Federal Govt' Admits Border closure is contributing to rising Inflation.

The closure of the country’s land borders is contributing to rising inflation says Federal Government.

The headline inflation stood at 11.61 per cent as of October according to recent figures from the Nigeria Bureau of Statistics.

Mrs Zainab Ahmed, the Minister of Finance/Budget /National Planning,  explained to the State House Correspondents that inflation rose due to hikes in food prices arising from border closure.
She was responding to questions after the Federal Executive Council in Abuja.

However, she stated that the closure of the borders was a temporary measure adopted by the government to protect the economy against trade malpractices by neighbouring countries.

“We are still discussing with our neighbours to ensure that we all respect our trade protocols, especially now that the African Continental Free Trade Area Agreement is coming into effect.”

The FEC meeting was presided over by President Muhammadu Buhari.