BREAKING: Nigerians Condemn Cardoso/CBN Inflation Rating On Govt Purchase Of Food Palliatives

🟢Applauds President Tinubu for such a wonderful initiative on the fact that every Nigerian beneficiary of food palliative are not civil servant. Government can increase workers pay and continue the food palliatives with ease.

Following the recent statement by CBN Governor that government purchase of food palliatives is the major cause of galloping food inflation in the country, majority of Nigerians have condemned such assertion while Pleading on government to continue releasing food palliatives to cushion the effects of hunger.

Recently, the CBN Governor has hinted that the country’s inflation rate accelerated to 33.2 per cent in March, with the food inflation rate reaching 40.01 per cent, a year-on-year increase of 15.56 percentage points from 24.45 per cent in March 2023.

The Central Bank of Nigeria (CBN) Boss, Olayemi Cardoso, reiterated that huge purchase of foodstuffs by the government as palliatives is contributing to the galloping food inflation in the country.

He stated this in his contributions during the March Monetary Policy Committee, which was published on the website of the CBN.

It could also be recalled that the MPC increased the benchmark interest rate to 24.75 per cent, from 22.75 per cent as the committee told Nigerians their stance to tackle bedevilling inflation.

Meanwhile, the galloping increase in food is the outcome of huge Purchase of food palliatives by government and the best way forward would have been subsidizing worker’s salary as palliatives.

In the contrary, many Nigerians are against CBN governor’s view and assertion on government palliatives while stating that not every partaker or beneficiary of God palliative is a civil servant who’s base is on monthly salary and retirement pay.

The people however applauded the discretion of President Bola Ahmed Tinubu for making food palliatives available to Nigerian while asking for more. “The food palliatives should not affect workers pay and entitlements.

-Princely Onyenwe reporting

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