The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.
The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on Tuesday during a presentation of Nigeria’s Development Report for the first six months of 2021, in Abuja.
Hernandez also said that the inflation is set to push 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.
According to him, insecurity and conflict as well as the COVID-19 pandemic are responsible for the challenges.
Meanwhile, Governors elected on the platform of the Peoples Democratic Party (PDP) on Monday raised an alarm over the rate at which the All Progressives Congress (APC) is borrowing money to fund projects in the country.
This formed part of the resolutions reached at the end of the meeting of the PDP Governors’ Forum held in Uyo, the Akwa Ibom State capital.
“Money should only be borrowed for productive purposes as Nigeria’s current debt of over N36 trillion is becoming clearly unsustainable relative to our earnings and GDP.
“We should not saddle incoming generations with an undue debt burden. The borrowing spree of the APC administration if unchecked will certainly lead Nigeria into avoidable bankruptcy,” a communique issued at the end of the meeting read in part.
Credit: channelstv.com
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS