Inflation: Former Central Bank director urges Nigerian government to reduce deficit expenditure

Dr Titus Okunrounmu, an ex-director of the Research Department of the Central Bank of Nigeria, CBN, has called for a reduction of government’s deficit expenditure to stem the continuous inflation in the country.

Okunrounmu gave the advice while speaking with newsmen on Friday in Ota, Ogun State.

The National Bureau of Statistics, NBS, on Friday in Abuja stated that the country’s inflation increased from 27.20 per cent in October to 28.33 per cent in November.

The former CBN Director spoke against the backdrop of the NBS figures released to the effect that inflation was on the increase.

He stressed the need for the federal government to spend its budget deficit wisely to grow the economy.

“The Federal Government needs to make concerted efforts to bring the nation’s inflation down. In addition, they should ensure prudent management of the national economy to ensure macroeconomic stability,” he said.

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