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Inflation Increases By 15.70%, NBS Confirms …Merchandise Trade Deficit Rises 171% To N1.93trn

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The National Bureau of Statistics (NBS)has said that the Consumer Price Index (CPI) increased by 15.70percentYear-on-Year in the month of February.
This is 1.63percent lower than 17.33percent recorded in the previous month.
The Statistician General of the Federation, Dr. Simon Harry, disclosed this, yesterday, during the monthly press briefing at the bureau’s headquarters, in Abujaon its ‘Consumer Price Index February 2022’ report.
On the month by month basis, the inflation he said also increased by 1.63percent, which is 0.16percent higher recorded in the month of January.
According to the NBS, the highest increases were recorded in prices of gas, liquid fuel, wine, tobacco, spirit, narcotics, solid fuels, among others.
It said, “In February, 2022, the CPI which measures inflation increased to 15.70per cent on year-on-year basis. This is 1.63per cent points lower compared to the rate recorded in February, 2021 (17.33)per cent. This means that the headline inflation rate slowed down in February when compared to the same month in the previous year.
“Increases were recorded in all classification of individual consumption by purpose divisions that yielded the headline index. On month-on-month basis, the headline index increased to 1.63per cent in February, 2022, this is 0.16per cent rate higher than the rate recorded in January, 2022 (1.47)per cent.”
According to the NBS report, the percentage change in the average composite CPI for the 12 months period ending February, 2022 over the average of the CPI for the previous 12 months period was 16.73per cent, showing 0.14per cent point from 16.87per cent recorded in January, 2022.
The urban inflation rate increased to 16.25per cent (year-on-year) in February, 2022 from 17.92per cent recorded in February, 2021, while the rural inflation rate increased to 15.18per cent in February, 2022 from 16.77per cent in February, 2021.
Similarly, the National Bureau of Statistics said the country’s merchandise trade deficit rose year-on-year (YoY) by 171per cent to N1.93trillion last year from N711.24billion in 2020.
NBS also said that total merchandise trade stood at N39.7trillion in 2021, rising YoY by 57.5per cent from N25.2trillion in 2020.
The bureau disclosed this in its Foreign Trade in Goods Statistics report for the fourth quarter of 2021 (Q4’21).
According to the report, the value of imports rose YoY by 64per cent to N20.84trillion in 2021 from N12.68trillion in 2020.
The value of exports in 2021 rose by 51per cent to N18.9trillion from N12.5trillion in 2020.
The report stated: “In Q4’21, Nigeria’s total merchandise trade stood at ¦ 11.7trillion, representing 11.79per cent over the level recorded in Q3’21 but was 74.71per cent higher when compared to the value recorded in Q4’20.
“Export trade in the quarter under review stood at ¦ 5.76trillion indicating an increase of 12.27per cent over the preceding quarter and the value in 2021 also grew by 80.5per cent over the corresponding period of the previous year.
“Furthermore, the share of exports in total trade stood at 49.26per cent in Q4’21.
“On the other hand, total imports stood at ¦ 5.94trillion in Q4’21 indicating an increase of 11.33per cent over the preceding quarter and 69.41per cent over the corresponding period of 2020.
“Imports value in the fourth quarter of 2021 accounted for 50.74per cent of total trade.
“The balance of trade in the period under review stood at (¦ 173.96billion), this shows a deficit trade with an improvement of 12.72per cent over the preceding quarter.
“In 2021, the value of total trade stood at ¦ 39.75trillion which is 57.6per cent higher than the value recorded in 2020.
“The value of total imports in 2021 stood at ¦ 20.84trillion which is 64.11per cent higher than the value recorded in 2020, while total export was valued at ¦ 18.9trillion showing an increase of 50.9per cent than the value recorded in 2020.
“Overall in 2021, merchandise trade recorded a deficit ¦ 1.93trillion.”
On trade by Custom Ports and Post, NBS said: “In Q4’21, the bulk of exports transactions were carried through Apapa Port with goods valued at ¦ 5.16trillion or 89.54per cent of total exports. This was followed by Port Harcourt which recorded ¦ 398.14billion or 4.6per cent of total export.
“In terms of imports, Apapa Port also recorded the highest transactions valued at ¦ 3.53trillion or 59.5per cent of total imports. This was followed by Tin Can Island which accounted for goods valued at ¦ 774.18billion or 13.03per cent while Port Harcourt (3) handled ¦ 457.07billion or 7.69per cent of total imports.”
Also, the Nigerian Mining Cadastre Office (NMCO) revenue generation increased to 86.7per cent to N4.3billion in December 31, 2021 from N2.303billion in the corresponding period of 2020.
A statement from the NMCO signed by the Director-General, Engr. Obadiah Nkom, yesterday, said that the figure was highest ever generated to the federation’s account by the agency over the years.
He stated: “From January to May, 2021, the MCO was able to rake in N2.016billion while by December 31, 2021, the revenue generated rose to N4.3billion, which was the highest revenue generated ever by the office.”
Highlighting some of its achievements, he said offices have been established in the six geo-political zones of the country which are working and collaborating more closely with other departments and agencies of the Federal Government in the Ministry of Solid Minerals.
He said, “With about 44 minerals, there is a need to invest in accurate data gathering in order to attract the right investors to the solid minerals sector. The concern of the MCO is to be able to imbibe transparency, security of tenure and non-subjectivity, all towards attracting the needed investments in the sector”.
He also emphasised the need to generate the needed revenue for the country, especially with the support of government and other stakeholders, even as he said the Federal Government should rethink and concentrate on solid minerals to diversify the economy thereby increasing its revenue base as prices of oil dwindle daily.
“Budgetary constraints as regards running costs of the headquarters; budgetary constraints as regards running costs of the zonal offices (vehicle maintenance, fuelling, communication, water and other bills, among others) and the need for continuous capacity building of staff are major challenges,” he said.

