Reports by the National Bureau of Statistics (NBS) and other monitors of the Nigerian economy confirming a decline in inflation rate to 11.31% in February 2019, indicate that the “robust economic policies of the administration of President Muhammadu Buhari are achieving their planned goals,” the Buhari Media Organisation has said.
In a statement by its Chairman, Niyi Akinsiju, on Tuesday in Abuja said the latest fall in inflation rates has put more money in the pockets of Nigerians.
“The continued downward trend of inflation rate in Nigeria from an annual average of 12.46 per cent in 1996 until now at 11.31 is indicative of the impact of the policies of the administration designed to put the economy on a sound footing.
“The falling prices of food in particular affirm that the drive to boost agricultural production in Africa’s biggest democracy is yielding the desired result, especially the attainment of 98 per cent sufficiency in domestic rice production”.
BMO noted that the findings by the NBS that the year-on-year food price level declined by 0.04 per cent to 13.47 per cent in February 2019, including prices of fish, bread and cereals, potatoes, yam and other tubers, meat, vegetables, oils and fats and fruits, testify to the efficacy of the economic diversification drive of the administration in which the boosting of agriculture is a key pillar.
The group noted that farmers’ access to high quality seeds and other agricultural inputs with price support from the Federal and state governments through the Anchor Borrowers Programme (ABP) for dry season farming, boosted yields from irrigation farms where grains and vegetables were grown and are being harvested in large quantities.
