Babatunde Raji Fashola, the Minister of Works and Housing, has, on Friday, defended Nigeria’s economic quaqmire, saying such a slump is not only happening in Nigeria, but across the world.
Fashola said this while speaking in a political programme on Channels Television titled, Politics Today.
During the program, the minister was shown a chart revealing indices such as a 220% increase in fertiliser prices between years 2020 and 2022, a fall of the value of Naira by 59.45%, and an increase in the cost of cooking gas by 129% within the same period of time.
Responding to this, Mr Fashola said, with a reference to global conditions, that the aggravating economic problems the country is battling are also occurring everywhere in the world, be it United States or United Kingdom.
In his words:
“I think it is perhaps not helpful to publish that spreadsheet in isolation.”
“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.
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The minister stressed further that the world entirely is in a very challenging situation, noting that not more than three days ago, CNN showed a footage of Americans stealing fuel. He added that if the fuel was cheap there, they would not be stealing it.
“So this is not an isolated occurrence that affects Nigeria only,” he said.
Mr Fashola stressed further that the Federal Government was responding to the economic challenges, revealing that the government, when Covid happened, set up an economic sustainability committee that delivered a quick solution to the difficulties that the country was battling through suitable measures. He added that the impact of the committee’s work can clearly be seen.
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