Nigeria is on the right economic path as government is doubling efforts to increase agricultural production to ease high inflation.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy said this on Channels Television on Sunday.
He added that agricultural output is up to bring down inflation.
This follows the 16th consecutive increase of the country inflation. The inflation rate was 33.36 % in April which has a great effect on purchasing power of income earners.
The inflation rate increased by 11.47 percentage points year-on-year compared to 22.22 percent it stood last April, it decelerated month-on-month by 0.73 percent. On a month-on-month basis, the inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).
“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024,” the National Bureau of Statistics said.
The government has embarked on certain measures to ensure relative stability and improve the living conditions of the people in other to revamp the economy. Edun added.
“Provision of food, cheaper transport and creation of jobs are being focused on,” he said.
“It does take time for positive outcomes to be felt, but we’re working on improving the citizen’s purchasing power,” he added.
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