Connect with us

Featured

Nigeria’s Inflation Rate Increases To 21.09%

Published

on

The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate increased to 21.09per cent on a year-on-year basis in October, 2022.
Nigeria’s headline inflation rate stood at 20.77per cent on a year-on-year basis in September, 2022.
The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for October released on Wednesday.
According to the report, the figure is 5.09per cent points higher compared to 15.99per cent recorded in October, 2021.
“This shows that the general price level for the headline inflation rate increased in October, 2022 when compared to the same month in the preceding year.
“Meaning that in October, 2022, the general price level was 5.09per cent higher relative to October, 2021,” it said.
According to the report, factors responsible for the increase in annual inflation rate include disruption in the supply of food products.
It said other factors were increased in import cost due to the persistent currency depreciation and a general increase in the cost of production such as the increase in energy cost.
The report said on a month-on-month basis, the Headline inflation rate in October, 2022 was 1.24per cent, which was 0.11per cent lower than the rate recorded in September, 2022 at 1.36per cent.
“This means that in October, 2022, the general price level for the headline inflation rate on a month–on–month basis declined by 0.11per cent,” the report.
According to the report, the factor responsible for the decline in the monthly inflation rate is a decline in the current month’s food index relative to the reference month index, which is due to the harvest season.
The report said the percentage change in the average CPI for the 12 months ending October, 2022 over the average of the CPI for the previous 12 months period was 17.86per cent
“This indicates a 0.91per cent increase compared to the 16.96per cent recorded in October, 2021,” the report noted.
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report said the food inflation rate in October, 2022 was 23.72per cent on a year-on-year basis, which was 5.39per cent higher compared to the rate recorded in October, 2021 at 18.34per cent.
“The rise in food inflation is caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, oil and fat.”
It said on a month-on-month basis, the food inflation rate in October was 1.23per cent, which was a 0.21per cent decline compared to the rate recorded in September, 2022 at 1.43per cent.
“This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
“The average annual rate of food inflation for the 12-months ending October, 2022 was 19.83per cent , which was a 0.92per cent points decline from the average annual rate of change recorded in October, 2021 at 20.75per cent,” it stated.
The report said on a year-on-year basis in October, 2022, the urban inflation rate was 21.63per cent, which was 5.11per cent higher compared to the 16.52per cent recorded in October, 2021.
“On a month-on-month basis, the urban inflation rate was 1.33per cent in October, 2022, this was a 0.12per cent decline compared toSeptember, 2022 at 1.46per cent,” the report noted.
It said the corresponding 12-month average for the urban inflationrate was 18.38per cent in October, 2022.
“This was 0.85per cent higher compared to the 17.53per cent reported in October, 2021,” it said.
The report said on a year-on-year basis in October, 2022, the rural inflation rate was 20.57per cent, which was 5.09per cent higher compared to the 15.48per cent recorded in October, 2021.
“On a month-on-month basis, the rural inflation rate in October, 2022 was 1.16per cent, which declined by 0.11per cent compared to September, 2022 at 1.27per cent,” it stated.
It said the corresponding 12-month average for the rural inflation rate inOctober, 2022 was 17.38per cent, which was 0.98per cent higher compared to the 16.39per cent recorded in October, 2021.
On states’ profile analysis, the report showed in October, 2022, all items inflation rate on a year-on-year basis was highest in Kogi at 25.15per cent, followed by Bauchi at 23.45per cent, and Ondo at 23.45per cent.
It, however, said the slowest rise in headline year-on-year inflation was recorded in Plateau at 19.02per cent followed by Borno at 19.31per cent and Nasarawa at 19.39per cent.
The report, however said in October, 2022, all items inflation rate on a month-on-month basis was highest in Abuja at 3.18per cent, followed by Kebbi at 2.80per cent, and Sokoto at 2.57per cent.
“Kwara at -0.14per cent, followed by Kogi at 0.06per cent and Oyo at 0.30per cent recorded the slowest rise on month-on-month inflation,” it added.
The report said food inflation in October, 2022, on a year-on-year basis was highest in Kwara by 30.79per cent, followed by Kogi at 28.74per cent and Imo at 28.64per cent.
“Kaduna at 19.96per cent, followed by Plateau at 20.17per cent and Jigawa at 20.42per cent recorded the slowest rise on year-on-year food inflation,” it said.
It, however, said on a month-on-month basis in October, 2022, food inflation was highest in Sokoto at 3.55per cent followed by Yobe by 3.31per cent and Kebbi at 3.16per cent.
“Kwara at -0.76per cent, followed by Kogi at -0.55per cent and Akwa-Ibom at -0.21per cent recorded the slowest rise on month-on-month inflation,” it noted.

