Connect with us

Hi, what are you looking for?

Culture and Arts

Nigeria strategises to beat inflation by 2020

PIC 19. From Left. Minister of Finance, Mrs Kemi Adeosun; Vice President Yemi Osinbanjo and Minister of Budget and National Planning, Sen. Udoma Udo Udoma during the 2nd Presidential Business Forum at the Presidential Villa in Abuja on Monday (23/1/17). 00646/23/01/2017/CHIDI OHLETE / ICE/NAN

Nigeria has resolved to bring down the inflation rate to a single digit by 2020 and rates dip consecutively in four months.

The National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) May 2017 report, released in Abuja on June 14, indicated that the country’s inflation dropped to 16.25 per cent in May from 17.24 per cent in April.

According to the report, this is the fourth consecutive decline in the rate of inflation since January.

The bureau stated that the headline index increased by 1.88 per cent in May 2017, 0.28 per cent points higher than the rate of 1.60 per cent recorded in April 2017.

However, the Minister of Budget and National Planning, Mr. Udoma Udu Udoma, expressed government’s commitment to further contain the inflation rate so as to make life more meaningful to the citizens.

According to him, the Central Bank of Nigeria (CBN) is saddled with the responsibility of achieving the single digit inflation rate by 2020.

“We are targeting to bring the inflation to single digit by 2020 and it is the role of the CBN to do that,’’ he said.

The minister expressed optimism that the single digit inflation rate would be achieved in spite the allegations of policy inconsistencies being leveled against the CBN in some quarters.

He said: “I don’t think there are inconsistencies, you have different objectives and you have to balance, it’s a balancing thing, it’s not inconsistencies.’’

On plans to submit the 2018 budget to the National Assembly by October, the minister said government was determined to return to the January-December Budget Year cycle.

“We want to move back into a January-December budget year because even though the Act that the NASS passed and signed into law allows 12 months which means that this budget just signed has a 12-month lifespan, but it is not the best.

“People need to plan carefully with the January-December budget cycle.

“After the budget was passed, we engaged with the leadership of the NASS, the executive team led by the Acting President and we agreed that we will bring the 2018 budget by the beginning of October.

“This will enable them to work on it and possibly pass it before the end of December so that by January 2018 we can start implementing the budget,’’ he added.

Udoma also explained why the 2017 budgetary allocation to the nation’s agricultural sector was low when compared to other sectors of the economy.

According to him, agriculture is for the private sector and the government has no plan to take over the farms and factories from the farmers.

He specifically noted that the role of government was to provide the enabling environment for the farmers to succeed.

The minister said: “Agricultural production is for the private sector; we don’t want to take over that from the private sector; we don’t want to take over farms from the farmers.

“We want the farmers to produce; we don’t want to take over factories from their owners.

“What government does is to provide an enabling environment because government is not as efficient as the private sector ,when we say we want to support agriculture, it does not mean we are going to do it ourselves and what is required is to support agriculture.’’

Avatar photo
Written By

“Montage Africa” is built to be a truly inspirational lifestyle magazine.


On Monday, March 6th 2023, BUILD Nigeria, a registered youth-led nonprofit providing low-income Nigerian students with opportunities to study at world-class universities, announced that all...


In this interview with ABBANOBI – EKU ONYEKA in his office in Abuja, the President, of Kubwa Hotel Owners Association, Kubwa, Abuja the Federal...


Nearly 200 people march in Bangui, the capital of the Central African Republic, in support of China and Russia, four days after nine Chinese...


At only nine years old, Adejoke Lasisi began learning to weave aso-oke under the watchful eyes of her mother. It would take her another 15 years...


SAP SE (NYSE: SAP) today announced GROW with SAP, a new offering to help midsize customers adopt cloud ERP that enables speed, predictability and continuous...


Reuters  South Africa’s rand strengthened against the dollar in early trade on Tuesday after efforts by regulators to allay fears over the global banking...


Zimbabwe is turning to coal from China to boost its power supply. The country is struggling to meet its needs as power cuts can last up to 19 hours a day. The economy...


The Nigeria Labour Congress (NLC) has declared a nationwide strike for public workers over fuel and cash scarcity in the country. Speaking on Wednesday,...


By Nick Said The recent World Cup in Qatar has been a massive boost for African football and provided a newfound respect for the...


Gabonese President Ali Bongo Ondimba hosted his French counterpart Emmanuel Macron in Libreville with several Central African heads of state at a summit on...


South Africa’s ruling party, the African National Congress (ANC), on Thursday voted against a motion for an inquiry into alleged widespread corruption at the...


Senegal President Macky Sall on Wednesday urged police to take all appropriate measures to ensure security following deadly protests over the trial of opposition...