Overview: Mr. Festus Kayamo said that Nigeria’s inflation rate under the current administration is not the highest figure when compared to the Obasanjo administration. We looked back at the figures reported to confirm his claim.
The spokesperson for the presidential campaign council of the All Progressives Congress standard bearer, Festus Keyamo, has said that the inflation rate under President, Muhammadu Buhari, is not the highest in the history of the country.
He said this while responding to a question on Arise TV morning show on Monday about what Buhari’s legacy Tinubu would build on in economy and security, among others, if elected president in the forthcoming elections.
Keyamo said the inflation under the current administration was not the highest.
“This is not the highest inflation rate. In 2005, under Obasanjo and Atiku, we had a 28 per cent inflation rate. Under Obasanjo and Atiku, we had the highest,” Keyamo said.
According to the National Bureau of Statistics, Nigeria’s headline inflation fell to 21.34 per cent in December 2022. This is after it consistently rose for 10 months to 21.47 per cent in November 2022.
Also, between 1999 and 2022, Nigeria has been ruled by four presidents; Olusegun Obasanjo (1999-2006), Umaru Yar’adua (2007-2009), Goodluck Johnathan (2010-2014) and Buhari (2015 to finish in 2023).
How we verified
We collected the inflation rate data from NBS and the Central Bank of Nigeria. However, the agencies could only provide the monthly figure from 2003 to 2022.
Between October 2003 and March 2004, Nigeria recorded an inflation rate above 20 per cent. It drastically dropped and began to pick up in February 2005.
From February 2005 till August o the same year, Nigeria’s inflation rose from 10.9 per cent to 28.2 per cent.
Nigeria recorded the highest inflation rate under former president Olusegun Obasanjo’s administration, with the presidential candidate of the Peoples Democratic Party, Atiku Abubakar, as his Vice President.