Sun. Jan 26th, 2020

Nigeria FG has Blamed Border Closure as Cause of Inflation

In the Federal Executive Council meeting yesterday presided over by President Muhammadu Buhari, the Minister of Budget and National Planning, Hajiya Zainab Ahmed said the increase in Inflation in the Month of October from 11.24% in August-September to 11.61% in October is caused by border closure.

The Minister acknowledged that Nigeria’s annual inflation rate increased to 11.61 percent in October 2019 from 11.24 percent in the previous month, reaching the highest since May of 2018.

Further speaking, Hajiya Ahmed Zainab said the borders closed in August this year would be re-opened as discussions with neighbouring States had reached an advanced stage.

The minister said the federal government expected the outcomes of the discussions and agreements would make each party to respect the protocols they all committed to in order to open the borders again, stated that “What we are doing is important for our economy.”

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