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For the third consecutive month,the Nigeria Inflation rate dropped to 17.24 percent in April from 17.26 percent in March.The Statistics was released by the National Bureau of Statistics NBS on Tuesday.
The drop observed in the inflation rate for the third consecutive month simply connotes that the Consumer Price Index which measures inflation ebbed from 17.26percent in March 2017 to 17.24 percent in April 2017.
In economics,inflation is a sustained increase in the general price level of goods and services in an economy over a period of time while a Consumer Price Index simply CPI rmeasures changes in the price level of market basket of consumer goods and services purchased by households.The CPI is a statistical estimate constructed using the samples of prices of a sample of representative items whose prices are collected periodically.
With this 0.02 percent drop,the high food and non-food prices in the country have started going down,although a two- digit inflation rate that Nigeria economy is struggling to be healthy.
Against the backdrop of rumour engulfing the entire media which was traced to a recent publication by a particular media house submitting that Lai Mohammed rendered a statement that signing of the 2017 is not yet sure:
“We dont know who will sign 2017 budget”—Lai Mohammed.
The spokesperson to the acting President,Laolu Akande has released a statement in the media to counter the earlier report stressing that his principal would sign the budget into law in due course once the content therein is satisfactory.
“Just so we are clear:when the time comes, everything is set, and he is satisfied,Ag.President Yemi Osinbajo will assent to 2017 Budget”.
With this Nigerians can now breathe a sigh of relief about the state of affairs of the nation concerning the submission and passage of 2017 Budget into law by the acting President Yemi Osinbajo in the absence of President Muhammadu Buhari who embarked on medical check up abroad.
The delay in the passage of the budget to the presidency was due to the fact the budget was reviewed last week with the addition of 143 Billion Naira increment by the National Assembly last week to what was sent by President Muhammadu Buhari.