FG: We’re working to bring down inflation, boost economy

The federal government has assured of its determination to ensure that the inflation rate which has been on a downward trend is brought even lower as the government continues to work ways of reviving the economy.

The Minister of State for Budget and National Planning, Clement Agba, gave the assurance Wednesday at the Presidential Villa, Abuja, after briefing the Federal Executive Council (FEC) on the latest performance figures released by the National Bureau of Statistics (NBS).

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He said though the economy is making a lot of progress given its consistently good performance in recent times, the question of whether the positive indicators have had the desired impact on the lives of people is another matter.

He, however, said he could not provide a definite timeline to reduce the inflation to the level that will positively impact all Nigerians.

Agba, while reacting to a question on why the downward trend noticed in the inflation rate was yet to have impact on the lives of ordinary Nigerians, said: “First, you say the figures that were given show that there is a positive trajectory in terms of the economy. I think first we need to understand what GDP itself means. It’s the totality of the value of goods and services. It’s an indication of what is happening in the economy; when you are having more to spend, more transactions are going on.

“It means the economy itself is growing and if it is declining, and you have such a negative decline in two quarters, then we will say you are in a recession.

“And NBS has consistently given these figures, whether they are positive, or they are negative, and then we compare them either on the month-on-month basis, or year-on-year basis.

“And then we also have what those figures are annually, which tend to show us or indicate whether we are making progress or not. What those numbers show is that there’s steady progress that is being made. Whether it is far-reaching enough, is a different ball game.”