Labor Party presidential candidate Peter Obi has said that inadequate monetary and fiscal policy contribute to rising inflation in the country. Currently, the country’s inflation rate is 21.34 percent, according to data from the National Statistics Office.
Obi, speaking at Chatham House, London, on Monday about his plans if he is elected president of Nigeria, said weak fiscal space in the country is hurting its economy.
Obi was responding to a question from the packed audience about how his government would relate to the governor of the Central Bank of Nigeria.
“The CBN governor will maintain his independence, he will be respected. Again, it is not the problem of the person who is there. The CBN has a policy monitoring function. Fiscal space is like a football field. When someone who is supposed to play a particular wing is no longer there, you find yourself with people playing multiple wings,” he said.
“Replacing Godwin (Emefiele) and putting someone else in there, with that level of fiscal mischief, which is what is fueling our inflation and our exchange rate (it won’t do much)… are some of the things we have to cut . As long as the government continues with this fiscal scoundrel, our situation will not improve,” Obi said.
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