 years ago which shot things up to 60% to 70% inflation in this country. We are trying never to get to that point again and never to get to what countries like Egypt and Ghana have been through. By the end of this month, you are going to see the number trending down and at some point in time, the inflation would drop like a rock.
At some point when prices get to a certain point and you can’t increase anymore, that is 0% inflation. So you can’t go up anymore. We also need to understand the kind of inflation that we are dealing with, it’s not something that Nigeria alone can solve. The Chief driver of our inflation is food inflation, what is happening in that space and what is the response from the agricultural sector? The agric minister is expanding the sector, we have about 130,000 hectares of dry season farming in 15 states and they have been cultivated already to push that food out.”….See More