According to Festus Keyamo, Minister of State for Labour and Employment, the country experienced the highest inflation rate in its history under former President Olusegun Obasanjo.
WITHIN NIGERIA reports that the Chief Spokesperson for the All Progressives Congress (APC) Presidential Campaign Council stated this during an interview on Arise TV on Monday.
The minister also denied media reports that President Muhammadu Buhari’s inflation rate is the highest in the country’s history.
He claimed Obasanjo and former Vice President Atiku Abubakar presided over the highest inflation rate in history, which was 28 percent in 2005.
This is not the highest inflation rate. In 2005, under Obasanjo and Atiku, we had a 28 percent inflation rate. Under Obasanjo and Atiku, we had the highest, Keyamo said.
Keyamo also stated that if the APC’s flagbearer, Bola Tinubu, is elected president, he will build on Buhari’s legacy in terms of the economy and security, among other things.
According to Tradingeconomics.com, Nigeria’s annual inflation rate increased for the tenth consecutive month to 21.47% in November 2022, up from 21.09% in October and above market expectations of 21.15%.
It was the highest reading since September 2005, owing to food supply disruptions, increases in import costs due to currency depreciation, and an increase in production costs.