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Presidency says rising inflation not peculiar to Nigeria

Written by on May 17, 2023

The Presidency has risen in defence of the rising inflation rate in the country, saying the menace is global, and not peculiar to Nigeria.

Presidential spokesperson, Mallam Garba Shehu, said this in a statement made available to journalists.

The presidential claim comes as the International Monetary Fund, IMF, in a report stated that most sub-Saharan African currencies had weakened against the United States dollar.

IMF says the situation fanned inflationary pressures across the continent as import prices surged.

The presidency cited statistics from nations across the world to back its claim that the current rising inflation was a global concern worsened by the outbreak of the COVID-19 pandemic three years ago and the Russia/Ukraine war.

After extending his stay overseas, President Muhammadu Buhari has returned to Abuja after attending the coronation of King Charles III in the United Kingdom.

The President’s aircraft, which landed at the Nnamdi Azikiwe International Airport in Abuja, had departed the nation’s capital on the 3rd of May for the ceremony which took place on the 6th of May 2023.

President Buhari was scheduled to return to the country after the coronation ceremony in London, but his spokesman Femi Adesina announced an extension of his stay in the UK by a week on the advice of his dentist.

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