Ayobami Oyalowo, a former member of the All Progressives Congress Presidential Campaign Council (APC PCC), has attributed Nigeria’s rising inflation to the continuous devaluation of the naira, rather than increases in fuel prices.
In an interview on Channels Television’s The Morning Brief, Oyalowo stated that the nation’s economic difficulties are primarily due to the naira’s weak performance against the dollar. He argued that the real problem is the naira’s undervaluation, which drives up the cost of goods and services, including fuel.
“I don’t think the price of fuel is a major problem; what is causing most of this problem is the rate at which our naira is priced against the dollar,” Oyalowo explained. He further emphasized that despite fuel being purchased at less than 60 cents, the true issue lies in the naira’s devaluation.
Oyalowo also predicted that inflation would worsen in the coming months, especially with the September inflation figures reflecting current petroleum prices. While food prices had shown a slight improvement, he warned that rising inflationary pressures might reverse this trend, potentially leading to further setbacks in food prices.