Business

Nigeria’s Inflation Drops To 15.37% – NBS

Published

9 years ago

January 17, 2018

The National Bureau of Statistics (NBS) says inflation rate, measured by the Consumer Price Index (CPI) has further dropped to 15.37 per cent in December 2017 from 15.90 per cent recorded in November of the same year.
The NBS disclosed this in its CPI report for December 2017 released in Abuja, yesterday.
The CPI, which measured inflation, ended in 2017 with a rate of 15.37 per cent year-on-year (y-o-y) in December 2017.
According to the bureau, this is 0.53 per cent points lower than the rate recorded in November.
The report stated that it became 11th consecutive disinflation (slowdown in the inflation rate though still positive) in headline y-o-y inflation since January 2017.
According to the report, increases have been recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.
On month-on-month basis, the bureau stated that the Headline Index increased by 0.59 per cent in December 2017, 0.19 per cent points higher from the rate of 0.78 per cent recorded in November.
It stated that the percentage changed in the average composite CPI for the 12 months period ending in December 2017 over the average of the CPI for the previous 12 months period.
The NBS stated that the percentage of average composite CPI was 16.50 per cent in the month, showing 0.26 per cent points lower from 16.76 per cent recorded in November 2017.
Meanwhile, the report stated that the Urban Inflation Rate rose by 15.78 per cent (y-o-y) in December from 16.27 per cent recorded in November.
It, however, stated that the rural inflation rate also eased by 15.02 per cent in December from 15.59 per cent in November.
On month-on-month basis, the report stated that the urban index rose by 0.66 per cent in December, down by 0.19 from 0.85 per cent recorded in November.
It also stated that the rural index rose by 0.54 per cent in December, down by 0.18 per cent when compared with 0.72 per cent in November.
According to the report, the corresponding 12 months y-o-y average percentage change for the urban index is 16.92 per cent in December.
This, it stated, was less than 17.26 per cent reported in November 2017, while the corresponding rural inflation rate in December is 16.10 per cent compared to 16.29 per cent recorded in November 2017.

Business

FG Approves 4 New Channel Management Firms For Seaports

Published

4 days ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

4 days ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

4 days ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa