Economy News

Fashola Speaks On Nigeria Economy

Fashola Speaks On Nigeria Economy
  • PublishedMarch 26, 2022

The Minister of Works and Housing, Babatunde Fashola on Friday defended Nigeria’s worsening economic indicators with a reference to global conditions.

According to Mr Fashola, the cost of living is not only rising in Nigeria but across the world.

He made the comment while responding to a question on Channels Television’s Politics Today.

Mr Fashola was confronted with a chart showing indices such as a 220 percent increase in fertiliser prices between 2020 and 2022, decline of the naira’s value by 59.45 percent, and rise in the cost of cooking gas by 129 percent within the same time period.

“I think it is perhaps not helpful to publish that spreadsheet in isolation,” Mr Fashola said. “What you should do is to compare it with the rest of the world. Tell me anywhere in the world where the cost of living is not rising, whether it is UK, US.

“Just three days ago, CNN was showing a footage of Americans stealing fuel and they would not be stealing it if it was cheap; these are very challenging times globally for the entire world.

“So this is not an isolated occurrence that affects Nigeria only.”

He added that the Nigerian government was responding to the economic challenges.

“When Covid happened, we responded and put up an economic sustainability committee, and we cushioned the impact of the difficult times on Nigeria through a suite of measures. And the impact and result is now there for us to see.”

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