As Consumer Price Index Soars
OpenLife Nigeria reports that as inflation bites harder and Consumer Price Index, CPI, soars, Nigerians who don’t forget easily are remembering the prediction of the leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele.
The man of God had, five months ago, released a statement that the Nigerian economy will shut down in 32 weeks.
The arithmetic of the Prophet’s prediction indicated that 32 weeks from May would be around October.
Given that the month of September is far spent, it then means that the predicted collapse of the county’s economy is just one month to go.
While making the prediction, Ayodele, who advocated the sustenance of subsidy instead of removing it completely, advised President Buhari to come up with a strong economic team to prevent the collapse.
He disclosed further that President Buhari will request for a brutal loan which will cause more havoc to the economy.
“If the government of Nigeria doesn’t do the right thing about the economy, Nigeria’s economy may shut down in the next 32 weeks.
“This will affect Central Bank, NNPC and revenues.
“Government must come out with a very strong economic team in order to curb another economic pandemic that will even affect banks, government, salaries of the workers and pensioners.
“Nigeria will be on a brutal loan, there will be so much loan, they must review subsidy, and bringing back subsidy will help Nigeria’s economy to grow than removing the subsidy completely.”
True to the prediction, President Muhammadu Buhari is seeking the approval of the National Assembly to borrow another $4 billion ($4,054,476,863) and €710 million loans from bilateral and multilateral organisations to fund the deficit in the 2021 budget.
The president, in a letter to the Senate, said the loan request is an addendum to the 2018-2020 borrowing plan.
He also asked the lawmakers to approve grant components of $125 million.
His request was contained in a letter read out by Senate President Ahmad Lawan, at the start of plenary on Tuesday.
Buhari also explained that the need to borrow more funds is to meet the “emerging needs” of some “critical projects.”
“I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the senate for the same to become effective.
“The distinguished senate president may recall that u submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.
This development, however, is causing panic in the system.
Meanwhile, the Nigerian economy is expected to grow by 1.8% in 2021, though there is high uncertainty about the outlook. The recovery would be driven by rising in oil exports and in domestic demand. … GDP per capita is projected to continue declining because the economy is forecast to grow more slowly than the population
In January 2021, the Consumer Price Index in Nigeria stood at 361.2. Compared to January 2020, the CPI increased by 16.5 percent.