The federal government has admitted that the closure of the country’s land borders is contributing to rising inflation.
This was disclosed by the minister of finance/budget /national planning, Mrs Zainab Ahmed on Wednesday, November 27.
Ahmed told correspondents attached to the Presidential Villa that inflation rose due to hikes in food prices arising from border closure.
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She, however, 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,” she said.
Recent figures from the Nigeria Bureau of Statistics showed that the headline inflation stood at 11.61 per cent as of October.
Apart from the border closure, the federal government also announced the suspension of diesel and petrol supply to filling stations within 20 kilometres radius to all Nigerian borders.
Comptroller-General of the Nigeria Customs Service, Hameed Ali, issued the directive in a memo on Thursday, November 6.
Meanwhile, Former President, Chief Olusegun Obasanjo, on Tuesday, November 25, affirmed his support for the Nigerian government to close its land borders.
The former Nigerian leader urged Benin Republic, to change its ways for a harmonious bilateral relationship with Nigeria, stressing that Benin’s notoriety for economic sabotage was not new and has undermined Nigeria's economic well being for years.
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