Print Friendly, PDF & Email

Featured

2023: Rivers’ll Soon Decide Which Presidential Candidate To Vote -Wike

Published

on

Rivers State Governor, Chief Nyesom Wike, has informed that the decision on the presidential candidate to vote in the 2023 general election in the state would soon be made known.
He said when the decision would be taken, Rivers electorate, who have enjoyed good governance under his watch and already desirous to reciprocate the gesture, would be told which presidential candidate to vote.
Wike made the position known while inaugurating the Rukpokwu-Rumuapu-Izo-Ogbodo-Igwuruta Link Road, which took place in Rumuapu community in Obio/Akpor Local Government Area, yesterday.
The governor said, for what his administration has done in terms of performance and provision of critical infrastructure, Rivers people were already home with the Peoples Democratic Party (PDP).
He then charged the electorate to cast their votes only for PDP gubernatorial candidate as well National Assembly and State Assembly candidates.
“Then, the other one (presidential), I will come and tell you where we will vote. These ones (governorship, senatorial, Reps and State Assembly candidates) I mentioned now, make sure you come and vote for them. Very soon, we’ll meet in our houses and a take decision where we are going to.”
Wike mocked governorship candidates of other parties in the state, who he said are not in touch with the people at the grassroots.
According to him, these candidates, he stated, do not also have any follower, no traditional or political opinion leaders who can help galvanise the support of the electorate for them.
Such candidates, Wike noted, were only desperately going about collecting money from people in the guise of preparing for election when they know that they are not in the race to win the election.
Wike said Rivers electorate would vote the party that has come to their aid, supported and made them happy while also sustaining the peace in the state.
“You will work for a party that has come to your aid, a party that has brought dividends of democracy. If the people of Rukpokwu are not happy, will they be here. Governance is all about the happiness of the people. When the people are happy, we are happy. So, if I come here to address you everybody will listen to me.”
The Rivers State governor boasted that his administration has attended to every area of development concern in Apara Kingdom, particularly on the provision of roads.
He has, therefore, challenged any person within the kingdom in Obio/Akpor Local Government Area to dare mention any that has been left unattended.
On the issue of security, the governor said with the inauguration of the Police Intelligence and Surveillance Centre in Port Harcourt by the Inspector General of Police, last Monday, criminals involved in kidnapping would be easily arrested for prosecution.
“Yesterday (Monday), the Inspector General of Police came and we commissioned the Intelligence and Surveillance Centre. I want to tell all of you who may be thinking of kidnapping. The time is over. As it is now, in that Intelligence Centre, we will be watching you on screen. Anywhere you are on the road we are seeing you. That period is over when you think you will commit a crime and runaway.”
In his address, Rivers State Commissioner for Works, Dr Dakorinima Alabo George-Kelly, stated that the Rukpokwu-Rumuapu-Izo-OgbodoIgwuruta Link Road connects the Obio/Akpor and Ikwerre local government areas.
The road, he said, was 7.6km in length, 7.3meters in width with 7km of drains, which has been delivered in the best quality specified, adding that it has already enhanced the ease of doing business in the area.
The Chairman of Obio/Akpor Local Government Area, Barrister George Ariolu, who commended the governor for his aggressive infrastructure development, assured him that the people of the council would be fully mobilised to vote for the state PDP candidates in the 2023 general election.

