The former President, Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has appealed to the incoming administration of Sen. Bola Tinubu to tackle the security challenges ravaging parts of the country.
Nzekwe made the appeal in an interview on Monday in Ota, Ogun.
He spoke while reacting to the inflation figure released by National Bureau of Statistics (NBS) last week in Abuja.
Recall that the NBS last week reported that the inflation rate increased from 21.91 per cent in February to 22.04 per cent in March.
He said that making emphatic efforts by the incoming government to address was pertinent as insecurity challenge was contributing to continuous inflationary trend in the country.
The ex-ANAN president noted that the farmers were not able to go to the farms due to insecurity problem, leading to food crisis and rising inflation rate.
“The food index released by the National Bureau of Statistics (NBS) data was the higher, due to the inability of the country to have sufficient foods that we supposed to have as a result of security challenge.
“In addition, the population is growing fastest than the nation’s Gross Domestic Product (GDP) and all these factors were creating to rising inflation rate,” he said.
Nzekwe also said that the hike in the Monetary Policy by Central Bank of Nigeria (CBN) was causing continuous increase in inflation rate because the cost of borrowing would be higher and costly.
Besides, the ex-ANAN president called on the incoming administration to encourage production by creating enabling environment like stable power supply, good road network and adequate security to thrive.
Nzekwe also emphasised the need to encourage agriculture sector so that the country could be producing foods we consumed rather than bringing cost push inflation in form of exchanging dollars to Naira.
He stressed that the incoming government should work on how to bring down inflation by fighting insecurity seriously so that people can start going to their farms.
According to him, the more inflation the country have, the more volatility in the economy.
Nzekwe suggested that they should develop more infrastructure that would galvanise the economy and stem down inflationary trend in the country.
He stressed the need for transparency and accountability on the part of the new administration so that corruption could be reduced.