₦airaland Forum

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that Nigeria’s economy is experiencing appreciable growth that may see the high inflation rate in the country come down drastically in a few months. Edun made the revelation when he was featured as a guest on Sunday’s edition of Channels Television’s Politics Today.

The National Bureau of Statistics reported in its April consumer price index that Nigeria’s inflation rate rose to 33.20 per cent in March 2024 — up from 31.70 per cent in February

According to the bureau, food inflation also surged to 40.01 per cent in the month under review. But the minister reiterated on Sunday that the situation was under control as the reforms and economic policies of President Bola Tinubu are gradually paying off.

He said, “Mr President has achieved relative growth and stability in his first year in office. The necessary fallout of the measures that had to be taken were higher interest rates to fight inflation and attract foreign currencies which was successful. In terms of inflation, it is coming down. It is expected and projected to come down over the next few months.

“On the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where authorities, particularly the monetary authority set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.

“Quarter by quarter when compared to the first quarter of last year, the growth is up by virtually 3 per cent per annum above population growth compared to about the 2 per cent achieved by this time last year. So we do have the economy going in the right direction. We just need to stay that course. In staying the course, help and amelioration must be given across the board.

“I have talked about help that should be given to farmers and consumers. There is also help for small and medium-scale businesses. By Monday, the economy stabilisation plan that deals with the factors affecting big businesses and industry will be on Mr President’s table so that they too can stabilise, begin investment again, create jobs, and grow the economy

Racoon:
Which economy is [/b]this fool[b] talking about? Same one the common man can't even meet basic life necessities now? Does this man fully knows what galloping inflation of two-digits range does to a country’s economy? The Federal Government of nigeria seems to be in a repetitive pattern of borrowing and debt servicing, creating what could be described as a financial carousel.

By adopting this method of debt management, concerns are heightened regarding the sustainability of the govt’s fiscal approach. Questions arise about the long-term implications on investor confidence and nigeria’s creditworthiness, considering the pressing need for a more durable economic growth path and fiscal stability.What kinds of dunce heads is Nigeria just unfortunate to have in government?

Sangoamadioha1:
You know you can pass your information without abuse, it somehow makes your comment childish.
We know say you dey vex, but try conveying your point less emotionally.

Racoon:
“On the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where authorities, particularly the monetary authority set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.
“Quarter by quarter when compared to the first quarter of last year, the growth is up by virtually 3 per cent per annum above population growth compared to about the 2 per cent achieved by this time last year. So we do have the economy going in the right direction. We just need to stay that course. In staying the course, help and amelioration must be given across the board.
“I have talked about help that should be given to farmers and consumers. There is also help for small and medium-scale businesses. By Monday, the economy stabilisation plan that deals with the factors affecting big businesses and industry will be on Mr President’s table so that they too can stabilise, begin investment again, create jobs, and grow the economy

Rita7asep:
On the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where authorities, particularly the monetary authority set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.