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Headline Inflation Rose To 18% In March, NBS Confirms

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Headline inflation rose to 18 percent in March representing 0.82 percent points year-on-year (YoY) rise when compared to 17 per cent recorded in February.
Similarly, food inflation rose YoY by 5.0 per cent points to 23 per cent in March from 22 per cent in February.
The National Bureau of Statistics (NBS), disclosed this, yesterday, in its Consumer Price Index (CPI), Report for March, 2021.
The bureau stated, “The consumer price index (CPI) which measures inflation increased by 18.17 per cent (year-on-year) in March, 2021.
“This is 0.82 per cent points higher than the rate recorded in February, 2021 (17.33 percent).Increases were recorded in all COICOP divisions that yielded the Headline index.
“On month-on-month basis, the Headline index increased by 1.56 per cent in March, 2021. This is 0.02 percentage points higher than the rate recorded in February, 2021 (1.54 per cent).
“The urban inflation rate increased by 18.76 per cent (year-on-year) in March, 2021 from 17.92 per cent recorded in February, 2021, while the rural inflation rate increased by 17.60 per cent in March, 2021 from 16.77 per cent in February, 2021.
“On a month-on-month basis, the urban index rose by 1.60 per cent in March, 2021, up by 0.02 compared to the rate recorded in February, 2021, while the rural index also rose by 1.52 percent in March, 2021, up by 0.02 compared to the rate that was recorded in February, 2021 (1.50 per cent).”
On food inflation, it stated, “Composite food index rose by 22.95 per cent in March, 2021 compared to 21.79 per cent in February, 2021.
“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
“On month-on-month basis, the food sub-index increased by 1.90 per cent in March, 2021, up by 0.01 per cent points from 1.89 per cent recorded in February, 2021.
“In March, 2021, food inflation on a year on year basis was highest in Kogi (30 per cent), Sokoto (27 per cent) and Ebonyi (27per cent), while Abuja (20 per cent), Kebbi (20 per cent) and Bauchi (19 per cent) recorded the slowest rise in YoY inflation.
“On month-on-month basis, however, March, 2021, food inflation was highest in Rivers (3.5 per cent), Niger (2.9 per cent) and Gombe (2.9 per cent), while Zamfara (0.5 per cent) recording the slowest rise in month on month food inflation with Yobe and Kebbi recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”
The percentage change in the average composite CPI for the 12 months period ending March 2021, over the average of the CPI for the previous 12 months period was 14.55 per cent, representing a 0.50 per cent point increase over 14.05 per cent recorded in February, 2021.
The urban inflation rate increased by 18.76 per cent (year-on-year) in March, 2021 from 17.92 per cent recorded in February, 2021, while the rural inflation rate increased by 17.60 per cent in March, 2021 from 16.77 per cent in February, 2021.
On a month-on-month basis, the urban index rose by 1.60 per cent in March, 2021, up by 0.02 compared to the rate recorded in February, 2021, while the rural index also rose by 1.52 per cent in March, 2021, up by 0.02 compared to the rate that was recorded in February, 2021 (1.50 per cent).
The corresponding 12-month year-on-year average percentage change for the urban index is 15.15 per cent in March, 2021.
This is higher than 14.66 per cent reported in February, 2021, while the corresponding rural inflation rate in March, 2021 is 13.99 per cent compared to 13.48 per cent recorded in February 2021.

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Yahaya Bello: Senator Hails EFCC’s Probe Of N80.2bn Fraud

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Senator representing Kogi Central Senatorial District in the National Assembly, Natasha Akpoti-Uduaghan, has commended the efforts by the Economic and Financial Crimes Commission, (EFCC) to apprehend and prosecute the immediate past governors of Kogi State, Alhaji Yahaya Bello, over an alleged N80.2 billion fraud.
This is just as she also hailed the EFCC chairman, Ola Olukoyede, for ceding 14 properties that were initially forfeited to the federal government to the government and people of Enugu State.
Reacting to Bello’s excuse for not honouring the EFCC’s invitation, the lawmaker emphasized the need for the commission to investigate other corrupt public officials to avoid the impression that their actions against former governor were meant to witch hunt him.
In a now-viral video, the EFCC chairman had claimed Belloh told him that a female senator (name withheld) allegedly gathered journalists to humiliate him anytime he was at the agency’s Abuja office for interrogation.
“I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him,” Olukoyede was quoted as saying.
But Senator Natasha in a statement signed by her Chief Press Secretary, Arogbonlo Israel and issued at the weekend in Abuja, reminded Yahaya Bello of the importance of respecting Nigeria’s laws and constitution, given his former position as the chief security officer of Kogi.
“I was surprised to hear that Yahaya Bello evaded the invitation from the EFCC, despite having served as Kogi’s former chief security officer. As a former governor, he should understand the importance of respecting Nigeria’s laws and constitution.
“It’s a well-known fact that ‘he who comes into equity must come with clean hands’. As such, I advise him to honour the invitation and clear his name while he still has the chance.
“I’d also like to take this moment to appreciate the diligence of the EFCC in handling the case so far. No Nigerian is above the law, and therefore the agency must see this case through to the end if they are to gain the trust of both Nigerians and the international community in the fight against corruption,” she said.

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Senate  Frowns Over Continued Depreciation Of Naira

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Worried over the  latest depreciation of the Naira against major foreign currencies, the Senate through its Committee on Finance, has  stated that the Legislature  is  exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability in the country.
These, according to the committee, in a statement signed by its chairman, Senator Sani Musa (APC Niger East) and released yesterday, includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.
Senator Musa said the statement became necessary “to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira.”
This is even as he hoped that the “economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity”, pledging the support of the National Assembly to the executive arm of government to achieve the set goals.
He, however, urged Nigerians to remain vigilant and resilient as they navigate these uncertain times, saying “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”
The statement titled: “State of the Nation Economy and Naira Depreciation’, reads “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.”

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WIW: Banigo Advocates Legislative Impetus

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The Senator, representing Rivers West Senatorial District at National Assembly Sen.Dr. Ipalibo Harry Banigo has advocated for legislative backings to enforce immunisation as a pre-condition for admission into nursing, primary and secondary schools in Nigeria.
Banigo made the assertion recently in a statement to commemorate this year’s week-long immunisation campaign in line with the World Health Organisation advocacy.
Banigo, a Harvard-trained Public Health personnel, explained that such legislation would strengthen the National Immunisation Policy in the administration of vaccines, saves lives, helps in the child normal growth, prevents serious illness and disabilities such as poliomyelitis .
The former Deputy Governor of Rivers State who is also the Chairman, Senate Committee on Health (Secondary and Tertiary), noted that Nigeria must attain at least, 90 percent vaccine coverage for all childhood and adolescence; stressing that a fully vaccinated child should have received BCG, Mussels and three doses of DTP and Polio .
She emphasised the need for collective efforts by stakeholders in the campaign against preventable diseases .
The theme for this year’s World Immunisation Week is “Humanly Possible: Saving Lives Through Immunisation” while the national theme is “Vaccine Works For All”.

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