Economy: Nigeria Better Than US, Canada, Russia, Spain, Germany- Keyamo

The Minister of State for Labour and Employment, Festus Keyamo, has said President Buhari has done very much for the country, as Nigeria is doing better than the United States, Canada, United Kingdom, Spain, Germany, and Russia in economy.

Keyamo said the Federal government’s sound economic principle was responsible for the downward movement of inflation rate in the country from what it was during the 2020 Covid-19 outbreak.

While a dollar is exchanging above N700, the minister said the economy is in better shape when compared with major economies of the world.

Keyamo who stated this on Channels Television of Friday Politics Today programme, said Nigeria has done well in the last seven years in the context of macroeconomy than global powers.

Keyamo said, “With what we have gone through in the last seven years, Nigeria has done well in a context of macro global economy of major countries across the world.

“The inflation rate was hovering around 13 percent in 2020 around the pandemic. Now we are doing 18 percent. Which is about five percent.

“We are better than major countries around the world like the United States of America, like Canada, like Russia, like Spain, like Germany. Go and fact-check me. I am not saying their inflation is 18 percent. I am talking about the percentage of increase. In other words, we have tried to keep inflation down more than major countries.

“In fact, Ghana is worse. Ghana did 19 percent in terms of increase. Ghana inflation now is about 29 or 30 percent. We are doing 18 percent. USA, Canada, Germany and others are hovering between 10 percent and seven percent, higher than Nigeria that is doing five percent. It could have been worse, that’s the point I’m making,” Keyamo said.

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Keyamo’s statement on Channels runs contrary to what Nigerians are suffering, according to data from experts.

One US dollar exchanges a little above N700, at the parallel market, also the Minister of Labour and Employment, Chris Ngige, Keyamo’s principal had told journalists that the country has financial problems.

Ngige said the country is financially broke, the debt rate of the country exceeds the total revenue, the financial standing of the country has made the Federal government to borrow to service debt and run recurrent expenditures.

A former Central Bank of Nigeria Governor, His Highness Sanusi Lamido Sanusi, said the country is broke and in bankruptcy.