FG Targets Single Digit Inflation By 2020

The Federal Government is targeting a single digit inflation rate by the year 2020, the Minister of Budget and National Planning, Mr. Udoma Udo Udoma, has said.
Mr Udoma said the government is doing all in its power to achieve the feat in other to make life more meaningful to the citizens.

According to him, the Central Bank of Nigeria (CBN) is saddled with the responsibility of achieving the single digit inflation rate by 2020.

Data released by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) May 2017 report on June 14, showed that the nation’s inflation dropped to 16.25 per cent in May from 17.24 per cent in April.

The decline is the fourth consecutive in the rate of inflation since January, 2017.

“We are targeting to bring the inflation to single digit by 2020 and it is the role of the CBN to do that,’’ Udoma said.

“I don’t think there are inconsistencies, you have different objectives and you have to balance, it’s a balancing thing, it’s not inconsistencies.’’

The minister said the government will not renege in its responsibility to return to the January-December Budget Year cycle, adding that the 2018 Budget will be submitted to the National Assembly in October.

 “We want to move back into a January-December budget year because even though the Act that the NASS passed and signed into law allows 12 months which means that this budget just signed has a 12-month lifespan, but it is not the best.

“People need to plan carefully with the January-December budget cycle.

“After the budget was passed, we engaged with the leadership of the NASS, the executive team led by the Acting President and we agreed that we will bring the 2018 budget by the beginning of October.

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