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Fubara Dissolves Rivers Executive Council

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Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.

The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.

Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.

He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.

The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.

“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or  the most Senior officers in their Ministries with immediate effect.

“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”

 

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INEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations

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The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.

INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.

According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.

An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.

The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.

He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.

“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.

The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”

On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”

The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.

He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.

Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.

Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.

He advocated that the envelope budgeting model should be set aside.

He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.

In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.

The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.

The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.

The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.

Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.

He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.

“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.

The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.

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Tinubu Mourns Literary Icon, Biodun Jeyifo

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President Bola Tinubu yesterday expressed grief over the death of a former President of the Academic Staff Union of Universities and one of Africa’s foremost literary scholars, Professor Emeritus Biodun Jeyifo.

Jeyifo passed away on Wednesday, drawing tributes from across Nigeria and the global academic community.

In a condolence message to the family, friends, and associates of the late scholar, Tinubu in a statement by his spokesperson, Bayo Onanuga,  described Jeyifo as a towering intellectual whose contributions to African literature, postcolonial studies, and cultural theory left an enduring legacy.

He noted that the late professor would be sorely missed for his incisive criticism and masterful interpretations of the works of Nobel laureate, Professor Wole Soyinka.

The President also recalled Jeyifo’s leadership of ASUU, praising the temperance, foresight, and wisdom he brought to the union over the years.

Tinubu said Jeyifo played a key role in shaping negotiation frameworks with the government aimed at improving working conditions for university staff and enhancing the learning environment in Nigerian universities.

According to the President, Professor Jeyifo’s longstanding advocacy for academic freedom and social justice will continue to inspire generations.

He added that the late scholar’s influence extended beyond academia into political and cultural journalism, where he served as a mentor to numerous scholars, writers, and activists.

Tinubu condoled with ASUU, the Nigerian Academy of Letters, the Wole Soyinka Centre for Investigative Journalism, the University of Ibadan, Obafemi Awolowo University, Oberlin University, Cornell University, and Harvard University—institutions where Jeyifo studied, taught, or made significant scholarly contributions.

“Nigeria and the global academic community have lost a towering figure and outstanding global citizen,” the President said.

“Professor Biodun Jeyifo was an intellectual giant who dedicated his entire life to knowledge production and the promotion of human dignity. I share a strong personal relationship with him. His contributions to literary and cultural advancement and to society at large will be missed.”

Jeyifo was widely regarded as one of Africa’s most influential literary critics and public intellectuals. Among several honours, he received the prestigious W.E.B. Du Bois Medal in 2019.

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