NIGERIA’S INFLATION RATE CONTINUES STEADY DECLINE

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Nigeria’s Inflation rate has continued its steady fall, coming down to 15.91% for the month of October.

This represents the ninth straight month the rate has fallen.

According to data from the National Bureau of Statistics, the current rate is 0.07 percent points lower the rate recorded in September (15.98 percent).

A separate food price index showed inflation at 20.31 percent in October, compared with 20.32 percent in September.

The latest figures come just days after President Muhammadu Buhari submitted the 2018 budget proposal to the National Assembly.

The 2018 budget tagged, the budget of reconsolidation has an oil price benchmark of $45 per barrel.

Oil production has been tagged 2.3 million barrels per day including condensation, while the exchange rate has been pegged at N305 per dollar.

The expected GDP growth has been put at 3.5% while inflation is at 12.4%.

The expected revenue is N11.98 trn, which is 12 % higher than the 2018 budget.

From that amount, N6.387 trillion is expected from oil while N5.97 trillion is expected to be generated from non-oil revenue.

The government is expected to generate N6.607 trillion in 2018, 30% higher that the expected 2017 figure.

From the expected figure, oil revenue will contribute N2.44trillion while non-oil revenue will contribute N4.165 trn.

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