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Economist tasks FG on inflationary rates

by TrendFlow on July 18, 2022 • 11:07 am20

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Prof.

Tunde Adeoye, Senior Lecture in Economics at the University of Lagos, on Monday appealed to the Federal Government to tackle insecurity and fuel scarcity more seriously.

Speaking with the News Agency of Nigeria at Ota, Ogun, he said the twin challenges had contributed gravely to spiralling inflationary rate.

The National Bureau of Statistics had stated on Friday that the nation’s inflationary rate increased from 17.7 per cent in May to 18.6 per cent in June.

The June rate marked the seventh consecutive rise in inflationary rates.

Adeoye said also that the Russia-Ukraine war had impacted negatively on Nigeria’s inflationary rate.

“Farmers no longer cultivate crops because of insecurity.

“In addition, the cost of taking farm produce to markets is high because of fuel scarcity and highway extortion by security operatives.

“All these trigger prices of goods to rise and translate to higher inflationary rate,’’ he stressed.

Adeoye also urged the Federal Government to provide the enabling environment for the productive sector to thrive so that more goods and services could be provided.

NewsSourceCredit: NAN

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