APC Apportions Blames To Tinubu For Increase In Price
He remarked on Channels Television’s The Morning Brief program on Tuesday, “I don’t think the price of fuel is a major problem; what is not improving and what is causing most of this problem is the rate at which our naira is priced against the dollar.”
“Yesterday, I took a seat and gave it a close look. Since we are still paying less than 60 cents for gasoline, the depreciation or undervaluation of our naira is what we are seeing, not an increase in fuel prices.
Fuel prices will rise as long as no one looks for ways to support the value of the naira, and this will have an effect on the costs of living”.
He forecast that by the following month, when the September inflation data are made public and take into consideration the current gasoline prices, inflation will have gotten worse.
Despite a slight recent improvement in food costs, the economist warned that things could quickly turn bad.
“After the current petroleum price is factored into the inflation figure for September, we would come back here and discuss it and see that some other things have gone up while the food that we think has been a bit positive maybe not be that positive come September,” Oyalowo stated.
“We would come back next month and things are likely going to get worse.”
References and Citation
channelstv.com – APC Chieftain Blames Naira Devaluation, Not Fuel Prices, For Inflation
pulse.ng – APC chieftain blames Tinubu’s policy for rising inflation
naijnews.com – Not Fuel Prices’ – APC Chieftain Reveals Cause Of Escalating Inflation Rate
guardian.ng – APC Chieftain Reveals Cause Of Escalating Inflation Rate
