In response to a piece in The Guardian titled “Buhari Leaves Inflation at Highest in 17 Years,” the Presidency reacted swiftly to the Tuesday 16th May report.
The headline inflation rate, which was in the single digits when President Muhammadu Buhari took office in 2015, has increased to 22.22 percent, the highest level in 17 years, according to the report.
The President’s spokeswoman, Garba Shehu, accused The Guardian in a statement of manipulating the truth and causing trouble.
“These days, the Guardian newspaper is at its best when it comes to twisting politically-sensitive facts to suit its preconceived notions.”
“In one of its highest fallacies, the paper this morning is tieing the rise of inflation to its 17-year high to the person of the President, Muhammadu Buhari who leaves office in exactly two weeks from this day,” the statement said.
Shehu confirmed that the stubborn high inflation “is a worldwide problem and no nation is immune to it since the global economic downturn triggered by the COVID-19 pandemic”.
He named several countries whose economy are currently plagued by rising inflation, including France, the United Kingdom, Pakistan, Turkey, and Ghana.
“While Nigeria’s reported inflation rate of 22 per cent is undoubtedly high and worrisome, it would be incorrect to suggest that the Buhari administration is not making efforts to address the volatile global cost of living crisis. President Buhari has consistently prioritised efforts to control inflation and continues to do so,” he concluded.
The conflict in East Europe and COVID-19 did indeed start runaway inflation, but prices are already falling globally. However, inflation in Nigeria is still on the rise.
