LCCI Tasks Federal Govt On Deployment Of Monetary, Fiscal Policy To Tame Inflation

The Lagos Chamber of Commerce and Industry(LCCI) has tasked the federal government to equally deploy other monetary and fiscal policies to tame inflation as the sustained rise in the general price level in recent times has caused weakening purchasing power.

In a statement signed by the director-general of LCCI, Chinyere Almona, the rising inflation has worsened the plight of Nigerians, particularly at a time when multidimensional poverty had climbed too high with an unprecedented 133 million Nigerians living below the poverty line.

According to LCCI, while the monetary authority keeps hiking rates to beat inflation, the supply side should also be explored with the same vigour, stating that, other monetary and fiscal policies should be equally deployed to tame inflation.

The statement added that, “the sustained rise in the general price level in recent times has caused some weakening in purchasing power. This is coming at a time when multidimensional poverty has climbed too high with an unprecedented 133 million Nigerians living below the poverty line (NBS).

“The impact of rising inflation is far-reaching. It distorts fixed interest rate payments for recipients and payers alike, leaving in its trail of disruptions and dislocations in the economy.”

The statement noted that, the CBN should also check the extent of its monetary financing of the federal government through ways and means.

Recall, according to NBS, that the headline inflation inched up by 0.47 percent to 21.83 per cent in January 2023 after shading a few basis points in the month of December 2022.