Print Friendly, PDF & Email
Continue Reading

Featured

Buhari Links Rising Terrorism In Lake Chad To Russia-Ukraine War

Published

on

The ongoing confrontation between Russia and Ukraine, together with other violent incidents in the Sahel region of West Africa, has made the Boko Haram terrorist activity in the Lake Chad Basin region even worse, President Muhammadu Buhari, has said.
He made the disclosure, yesterday, in his opening address at the 16th Summit of the Heads of State and Government of the Lake Chad Basin Commission, held at the State House Conference Centre of the Presidential Villa, Abuja.
Buhari, who is also the summit’s chairman, asserted that fighters and weapons are already entering the region via Russia and Ukraine, escalating the spread of small arms and light weapons.
He said this situation necessitates a reawakening of border security in the region’s member states.
The President also pointed out that despite significant efforts to weaken Boko Haram and other violent extremist organisations in the area, terrorist threats continue.
“I am glad to inform my dear brothers that in keeping with that decision, the MNJTF has since then, successfully conducted three major operations: Ops‘YANCIN TAFKI (I&II) and Ops Lake Sanity I, with, the fourth one, Ops Lake Sanity II, being planned. The next phase of the operation will take cognisance of lessons learnt from previous exercises and effectively consolidate the gains attained by preceding Ops.
“I am glad to note that during the execution of Ops Lake Sanity I, regrouping terrorists in the Lake Chad Islands were effectively decimated.
“It must, however, be stated that despite the successes recorded by the gallant troops of the MNJTF and the various ongoing national operations in the region, terrorist threats still lurk in the region.
“Regrettably, the situation in the Sahel and the raging war in Ukraine serve as major sources of weapons and fighters that bolster the ranks of the terrorists in the Lake Chad Region. A substantial proportion of the arms and ammunition procured to execute the war in Libya continues to find its way to the Lake Chad region and other parts of the Sahel.
“Weapons being used for the war in Ukraine and Russia are equally beginning to filter to the region.
“This illegal movement of arms into the region has heightened the proliferation of small arms and light weapons which continues to threaten our collective peace and security in the region. There is, therefore, the urgent need for expedited collaborative actions by our border control agencies and other security services to stop the circulation of all illegal weapons in the region”, he said.
Buhari stressed that government presence must be positively felt in the area to restore the confidence of citizens in the ability of the state to protect them and provide basic infrastructure for all.
He said: “It is in view of the foregoing, that the implementation of the Regional Strategy for the Stabilization, Recovery and Resilience of the Boko Haram affected Areas of the region must gain further traction without any delay.
“I am glad to note the development, costing and validation of the territorial action plans for the eight Boko Haram most affected territories of the region.
“These action plans which are the basic building blocks for the implementation of the strategy for the developmental needs of the people of the area. While we commend these initiatives, we must immediately commence efforts at their operationalization.
“In this regard, I urge our partners to continue to support us as we redouble the ongoing efforts at developing the region, to win the hearts and minds of the citizens in the area.”
He emphasised further that the region around Lake Chad is, indeed, dealing with a complicated security scenario that is highly dynamic, continuously changing, and increasingly influenced by the effects of climate change and other causes, including, tragically, some external ones.
Due to these reasons, he said, “it is essential that we routinely evaluate the development and anti-terrorism policies in place in the area.
“We must continue together to proffer ingenious solutions to the challenges confronting us. We must, through the commission, continue to make concerted efforts to provide the desired leadership, and ownership and ensure that our experts and troops are adequately motivated and supported to achieve our objectives.
“We must strive to continue to view our region through the lens of equity, fairness, diversity, and inclusion. It is imperative that we all see ourselves reflected in the kind of leadership we provide for the region. We must continue to support and contribute to the success of the organisation. We all must rise and face the challenges of the region headlong in order to deliver the bright future we envisage for our region.”
He noted that although budgetary concerns remain a challenge for all member countries, considering the declining global inflows and increasing demands, “we must, however, never lose sight of the vision of the Founding Fathers of the commission. We must continue to strive and make collaborative efforts at upholding the ideals for which the LCBC in its near 60 years of existence has continued to pursue.”
He applauded the gallantry of the troops in the field, ensuring the safety and stability of the region, stating: “We recommit ourselves to sustaining the ongoing counterterrorism efforts by providing you with the requisite needs to function optimally. I wish to assure you that your welfare would continue to remain our priority. I urge you all to rededicate yourselves as we take the final push towards eradicating terrorism from our region. Together, we shall restore and transform the Lake Chad region to its former glory.”
Meanwhile, in his welcome address to the Summit, the Executive Secretary of the LCBC, MammanNuhu, disclosed that Nigeria had remitted a total of $209,075,748 to the funding of the MNJTF between 2015 and 2021.
“I want to avail myself of this opportunity to express our deep appreciation to your Excellencies for your unwavering support to your respective MNJTF sectors, regardless of other challenges that equally demand similar support from you.
“Special thanks also to the chairman of the summit, for his tireless support to the MNJTF, the last remittance of the sum of $10,500,000 on April 6, 2021, brought the total direct disbursement of Nigeria to the MNJTF to $209,075,748 from 2015 to 2021”, he disclosed.
The event had Presidents and Heads of State of the six member-states in attendance, with the exception of President Paul Biya of Cameroon, who was represented by one of his ministers.
Those in physical attendance were President of the Central African Republic, Prof. Faustine Archange Touadera; President and Head of State of Niger Republic, Mohamed Bazoum; President of the Republic of Benin, Patrice Tallon; President of the Transition Military Council of Chad, MahamatIdriss DebyItno; President of the Republic, Head of State, Mohamed Al-Menfi; chairman, Presidential Council of Libya.

Print Friendly, PDF & Email
Continue Reading

Featured

FG Approves Paternity Leave For Civil Servants

Published

on

The Federal Government has approved a 14-working-day paternity leave for federal civil servants in the country.
The Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, made this known via a circular dated November 25, made available to newsmen, yesterday.
The circular with ref no HCSF/SPSO/ODD/NCE/RR/650309/3 was titled, ‘Computation of Leave Based on Working Days and Approval of Paternity Leave in the Public Service’.
Yemi-Esan, in the circular addressed to the Chief of Staff to the President, Ministers, Secretary to the Government of the Federation (SGF), Clerk of the National Assembly, and Governor of the Central Bank of Nigeria (CBN), among others, said the approval of the paternity leave was in line with the provisions of the Public Service Rules, 2021 Edition, adding that the computation of all leave shall be based on working days.
The HoS stated that the period of the leave shall be 14 working days and shall not be more than once in two years, and for maximum of four children.
“Government has also approved Paternity Leave for serving male officers whose spouse delivers a baby. The period of the leave shall be 14 working days.
“The leave shall not be more than once in two years, and for maximum of four children.
“Where the family of a male officer adopts a child under four months old, the officer will similarly enjoy Paternity Leave for a period of 14 working days,” Yemi-Esan noted.
She said the request for such leave shall be accompanied by the Expected Date of Delivery’s (EDD) report of the officer’s wife or evidence of approval of the adoption of the child by the relevant government bodies, adding that the effective date of the circular was November 25, 2022.

Print Friendly, PDF & Email
Continue Reading

Trending