The Inflation rate in Nigeria is higher than the 21.47% that the National Bureau of Statistics has disclosed as the current rate for the month of November.
Nnaemeka Obiareri, the Managing Director of Taurus Capital made this known while speaking on the TVC News Breakfast Show on Monday Morning.
He added that the current figure by the NBS as the current Inflation rate is quite surprising wondering which parameters are being used by the agency.
Mr Obiareri added that what we currently have is a case of accumulated set of factors that have combined both from the Monetary and Fiscal side to produce the runaway inflation.
He disclosed that the Inflationary trend is caused by too much money in the hands of a few people who are making it difficult for prices to come down because too much money is chasing too little demand.
He gave examples of prices of products between now and 2015 to back his reasons for disputing the figures of the NBS on Inflation.
He compared the prices of Petroleum products like Diesel which sold for less than 200 and is now over 800 Naira and that of Premium Motor Spirit which was less than 100 but is now selling for between 250 and 300 Naira in most parts of Nigeria except Lagos.
He disclosed that Transport Costs, Food Prices and everything is going up.
Going Further, he added that peer Nations with Nigeria have Inflation rate of less that 8% but wondered what Nigeria needs to do right to be where we need to be.
He disclosed that the nation needs to produce more to tame Inflation across the Country.
According to Mr Obiareri, food inflation in Nigeria should not be there and if at all its there should not be more than 5% because of the incomparable level of arable land of 82 Million Hectres of arable farm Land in the country.
He posited that doing the right thing will aid the nation in getting to where it should be.
