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Inflation Rate Rises To 16.47%

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The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January, 2021, according to latest data released by the National Bureau of Statistics (NBS), yesterday.
This is 0.71 percent points higher than the rate recorded in December, 2020 (15.75 percent).
Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP ) divisions that yielded the headline index.
On month-on-month basis, the headline index increased by 1.49 percent in January, 2021.
This is 0.12 percentage points lower than the rate recorded in December, 2020 (1.61 percent).
The percentage change in the average composite CPI for the twelve months period ending January, 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December, 2020.
The urban inflation rate increased by 17.03 percent (year-on-year) in January, 2021 from 16.33 percent recorded in December, 2020, while the rural inflation rate increased by 15.92 percent in January, 2021 from 15.20 percent in December, 2020.
On a month-on-month basis, the urban index rose by 1.52 percent in January, 2021, down by 0.13 percentage points when compared to the rate recorded in December, 2020, while the rural index also rose by 1.46 percent in January, 2021, down by 0.12 compared to the rate that was recorded in December, 2020 (1.58 percent).
The corresponding twelve-month year-on-year average percentage change for the urban index was 14.23 percent in January, 2021.
This is higher than the 13.86 percent reported in December, 2020, while the corresponding rural inflation rate in January, 2021 was 13.04 percent compared to 12.67 percent recorded in December, 2020.
The composite food index rose by 20.57 percent in January, 2021 compared to 19.56 percent in December, 2020.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.
On month-on-month basis, the food sub-index increased by 1.83 percent in January, 2021, down by 0.22 percent points from 2.05 percent recorded in December, 2020.
The average annual rate of change of the food sub-index for the twelve-month period ending January, 2021 over the previous twelve-month average was 16.66 percent, 0.49 percent points higher than the average annual rate of change recorded in December, 2020 (16.17 percent).
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85 percent in January, 2021, up by 0.48 percent when compared with 11.37 percent recorded in December, 2020.
On month-on-month basis, the core sub-index increased by 1.26 percent in January, 2021.
This was up by 0.16 percent when compared with 1.10 percent recorded in December, 2020.
The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, motor cars, miscellaneous services relating to the dwelling, maintenance and repair of personal transport equipment,
The average 12-month annual rate of change of the index was 10.52 percent for the twelve-month period ending January, 2021.
This was 0.21 percent points higher than 10.31 percent recorded in December, 2020.
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states.
Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
In January, 2021, all items inflation on year on year basis was highest in Kogi (21.38%), Oyo (20.17%) and Bauchi (19.52%), while Kwara (13.96%), Abuja (12.96%) and Cross River (12.22%) recorded the slowest rise in headline Year-on-Year inflation.
On month-on-month basis, however, January, 2021, all items inflation was highest in Oyo (4.28%), Ebonyi (3.95%) and Lagos (3.33%), while Abuja, Edo and Cross River recorded price deflation or negative inflation (general

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Nigerians Hit As Iran Rains Missiles On UAE

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Nigerians were among more than 140 residents injured after Iran launched multiple ballistic missiles and unmanned aerial vehicles at the United Arab Emirates, at the weekend.

This raised fresh fears for thousands of Nigerians living and working in the Gulf nation.

The UAE Ministry of Defence disclosed last Saturday that its air defence systems intercepted several missiles and drones fired from Iran, describing the attack as a major escalation in the ongoing regional tensions.

In a statement posted on its official X handle, the ministry said its air defence units engaged nine ballistic missiles and 33 drones during the latest assault on March 14.

It added that the attacks left six people dead and 141 others injured, including foreign nationals.

“The UAE air defence systems on March 14 engaged nine ballistic missiles and 33 UAVs launched from Iran,” the ministry stated.

“Since the onset of this blatant Iranian aggression, UAE air defences have engaged 294 ballistic missiles, 15 cruise missiles, and 1,600 UAVs launched from Iran,” UAE added.

According to the ministry, those killed in the attacks included citizens of the UAE as well as foreign nationals from Pakistan, Nepal and Bangladesh.

“Although the authorities did not specify the exact locations where the casualties occurred, the ministry said the injured victims were from several countries, including Nigeria.

Others affected include residents from Egypt, Sudan, Ethiopia, the Philippines, Pakistan, Iran, India, Bangladesh and Sri Lanka.

The list also included Azerbaijan, Yemen, Uganda, Eritrea, Lebanon, Afghanistan, Bahrain, Comoros, Türkiye, Iraq, Nepal, Oman, Jordan, Palestine, Ghana, Indonesia and Sweden.

The Tide reports that this development has sparked concern among Nigerian communities in the UAE, where thousands of citizens live and work in sectors such as construction, hospitality, logistics and trade.

Data from Nigeria’s diaspora commission shows that the UAE remains one of the largest destinations for Nigerian migrants in the Middle East, particularly in the emirates of Dubai, Abu Dhabi and Sharjah.

The Nigerian government had in recent years raised concerns over the safety and welfare of its citizens in the country following diplomatic tensions and visa restrictions affecting Nigerians.

Saturday’s attacks have now heightened anxieties within the diaspora community, especially as the Gulf region faces growing military confrontations.

In its statement, the UAE Ministry of Defence said the country remained fully prepared to confront any threats to its security.

“The Ministry of Defence remains fully prepared and ready to deal with any threats and will firmly confront any attempts to undermine state security in a manner that ensures the protection of its sovereignty, security and stability, and safeguards its national interests and capabilities,” the ministry said.

