Business

Blame COVID-19, Insecurity for High Cost of Food- Official

A top government official has argued that Nigerians should blame the high cost of food in Nigeria on the outbreak of COVID-19 and the incessant security challenges.

The official who doubles as the current Deputy Governor, Corporate Service Department, Central Bank of Nigeria, CBN, Edward Adamu, hinted that the pandemic outbreak and slow recovery of the oil sector are also the main factors responsible for the naira state.

At the interactive session on the Medium Term Expenditure Framework, MTEF, Adamu made this known in Abuja yesterday.

Another reason for the food inflation rate, he said, is that expectations from the increase in the sale of crude oil had not been forthcoming, plus the sudden halt in global economic activities.

He sometimes said in April in the previous year, Nigeria was selling crude oil “at negative money, which means that people got payment to store what they bought, which significantly reduced that avenue for forex inflows.”

High Cost of Food

For other reasons, Adamu said Nigerians in the diaspora have been unable to return to the rate of remittances at the pre-COVID-19 era.

Regarding remittances, he insisted that Nigerians in the diaspora were not necessarily working because of the pandemic, adding that this reduced the funds they sent to Nigeria.

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