The Nigerian Presidency has stated that the high inflation rate in the country is a global phenomenon caused by the COVID-19 pandemic and the subsequent global economic downturn. The President’s spokesman, Malam Garba Shehu, made this assertion in response to a recent media report (not The Punch) which blamed President Muhammadu Buhari’s administration for the inflationary trend.
Shehu accused the media of twisting politically sensitive facts to suit preconceived notions and said that linking the rise of inflation to Buhari’s tenure as President was a fallacy. He noted that inflation rates had risen steeply across the world due to the COVID-19 lockdowns, which disrupted manufacturing and supply chains and affected the prices of goods globally.
Shehu explained that Nigeria’s heavy reliance on imports for essential products like petroleum, cooking oils, fertilizers, and crop chemicals, meant that international price fluctuations significantly impacted local prices. He argued that this made it challenging for the government to control inflation.
Shehu cited other countries that have seen inflation rates spike, including France, where the average inflation rate of 4.1 percent from 1960-2022 had risen to 1,080.36 percent, while the UK’s rate of 10.1 percent is at a 41-year high. Ghana has also seen its inflation hit a two-decade high of 54.1 percent before a recent decrease. Turkey’s rate is 45 percent, and Pakistan has also reported an alarming high inflation rate comparable to countries with similar profiles.
He maintained that the war in Ukraine had translated into a rocketing of foodstuff prices, leading to fears of famine in many countries. While acknowledging Nigeria’s inflation rate of 22 percent as worrisome, Shehu emphasized that the Buhari administration had consistently prioritized efforts to address the volatile global cost of living crisis and would continue to do so.
In conclusion, it is necessary to focus on the global nature of the inflationary trend and avoid politicizing it. The priority of the government should be to take pragmatic steps to address the situation.