In a separate update, the ministry noted that its defence systems were still actively intercepting missiles and drones.

“UAE air defences are dealing with Iranian ballistic and cruise missiles and drones,” it said.

Regional media reports indicate that the attacks form part of a wider escalation of hostilities between Iran and Western-backed forces in the Middle East.

According to Al Jazeera, Iran has continued sustained missile and drone strikes across the Gulf despite protests from neighbouring states.

The strikes were said to be in retaliation for military operations launched by the United States and Israel against Iranian positions in the region.

Tehran targeted several Gulf countries, including Saudi Arabia, Qatar and the UAE, late on Friday and into Saturday.

The attacks also caused infrastructural damage in parts of the UAE.

Meanwhile, Iran’s elite military wing, the Islamic Revolutionary Guard Corps, warned that US interests in the UAE would remain legitimate targets.

Iranian state media reported that the group issued the warning after US forces attacked Iranian-controlled islands.

The IRGC specifically mentioned ports, docks and military installations linked to the United States as potential targets.

It also urged residents in the UAE to evacuate areas around ports and military facilities to avoid civilian casualties.

Security analysts say the growing exchange of threats and strike across the Gulf could destabilise the region’s economic and aviation activities if the conflict escalates further.

Nigeria’s Ministry of Foreign Affairs has yet to issue an official statement on the incident as of the time of filing this report.

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Fubara  Swears in Five New Commissioners …Says Their Best Is Needed for Rivers Dev

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Rivers State Governor, Sir Siminalayi Fubara, has charged the five new commissioners sworn-in last Wednesday to put in their best for the development of the State.

Fubara gave the charge during the swearing-in of the commissioners at the Executive Council Chambers of the Government House, Port Harcourt, last Wednesday.

This followed the successful screening of the five commissioners by the Rivers State House of Assembly, last Tuesday.

The five commissioners are Tonye Bellgam, Prof. Temple Nwofor, Dr. Peters Nwagor, Mr. Lekue Kenneth, and Sir Amairigha Edward Hart.

The Tide reports that the governor had sent nine commissioner-nominees to the Assembly for screening, but the Assembly confirmed only five nominees and rejected the nomination of four over various allegations.

Those rejected by the Assembly are Prof. Dantonye Alasia, Mrs. Charity Demua, Mr. Tamuno Williams, and Otonye Amachree.

The governor congratulated the new commissioners on their appointment, noting that their thorough screening by the Rivers State House of Assembly was a proof of their capabilities.

He urged them to deploy their wealth of experience in various fields and put the State on a fast lane of development.

“Ordinarily, I am supposed to charge you on your responsibilities and how to operate. But that has been taken care of by the screening at the Assembly.

“I believe that going through one of the most rigorous screenings, it is enough to say that for those of you who succeeded, you are fit and ready to deliver to our dear State.

“So there is no further charge. The screening was the charge, so I wish you the best as I don’t expect anything less than the best from you,” Fubara said.

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Navy Destroys Illegal Refinery In Rivers, Intercepts Stolen Fuel In C’ River

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The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering, destroying a reactivated illegal refinery site in Rivers State and intercepting suspected stolen petroleum products in Calabar, Cross River State.

The Director of Naval Information, Capt Abiodun Folorunsho, disclosed this in a statement released in Abuja, yesterday.

Folorunsho said personnel of the Nigerian Navy Ship SOROH, operating under Operation DELTA SENTINEL, destroyed a reactivated illegal refinery site at Okolomade Community in Abua-Odual Local Government Area of Rivers State.

He said the action followed credible intelligence that a previously dismantled illegal refining site had resumed operations.

According to him, an Anti–Crude Oil Theft team deployed to the location discovered that the dismantled refining oven had been reconstructed.

“Further exploitation of the area led to the discovery of additional refining equipment and storage facilities containing about 3,000 litres of product suspected to be illegally refined Automotive Gas Oil (AGO),” he said.

Folorunsho added that the illegal refining infrastructure, including ovens, storage tanks, hoses, connected pipes and newly acquired metal components used for illegal refining, was destroyed in line with operational procedures.

He said personnel of the Nigerian Navy Ship Victory, in another operation, intercepted about 3,950 litres of suspected stolen petroleum products at the Nigerian Ports Authority area in Calabar, Cross River State.

He said the interception was based on credible intelligence on suspected siphoning of petroleum products from vessels berthed at the port.

The naval patrol team, according to him, swiftly deployed to the area and traced the illegally siphoned products to a trailer park within the port facility.

“On sighting the naval patrol team, the suspected perpetrators fled the scene, after which the area was cordoned off and the illegally siphoned products secured,” he said.

Folorunsho said further inspection led to the recovery of about 3,950 litres of Automotive Gas Oil stored in drums and jerrycans, which had been evacuated to the naval base for further necessary action in line with extant regulations.

He noted that the successes aligned with the directive of the Chief of the Naval Staff, Vice Adm. Idi Abbas, to intensify operations against crude oil theft and other maritime crimes across Nigeria’s maritime domain.

Folorunsho reiterated the Navy’s commitment to sustaining the operational tempo of Operation DELTA SENTINEL through intensified surveillance, patrols and intelligence-driven operations aimed at combating crude oil theft, illegal bunkering and other forms of economic sabotage.

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