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Finance Minister admits Real Cause of Inflation

MINISTER of Finance, Budget and National Planning, Mrs. Zainab Ahmed Wednesday said that closure of the nation’s borders contributed to the rising inflation in the country.

The Minister however assured that the closure is temporary as government expects the neighbouring countries to respect the ECOWAS protocols to enable the reopening of the borders.

The nation’s annual inflation rate was said to have increased to 11.61 per cent in October 2019 from 11.24 per cent in the previous month, reaching the highest since May of 2018.

It was also reported that prices rose mainly for food.

But the Minister of Information and Culture, Alhaji Lai Mohammed in what appears to be a contrary view on the rising inflation said that the benefits for border closure far surpasses the very little increase in inflation.

The Minister of Finance, Budget and National Planning, Mrs Ahmed and the Minister of Information and Culture, Alhaji Mohammed spoke while fielding questions from State House correspondents after the weekly Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

The Finance Minister during the briefing explained that despite the closure of borders and the complaints by some Nigerians on the negative effects, its benefits outweigh any hardship people may be complaining about.