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2023 Budget Defence: FG Tackling Nation’s Growing Inflation Trend Squarely ― Minister

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Wednesday said that the Federal Government was putting adequate measures in place to address the nation’s growing inflation trend.

This came just as the minister disclosed that more scanners had been procured to be installed at the Nigerian ports to make them more resourceful and attractive and discourage the country from using other foreign ports.

The minister made the revelations in Abuja while appearing before the House of Representatives Committee on finance for 2022 budget performance and the 2023 budget defence.

The minister while responding to the question by the Chairman of the committee, Hon. James Faleke on whether there were efforts to arrest the growing inflation in the country which he said had become a concern to many Nigerians explained that the Russian-Ukraine conflict and the decision of some central banks in US and Europe affected the fiscal activities in Nigeria.

Shet stated that President Muhammadu Buhari had directed national food security council to brainstorm and make recommendations on the way forward.

According to her, “On inflation, it’s a very serious situation where Nigeria’s inflation is now 23%. The inflation in Nigeria has a number of components, one of them is imported inflation, occurrences in other countries also affects Nigeria. For example the war in Ukraine and Russia has an impact on Nigeria in the sense that some of the inputs for food production are affected. Also the decisions taken by the central banks in USA, Europe on monetary tightening has also an impact on their own level of inflation that also affects our country.

“But in Nigeria we also have food inflation, and because of the high cost of diesel we find this showing up in food prices, so when farmers produce their goods and they have to transport them to market the increasing cost of transportation is impacting the food. What the central bank is doing vis continuing to monitor inflation by money tightening and mopping up liquidity.

“On the side of the government, the president has authorized the national food security council and we have held a meeting on how some support will be provided. The committee will be meeting again in the next couple of days to provide recommendations to Mr. President.”

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