Nigeria Targets Single Digit Inflation By 2020
Nigeria is determined to crush inflation rate to single digits.
The government has set 3 years deadline to achieve this target.
Nigeria’s inflation rate, according to National Bureau of Statistics as at May stood at 16.25%, a drop from 17.24% in April.
The Minister of Budget and National Planning, Mr Udoma Udu Udoma, expressed government’s commitment to further contain the inflation rate so as to make life more meaningful to citizens.
According to him, the Central Bank of Nigeria (CBN) is saddled with the responsibility of achieving the single digit inflation rate by 2020.
“We are targeting to bring the inflation to single digit by 2020 and it is the role of the CBN to do that,’’ he said.
The minister expressed optimism that the single digit inflation rate would be achieved in spite the allegations of policy inconsistencies being leveled against the CBN in some quarters.
“I don’t think there are inconsistencies, you have different objectives and you have to balance, it’s a balancing thing, it’s not inconsistencies,” he said defending the CBN.