By Yusuf Olukokun
The Minister of Finance and Coordinating Minister of the Economy has passionately declared how the economy is still expanding even with inflation and the anti-inflationary measures that have been put in place.
The Minister made mention of this while on Channels Television for ‘Politics Today’ on Sunday.
According to National Bureau of Statistics (NBS) in its consumer price index, inflation moved from 31.70% in February to 33.20% in March, while food inflation has also skyrocketed to 40%.
Wale said President Tinubu has achieved growth and immeasurable stability in his first year in office.
He specifically analyzed the logic behind raising loan interests, maintaining that the move was to fight to inflation to attract Foreign Direct Investment (FDI), which has proved successful.
The Minister of Finance said, “On the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where authorities, particularly the monetary authority set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.”
“Quarter by quarter when compared to the first quarter of last year, the growth is up by virtually three per cent per annum above population growth compared to about the two per cent achieved by this time last year. So, we do have the economy going the right direction. We just need to stay that course. In staying the course, help and amelioration must be given across the board.
“I have talked about help that should be given to farmers and consumers. There is also help for small and medium scale businesses. By Monday, the economy stabilisation plan that deals with the factors affecting big businesses and industry will be on Mr President’s table so that they too can stabilise, begin investment again, create jobs and grow the economy.”
