Annual Clinton Global Initiative
Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala. (Photo courtesy of foreignaffairs.com)

Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, has asked Nigerians not to nurse fears that the spending by the public and the private sectors ahead of the 2015 general election in Nigeria will trigger inflation.

Highlights:

  • There have been fears that election spending will trigger inflation in Nigeria
  • Nigeria’s Finance Minister says inflation rate will not rise
  • There is no good price control system in Nigeria
  • Funds are already exchanging hands, with cost of forms for presidential aspirants put at over 20 million
  • Crude oil prices are dropping as a result of Shale oil discovery

Details

In a message at the end of the IMF and World Bank meeting held in Washington DC on Saturday, the Minister said that Nigeria had put in place measures that would help cushion the effect of the spending during the political campaigns and after the elections.

There are already huge sums of money exchanging hands with the cost of forms for presidential aspirants put at over 20 million Naira by top political parties in Nigeria.

Two All Progressives Congress’ presidential aspirants, Atiku Abubakar and General Muhammadu Buhari, have paid for forms.

Excess money in the system could lead to lots of money chasing fewer goods. This is the fear that Nigerians have expressed that Dr Okonjo-Iweala tried to address in her statement.

The fears are being expressed based on the fact that Nigeria does not have a good price control system.

Assurance

She assured Nigerians and members of the international community that the nation’s financial system had remained stable, as a result of the measure that the government had put in place.

“Activities leading to the polls will not in any way lead to an increase in inflation rate. There have been policies that we have put in place.” she said.

Nigeria has witnessed a drop in the sales of crude and the price of crude is also dropping in the international market, something that analysts had attributed to the discovery of Shale oil.

Nigerians are expecting that the Minister’s assurance will be realistic, as campaigns and spending will begin soon across the country ahead of the 2015 general election.

 

NP/Agency report

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