Peter Obi, the Labour Party's presidential candidate, stated that the country's rising inflation rate is due to inadequacies in monetary and fiscal policies. According to the National Bureau of Statistics, the current inflation rate in the country is 21.34 percent.

Obi, while speaking at Chatham House, London on Monday about his plans if elected the president of Nigeria, said the country's weak fiscal space is negatively affecting the economy.

Obi was responding to a question from the audience about how his government would relate with the governor of the Central Bank of Nigeria.

“The CBN governor will maintain his independence, he will be respected. Again, it is not the problem of the person there. The CBN has a role of monitory policy. The fiscal space is like a football field. When somebody who is supposed to play a particular wing is no longer there, you find people playing various wings,” he said.

“Replacing Godwin (Emefiele) and putting somebody else there, with that level of fiscal rascality, which is what is fuelling our inflation and our rate of exchange (won’t achieve much result)… these are some of the things we need to cut. As long as the government continues on that fiscal rascality, our situation will not go,” Obi said.

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