Former Central Bank Director Urges Nigerian Government to Tackle Inflation by Curbing Deficit Expenditure

Dr. Titus Okunrounmu, a former director of the Research Department at the Central Bank of Nigeria (CBN), has sounded the alarm on the pressing need to rein in government deficit spending as a means to combat the escalating inflation gripping the nation.

Speaking with journalists in Ota, Ogun State, Okunrounmu emphasized the urgency of his call amidst the latest data released by the National Bureau of Statistics (NBS) in Abuja, revealing a surge in the inflation rate from 27.20% in October to 28.33% in November.

Expressing deep concern over the continuous upward trajectory of inflation, the seasoned economist underscored the imperative for prudent management of the national economy and strategic allocation of budgetary funds by the federal government to stimulate sustainable economic growth.

“The Federal Government must take decisive action to curb the nation’s inflation surge and exercise judicious stewardship of the economy to ensure macroeconomic stability,” Okunrounmu asserted.