Youth Party kicks as Nigeria records highest inflation rate in four years

Youth Party kicks as Nigeria records highest inflation rate in four years

…says APC, Buhari have failed Nigerians
The Youth Party has urged the federal government to step up efforts to tackle insecurity, review some of its monetary policies and take urgent measures towards reforming key sectors of the Nigerian economy so as to tackle rising inflation and alleviate the sufferings of Nigerians.

The Youth Party, in a statement by its Chair, Tomiwa Aladekomo, expressed disappointment over the mismanagement of the economy by the Federal Government which it noted has continued to drive inflation and unemployment, thereby inflicting pain and hardship on citizens.

The Party was reacting to the March 2021 Consumer Price Index/Inflation Report released by the National Bureau of Statistics (NBS) on Thursday. The data revealed that Nigeria’s inflation rate has continued to rise as the Consumer Price Index (CPI) which measures inflation increased to 18.17 per cent (year-on-year) in March; the highest reported in four years, since April 2017.

The Party noted that the new data from the NBS is a clear indication that the nation is heading towards a severe economic crisis under the President Muhammadu Buhari-led APC government.

Aladekomo, while charging the government to support macroeconomic policies that will drive growth he further called for a deliberate policy of investing in infrastructure, among others, to ease the means of doing business in the country.

Noting that the APC-led government has failed to deliver real dividends of democracy to citizens of the country, he added that all indices of social and economic development in the country, including the worsening security situation, were in the negative.

According to him, “While many Nigerians are struggling to stay alive, we continue to receive news of rising inflation with unemployment rate growing at frightening dimensions; insecurity is worsening, the cost of transportation has quadrupled, plus the continued decline in domestic and direct foreign investments, all due to the uncertainty created by Federal Government’s management of the socioeconomic issues.

“We must act now before the situation worsens.”