The senator representing Delta North Senatorial district, Sen Ned Nwoko (PDP-Delta) has said the inflation rate which has reached alarming levels in recent months, is a threat to the well-being of the people.
He has therefore called for an urgent review of some economic policies.
Nwoko who spoke at the weekend, noted that the recent surge in inflation and the significant depreciation of the naira were issues of grave concern for every citizen and stakeholder investing in the nation.
“We must take decisive action to address this concerning trend that has unfortunately become the norm. The nation’s economic team must urgently review and adopt effective policies to combat these challenges,” he said.
He said the CBN Governor, at a briefing at the National Assembly, among other factors, cited Nigerians schooling abroad as contributors to the high inflation rate and depreciation of the naira.
“The assertion may have some merits but the impact of tuition expenses on the country’s foreign exchange reserves, pales in comparison to the broader systemic issues at play,” he said.
The lawmaker said blaming Nigerians schooling abroad for inflation and currency depreciation oversimplifies the complex factors driving economic trends.
“It’s important to acknowledge the broader systemic issues such as fiscal policy, monetary management, trade imbalances and structural deficiencies within the economy that contribute significantly to these challenges,” Nwoko said.