Why Nigeria Is Experiencing High Cost Of Living – Presidency

Presidential Spokesman, Garba Shehu has said Nigeria is experiencing a high cost of living because of a global crisis that has afflicted the entire world.

Speaking on Friday in an interview on Channels Television’s Politics Today, Shehu said the high cost of living in Nigeria is not peculiar to the county alone but a global issue.

According to Shehu, the global crisis such as the ongoing war between Russia and Ukraine, coupled with the COVID-19 pandemic was responsible for the country’s economic woes.

The presidential aide said the current administration has within the past eight years done well in ensuring food security and reducing the cost of living in the country.

He said: “The cost of living crisis is a global phenomenon. Nigerians need to just look beyond our shores and see how national economies are going into liquidation. See what is happening to Kenya, South Africa, Ghana, and even Europe.

“There is a global crisis that has afflicted the entire (world) globally. When Covid came, all countries of the world recessed in their economies, except perhaps China.

“This has continued to be compounded by the crisis in the supply systems warranted by the ongoing situation between Ukraine and Russia and all of that. Everyone is managing a bad situation and Nigeria is not doing badly in doing this.”

Shehu said the economic situation in the country would have worsened if the Buhari-led administration did not address the deficit in infrastructure after assuming office in 2015.

Asked why 133 million Nigerians are multidimensionally poor despite what he claimed the administration has done, Shehu said the global economy has suffered a lot of setbacks in the past few years.

He argued that the Federal Government has performed creditably in its efforts at tackling the myriads of security challenges that have bedeviled Africa’s most populous nation.