THE Federal Government on Wednesday conceded that the closure of the nation’s borders plays a major role in rising inflation.
But it has assured that the measure is temporary as the government expects the neighbouring countries to respect the ECOWAS protocols to enable the reopening of the borders.
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Answering questions while briefing State House correspondents at the end of the Federal Executive Council (FEC), presided over by President Muhammadu Buhari on Wednesday, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who said this also explained that the benefits of the border closure outweigh any the consequences.
The nation’s annual inflation rate was said to have increased to 11.61 per cent in October 2019 from 11.24 per cent in the previous month, reaching the highest since May of 2018.
It was also reported that prices rose mainly for food.