RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Presidency Responds to Inflation Claims, Highlights Global Impact.

Rate Captain by Rate Captain
May 17, 2023
in Economy, macroeconomy
Reading Time: 2 mins read
A A
0
Buhari and state governments get N651 million hardship allowance.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Presidency has responded to claims linking the rise in inflation in Nigeria to the administration of President Muhammadu Buhari. In a statement by Malam Garba Shehu, the President’s spokesman, it was emphasized that high inflation is a global problem and not unique to Nigeria. Shehu dismissed the notion that President Buhari is responsible for the current inflationary trend, stating that it is a result of the global economic downturn and the impact of the COVID-19 pandemic.

Shehu criticized The Guardian newspaper for publishing what he described as politically biased information, accusing them of twisting facts to suit their own agenda. He highlighted that inflation has been exacerbated worldwide due to the COVID-19 lockdowns, which disrupted manufacturing and supply chains, leading to an increase in prices of goods across the globe.

AlsoRead

OPEC+ Voluntary Cuts Raise Potential for $100 Oil in 2024

FMDQ Exchange Records N21.70 Trillion Secondary Market Turnover in October

NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

The presidential aide further explained that Nigeria’s heavy reliance on imports for essential products such as petroleum, cooking oils, and fertilizers makes the country susceptible to international price fluctuations. He emphasized that the government has limited control over these price fluctuations unless it disregards the principles of free trade.

Shehu provided examples of other countries experiencing high inflation rates, including France, the United Kingdom, Ghana, Turkey, and Pakistan. He stated that these countries are also grappling with the challenges of rising prices, emphasizing that Nigeria is not alone in facing the volatile global cost of living crisis.

While acknowledging that Nigeria’s inflation rate of 22 percent is concerning, Shehu reiterated the government’s commitment to addressing the issue. He affirmed that efforts are being made to control inflation and that the administration will continue to prioritize measures to mitigate its impact on the Nigerian economy.

In conclusion, the Presidency refuted claims that President Buhari is solely responsible for the high inflation rate in Nigeria. The statement emphasized that inflation is a global issue influenced by various factors, and the government is actively working to manage the situation and mitigate its effects on the country’s economy.

Previous Post

UK Government to Grant 45,000 Visas for Seasonal Agricultural Workers.

Next Post

Ecobank- ETI Shareholders Approve Accounts and Appropriate Profits for 2022

Related News

Oil Prices Waver Near $80 as OPEC+ Meeting Looms and Supply Concerns Persist

OPEC+ Voluntary Cuts Raise Potential for $100 Oil in 2024

by Akpan Edidong
December 1, 2023
0

Global oil prices are anticipated to rise in the upcoming year following voluntary output cuts announced by some OPEC+ members....

FMDQ Exchange Records N21.70 Trillion Secondary Market Turnover in October

FMDQ Exchange Records N21.70 Trillion Secondary Market Turnover in October

by Stephen Akudike
November 30, 2023
0

In its monthly report for October, FMDQ Exchange has disclosed a secondary market turnover of N21.70 trillion. While this figure...

NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

by Stephen Akudike
November 30, 2023
0

The Nigeria Deposit Insurance Corporation (NDIC) is set to embark on a robust campaign to recover a staggering N400 billion...

FG Obtain $300 Million World Bank Palliative Loan

2024 Budget: N6.7tn to Defence, Education, and Infrastructure as FG Targets N10.4tn in Tax Revenue

by Victoria Attah
November 30, 2023
0

In a bid to address key areas of national development, the President Bola Tinubu-led administration has outlined a comprehensive budget...

Next Post
Ecobank- ETI Shareholders Approve Accounts and Appropriate Profits for 2022

Ecobank- ETI Shareholders Approve Accounts and Appropriate Profits for 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira Faces Fresh Challenges as It Surpasses N1,160 Against Dollar

Naira Experiences Marginal Decline at Official Market, Intraday High Hits N1,137.

December 1, 2023
NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

December 1, 2023

Popular Story

  • Standard Chartered Bank Job Opening: Data Analyst

    Standard Chartered Bank Job Opening: Data Analyst

    0 shares
    Share 0 Tweet 0
  • NGX Witnesses Bullish Trends with 3.08% Surge in All-Share Index

    0 shares
    Share 0 Tweet 0
  • NDIC Guides Depositors to Recover N400 Billion Debt from Failed Banks

    0 shares
    Share 0 Tweet 0
  • South Africa Adopts Measures to Exit Global Watchdog’s Grey List

    0 shares
    Share 0 Tweet 0
  • Bitcoin Surpasses $38,000 Mark: Here’s Why

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>