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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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See Fubara’s Victory As God’s Design, Wike Tells Rivers PDP

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Rivers State Governor, Chief Nyesom Wike has described the victory of Hon Siminialayi Fubara at the gubernatorial primary of the Peoples Democratic Party (PDP) in the state as God’s design.
The PDP gubernatorial primary held, last Wednesday, at the Dr. Obi Wali International Conference Centre in Port Harcourt.
Wike, who spoke after Fubara was declared the winner of the primary, said so many people strove to clinch the slot but only one person can emerge.
The governor also declared that with the victory of Fubara, Rivers PDP now has a candidate that will fly its flag in the 2023 governorship election.
“I never knew I’ll be governor when I became governor. You have also heard what the candidate said that he never knew he will become PDP candidate.
“But to the glory of God, he is the candidate of PDP. This is because power comes from God. Whoever God says will be, will be.”
Wike pointed out that when it comes to producing the governor of the state, all tribes need to work together on it because no one particular tribe can do it alone.
He said because his administration has performed credibly well in the state, any candidate that the party presents will easily win in the 2023 general election.
“With the performance of our administration, and with what we have achieved in this state, there is no candidate that PDP will present that will not win election.
“Our campaign focus will be like this, that we made promises to the state to do roads and other projects, ask us, have we done them? Yes, we have.
“We will ask them (other parties), what have you done for Rivers State? Certainly nothing. So, who tells you that any other party can come and win this state? Let no one deceive you about that.”
Wike explained that after the presidential primary, PDP leaders in Rivers State will set up a team that will work to ensure that the party wins the 2023 gubernatorial election.
He expressed optimism that those who believe in the party will be dutiful in working for the candidate to win.
In his acceptance speech, Hon Siminialayi Fubara, the immediate past Accountant General of Rivers State, described his victory as evidence of grace.
He called on all party faithful to support his victory and the new drive to consolidate on the achievements of Wike’s administration.
“It is victory for Fubara. It is victory for the party. It is not just victory for the party, but victory for moving the state forward.
“The purpose of this special event this night is also to consolidate on the achievements, on every side, of this present administration.
“We are going to work together to sustain the work that this administration has already done for us.”
In his opening address, the Chairman of PDP in Rivers State, Amb Desmond Akawor said the party was poised to conduct a peaceful and successful gubernatorial primary.
Akawor explained that the party was delighted to have conducted peaceful congresses in the 319 wards and 23 local government areas of the state, including primaries for state and National Assembly.
Declaring the result of the gubernatorial primary, Chairman of the Electoral Committee, Prof. Walter Mboto, said Hon Siminialayi Fubara, polled a total of 721 votes to emerge PDP candidate for the 2023 governorship election.
He explained that Isaac Kamalu polled 86 votes to emerge second position, while Dax Alabo George Kelly polled 37 votes and Tammy Danagogo polled 36 votes.
Also, he said, Chief West Morgan polled 4 votes, David Briggs 4 votes and Brother Felix Obuah polled 2 votes, while eight votes were voided.
“The delegate list that we have has a total number of delegates expected to vote as 980. Total number of accredited out of this 980, 898 delegates were accredited. The total number of votes cast in this election is 898. The total number of valid votes cast is 890. 8 votes were voided.”

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FAAC: FG, States, LGCs Share N656.602bn Revenue

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N656.602billion as April 2022 Federation Account Revenue to the Federal Government, states and local government councils.
This was contained in a communiqué issued at the end of a virtual meeting of the FAAC for May 2022.
The N656.602billion total revenue comprised distributable statutory revenue of N461.189billion, Value Added Tax (VAT) revenue of N166.522billion, the sum of N8.891billion being excess bank charges recovered and augmentation of N20billion.
In April 2022, the total deductions for the cost of collection were N29.609billion and the total deductions for transfers and refunds were N147.651billion.
Director (Information, Press and Public Relations), Office of the Accountant General of Federation, HenshawOgubike, said in a statement, yesterday, that the balance in the Excess Crude Account (ECA) was $35.377million.
The communiqué confirmed that from the total distributable revenue of N656.602billion; the Federal Government received N257.611billion, State Governments got N201.256billion and the Local Government Councils received N149.251billion.
The sum of N48.485billion was shared to the relevant states as 13percent derivation revenue.
Gross statutory revenue of N635.037billion was received for the month of April 2022.
This was lower than the N933.304billion received in the previous month by N298.267billion.
From the N461.189billion distributable statutory revenue, the Federal Government received N217.412billion, the State Governments got N110.275billion and the Local Government Councils received N85.017billion.
The sum of N48.485billion was shared with the relevant States as 13percent derivation revenue.
In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825billion.
This was lower than the N219.504billion available in the month of March 2022 by N40.679billion.
From the N166.522billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978billion, the State Governments got N83.261billion and the Local Government Councils pocketed N58.283billion.
The Federal Government got N4.684billion; the State Governments received N2.376billion and the Local Government Councils pocketed N1.831billion from the N8.891billion Excess Bank Charges recovered.
The N20.00billion augmentation was shared as follows: the Federal Government received N10.536billion, the State Governments got N5.344billion and the Local Government Councils received N4.120billion.
According to the communiqué, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.

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Children’s Day: FG Establishes Family Court In 16 States 

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Ahead of this year’s International Children’s Day celebration, the Federal Government has established family courts in 16 states to ensure child-friendly justice for children, either as victims or as offenders of violence.
The Minister of Women Affairs, Pauline Tallen who disclosed this at a press briefing on Tuesday noted that the establishment of family courts resulted from the effective advocacy and sensitisation for effective implementation of the Child Rights Law across the country.
According to her, the theme for this year’s celebration is ‘Strengthening Supportive Systems for the Protection of the Nigerian Child; A Wake-Up Call.’
The minister noted that despite efforts by the government and other stakeholders, children were still vulnerable and victims of abduction, ritual killings, rape, child marriage, domestic abuse, and others.
She said, “As a ministry, we are sometimes overwhelmed with these issues and it will seem as if we are not doing enough.
“More worrisome is the recent increase of violence in schools, where children are physically and sexually abused online and offline.
“In the meantime, the ministry, in collaboration with relevant stakeholders, has developed policies and carried out a series of programmes to ensure the safety of children.
“The establishment of family courts in 16 states of the federation is a direct result of the effective and sustained advocacy”.
Tallen also said that to ensure the safety and protection of children, she also reconstituted the technical working group on ending violence against children in the country.

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