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Business News of Monday, 16 January 2023


Inflation rate under Buhari not highest – Keyamo

Festus Keyamo Festus Keyamo

Festus Keyamo, the spokesperson for the presidential campaign council of the All Progressives Congress standard bearer, Asiwaju Bola Tinubu, has said the inflation rate under the President, Major General Muhammadu Buhari (retd.), is not the highest in the history of the country.

The Senior Advocate of Nigeria, who appeared on Arise TV morning show on Monday, was responding to questions about what Buhari’s legacy Tinubu would build on in terms of economy and security, among others, if elected president in the forthcoming elections.

Keyamo claimed that inflation rate was highest under the administration of former president Olusegun Obasanjo, with the presidential candidate of the Peoples Democratic Party, Atiku Abubakar, as his the Vice President.

“This is not the highest inflation rate. In 2005, under Obasanjo and Atiku, we had a 28 per cent inflation rate. Under Obasanjo and Atiku, we had the highest,” Keyamo said.

According to, and also a chart on the Central Bank of Nigeria’s website, the annual inflation rate in Nigeria accelerated for the 10th straight month to 21.47% in November of 2022.