The Nigerian Government Urged to Implement Fiscal Measures to Combat Inflation – CPPE Advises

Encouraging the activation of fiscal tools to address inflation, the Centre for the Promotion of Private Enterprise (CPPE) emphasized the need for immediate action by the Nigerian government.

In response to the recent increase in Nigeria’s headline inflation rate, Muda Yusuf, the Director of CPPE, highlighted the importance of leveraging all available fiscal measures.

April 2024 recorded a rise in Nigeria’s inflation rate to 33.69%, according to reports by NewsNow.

CPPE further recommended that the Central Bank of Nigeria intensify efforts to tighten monetary policies, including interest rate adjustments which had reached 22.75% in March.

Concerns were raised by CPPE over the persistent inflationary pressures within the Nigerian economy, citing their adverse effects on purchasing power and business operational costs.

Despite the minimal moderation in key inflation drivers, the organization underscored the necessity for the Monetary Policy Committee to temporarily ease its tightening monetary approach.

Businesses are still grappling with the aftermath of recent rate increases, and CPPE suggested a pause on monetary tools while focusing on utilizing fiscal policy instruments to address supply-side influences on inflation dynamics.

NewsNow highlighted the escalating economic hardship experienced by Nigerians, as food inflation surged to 40.53% in April.

The post The Nigerian Government Urged to Implement Fiscal Measures to Combat Inflation – CPPE Advises appeared first on NewsNow Nigeria.

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