The presidential candidate of the Labour Party, Peter Obi, has said that inappropriate monetary and fiscal policy contributes to the rising inflation in the country.
Currently, the countrys inflation rate is 21.34 percent, according to data from the National Bureau of Statistics.
Obi, while speaking at Chatham House, London yesterday about his plans if elected the president of Nigeria, said the weakness of the countrys fiscal space is affecting its economy. The LP presidential candidate was responding to a question from the packed audience about how his government would relate with the governor of the Central Bank of Nigeria.
According to him, The CBN governor will maintain his independence, he will be respected. Again, it is not the problem of the person there. The CBN has the role of monitoring policy. The fiscal space is like a football field; when somebody who is supposed to play a particular wing is no longer there, you find people playing various wings.
Replacing Emefiele and putting somebody else there won’t solve the problem with that level of fiscal rascality, which is what is fuelling our inflation and our rate of exchange; these are some of the things we need to cut. As long as the government continues on that fiscal rascality, our situation will not go, Obi further stated.
