The problem of poverty in Nigeria is now further compounded by the current biting inflation. The governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso said this on Tuesday. He said the current inflationary pressure is pushing Nigerians into different categories of poverty.
Recall that the National Bureau of Statistics (NBS) in its June Commodities Price Index (CPI) report, said the country’s headline inflation rose to 34.19 per cent, with an increase in food inflation to 40.87 per cent.
Cardoso, who spoke at the end of the monetary policy committee (MPC) meeting in Abuja, said controlling inflation is in the best interest of Nigerians as the vast effect of the pressure will continue to erode purchasing power of citizens with an increase in the country’s poverty level.
He said, “Purchasing power is getting eroded, people are being pushed into different categories of poverty, and it is in their own interest that we are able to tame the scourge of inflation. If not, the ramifications will also be for them.”
While giving stating that the pangs of poverty and inflation are not being felt by the average Nigerians alone, the CBN governor said the rich also cry. He said, “It is not on the average man alone, it will also be for them and we understand the need for growth and we also understand that it is relatively challenging when you have high interest rates.
“I believe that it is so fundamental to the long-term future and stability of our economy, that inflation should be brought under control.”
