The Minister of State for Labour and Employment, Festus Keyamo, has said the country experienced the highest inflation rate in its history under former President Olusegun Obasanjo.
reports that the Chief Spokesperson for the Presidential Campaign Council of the All Progressives Congress (APC) stated this during an interview on Arise TV on Monday.
The minister also denied media reports that the inflation rate under President Muhammadu Buhari is the highest in the history of the country.
He said Obasanjo and Atiku Abubakar, who was a former Vice President, presided over the highest inflation rate which was 28 percent in 2005.
“This is not the highest inflation rate. In 2005, under Obasanjo and Atiku, we had a 28 percent inflation rate. Under Obasanjo and Atiku, we had the highest,” Keyamo said.
Keyaamo also said the APC flagbearer, Bola Tinubu, would build on Buhari’s legacy in terms of economy and security, among others, if elected president in the forthcoming elections.
According to Tradingeconomics.com, the annual inflation rate in Nigeria accelerated for the 10th straight month to 21.47% in November of 2022 from 21.09% in October and above market estimates of 21.15%.
It was the highest reading since September of 2005, attributed to food supply disruptions, import cost hikes due to currency depreciation, and a rise in production costs.
