Inflation Rate Will Return To Single Digit Under Tinubu – Sule

Governor Abdullahi Sule of Nasarawa State says Nigeria’s inflation rate of 21.09% will reduce to single digit if All Progressives Congress (APC) presidential candidate, Bola Tinubu, wins the 2023 presidential poll.

“By the time Muhammadu Buhari hands over to Asiwaju (Tinubu), we will leave the country back at 2.5 million barrels per day and inflation rate will go to single digit by the grace of God,” the governor stated on Channels Television’s Politics Today on Wednesday.

According to the data by the Central Bank of Nigeria (CBN), Nigeria’s inflation rate in May 2015 when Buhari took over leadership was 9.0%. But Nigeria’s inflation rate jumped to a 17-year high of 21.09% in October 2022, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

Also, the CBN Monetary Policy Committee (MPC) on Tuesday hiked the benchmark interest rate to 16.5% from 15.5%, its highest level since 2001.

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However, Sule blamed the wobbling economy under APC’s Buhari on dwindling oil resources.

“Nigeria made the highest money in oil and gas – in petroleum between the years 2011, 2012 and from there, it started coming down, we met about $109bn in 2011…from there it started coming down to about $90bn.

“When Buhari came to power, it came to as low as $30bn that we made in the year. For the years Buhari was there, we have not made $60bn. Now, check and see what Buhari has done, check and see what Buhari has borrowed, compared the numbers that we have had and earned from the sale of crude oil.”

The Nasarawa governor also argued that the Buhari administration has executed more infrastructure projects than the previous administration of then President Goodluck Jonathan.