The Federal Government has disclosed that the border closure is largely contributing to the rising inflation in the country.
The Minister of Finance, Zainab Ahmed, who spoke to State House correspondents after the Federal Executive Council, FEC, meeting, made this known shortly after the meeting was over. The meeting was presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
The latest report released by the National Bureau of Statistics (NBS) indicates a rise to 11.61% in October.
In reaction to this report, Mrs Zainb Ahmed said, “I need to remind us that the border closure is temporary. We have really advanced in our discussions between ourselves and our neighbours.
“We expect that the outcome of those discussions and agreements is that each party will respect the protocols that we all committed to and then the borders will be open again.
“What we are doing is important for our economy. We signed up to the African Continental Free Trade Area (ACFTA) agreement, we have to make sure that we put in place checks to make sure that our economy will not be overrun as a result of the coming into effect of the ACFTA.
“That is why we have this border closure to return to the discipline of respecting the protocols that we all committed to.”