The Chief Executive of Financial Derivatives and popular economist, Bismark Rewane said President Bola Ahmed Tinubu’s 15 percent inflation target in 2025 is unrealistic and a mere aspiration.
Rewane disclosed on Channels Television’s program on Thursday.
DAILY reports that during Tinubu’s N49.7 trillion budget presentation before the National Assembly on December 18, 2024, he expressed optimism that Nigeria’s inflation rate would decline from 34.60 percent to 15 percent in 2025.
However, Rewane said the President’s target isn’t realistic.
According to him, Nigeria’s inflation can decline to 25 or 27 percent, but the 15 percent is unrealistic.
“Well, the target is an aspiration; the reality that we think is inflation could reduce from approximately 35 percent to somewhere like 27 percent or 25 percent, but a 15% rate on inflation is very bullish and aspirational, but we are free to have our aspirations.
“We deal in the world of reality, and in the world of reality, we see more of 27% to 25%. I would rather bet on that than bet on much more optimistic scenarios,” he said.
When Tinubu was sworn in as Nigeria’s president in May 2023, Nigeria’s inflation rate was 22.41 percent, according to official numbers by the National Bureau of Statistics, NBS.
The inflation rate rose astronomically to 34.6 percent in November 2024, more than 12 percent higher, a development that economic experts have attributed to Tinubu’s twin policies of petrol subsidy removal and unification of the foreign exchange rates.
