The federal government says it is not responsible for the current economic situation of the country.
Udoma Udo Udoma, minister of budget and national planning, said this on Thursday, December 15, 2016 describing the government of President Muhammadu Buhari as a rescue team.
Udoma spoke after the national economic council, NEC, meeting which Vice President Yemi Osinbajo presided over at the presidential villa in Abuja.
“We are not responsible for the current economic situation we find ourselves. We are actually a rescue team; a team working on rescuing Nigeria from the position we find ourselves in,” he said.
“Under President Muhammadu Buhari, we are determined to take Nigeria out of the situation. The situation started long before we came.
He also explained that the economic team of the current administration consisted of persons with political responsibility for the ultimate policy decisions.
He added that the technical work was done by people in various organs of government, and that the administration had consulted with economists from Nigeria, while the political decision is taken by the elected officials who are politically accountable.
Meanwhile, the Consumer Price Index, which measures inflation rate or hike in prices in the Nigerian economy, has hit an all-year high, which also represents an 11-year high.
According to the National Bureau of Statistic, inflation rate increased to 18.48 percent in November, from 18.33 in October 2016. (NAN)