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.
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.