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BREAKING: Federal Government accept border closure cause of rising inflation
Wednesday, November 27, 2019
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BREAKING: Federal Government accept border closure cause of rising inflation
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 .
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 .
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 . ”
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 .
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 .
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 . ”
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