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A former member of the All Progressives Congress Presidential Campaign Council (APC PCC), Ayobami Oyalowo, has attributed Nigeria's rising inflation to the continuous devaluation of the naira, rather than an increase in fuel prices.
Speaking on Channels Television's The Morning Brief programme, Oyalowo emphasised that the nation's economic woes stem from the weak performance of the naira against the dollar.
"I don't think the price of fuel is a major problem; what is causing most of this problem is the rate at which our naira is priced against the dollar," he explained.
According to Oyalowo, the real issue lies in the naira's undervaluation, which drives up the cost of goods and services, including fuel.
"We are still buying fuel at less than 60 cents, so what we are witnessing is not a fuel price increase; it is the devaluation of our currency," he added.
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Oyalowo further predicted that inflation would worsen in the coming months, particularly once the September inflation figures are released, which will account for the current petroleum prices.
He noted that while food prices had seen a marginal improvement recently, the trend might reverse due to rising inflationary pressures.
"We would come back next month, and things are likely going to get worse because the inflation figure for September will factor in the current price of petroleum," Oyalowo warned, predicting that food prices might also suffer a setback.