Connect with us

Featured

Nigeria’s Inflation Rate Hits 21.47%

Published

on

The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate increased to 21.47per cent on a year-on-year basis in November 2022.
Nigeria’s headline inflation rate stood at 21.09per cent on a year-on-year basis in October 2022.
The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for November released, yesterday.
It stated that the figure is 6.07per cent points higher compared to 15.40per cent recorded in November 2021.
According to the report, factors responsible for the increase in annual inflation rate include an increase in the cost of importation due to the continual currency depreciation and a general increase in the cost of production due to a surge in energy cost.
The NBS said on a month-on-month basis, the headline inflation rate in November 2022 was 1.39per cent, which was 0.15per cent higher than the rate recorded in October 2022 at 1.24per cent.
It attributed the increase in the monthly inflation rate (month-on-month basis) to higher demand, usually experience during the festive season.
“The percentage change in the average CPI for the 12 months ending November 2022 over the average of the CPI for the previous 12 months period was 18.37per cent, showing a 1.39per cent increase compared to the 16.98per cent recorded in November 2021.
“The components that made up the food sub-index in November 2022 2022 was 24.13per cent on a year-on-year basis; which was 6.92per cent higher compared to the rate recorded in November 2021 (17.21per cent). The rise in the food sub-index was caused by the increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products n.e.c, and fish.
“Whereas the month-on-month food inflation rate in November was 1.40per cent, this was 0.17per cent higher compared to the rate recorded in October 2022 (1.23per cent). The increase was attributed to an increase in prices of some food items like oil and fat, fruits, fish, and tubers,” the NBS added.
It noted that the average annual rate of food inflation for the twelve-month ending November 2022 was 20.41per cent, saying this was 0.21per cent points decline from the annual rate of change recorded in November 2021 (20.62per cent).
It stated that that core inflation rate, that is all-items index less farm produce, which excludes the prices of volatile agricultural produce stood at 18.24per cent in November 2022 on a year-on-year basis; showing a rise of 4.39per cent when compared to 13.85per cent recorded in November 2021.
The NBS said on a month-on-month basis, the core inflation rate was 1.67per cent in November 2022, while the rate was 0.93per cent in October 2022.
“This shows a rise of 0.74per cent. The highest increases were recorded in prices of gas, liquid fuel, and passenger transport by air, vehicle spare parts, and solid fuel,” it noted.
According to the report, the percentage change in the average CPI for the 12 months ending November 2022 was 15.69per cent, which was 2.73per cent points higher than the previous 12 months period which recorded 12.96per cent in November 2021.
It stated that the urban consumers’ inflation rate for November 2022, on a year-on-year basis, stood at 22.09per cent, noting that this was 6.17per cent higher compared to the 15.92per cent recorded in November 2021.
The NBS disclosed that on a month-on-month basis, the urban inflation rate was 1.50per cent in November 2022, saying this was 0.16per cent higher compared to October 2022 (1.33per cent).
It said the corresponding 12-month average for the urban inflation rate was 18.90per cent in November 2022.
“This was 1.35percent higher compared to the 17.55per cent reported in November 2021,” it added.
The report noted that the inflation rate for rural consumers in November 2022 was 20.88per cent on a year-on-year basis, saying this was 5.99per cent higher compared to 14.89per cent recorded in November 2021.
“On a month-on-month basis, the rural inflation rate in November 2022 was 1.30percent, indicating a rise of 0.14per cent compared to October 2022 (1.16per cent).
“While the corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88per cent. This was 1.46per cent higher compared to the 16.42per cent recorded in November 2021.
“In comparing the states’ profiles, all-item inflation rates for November 2022 on a year-on-year basis were highest in Ebonyi (26.11per cent), Kogi (25.84per cent), Rivers (24.45per cent), while Kaduna (18.87per cent), Sokoto (19.02per cent) and Cross river (19.17per cent) recorded the slowest rise in inflation.
“On a month-on-month basis, however, November 2022 recorded the highest increases in Ebonyi (3.16per cent), Niger (2.70per cent), Plateau (2.44per cent), while Ogun (-0.17per cent), Abuja (-0.12per cent), and Sokoto (0.25per cent) recorded the slowest rise on month-on-month inflation,” the NBS added.

Featured

WASSCE: RSG Distributes Science Materials To Secondary Schools

Published

on

The Rivers State Government has distributed science equipment and materials to all senior secondary schools across the state to support students during the ongoing West African Examinations Council exams and to strengthen practical learning.

Flagging off the distribution at the Rivers State Senior Secondary Schools Board premises in Port Harcourt, on Monday, the State Commissioner for Education, Dr. Peters Nwagor, said the move demonstrates Governor Siminalayi Fubara’s commitment to improving education standards in the State.

 Nwagor said the materials were approved and provided by the state government specifically to boost the teaching and learning of science subjects, describing science education as the foundation for technological advancement, innovation, and national development.

“No society can compete globally without deliberate investment in science and technology,” the Commissioner stated.

He commended the governor for consistently prioritising the education sector by providing tools needed for effective teaching and hands-on learning.

The Commissioner directed principals to ensure that the equipment are used strictly for practical lessons in their schools, warning that any principal or administrator found diverting, hoarding, or selling the materials wil face disciplinary action under public service regulations.

 Nwagor also warned against examination malpractice,  saying any principal found aiding or encouraging malpractices will be decisively sanctioned.

“We must collectively restore the dignity and credibility of our educational system,” he said.

Also speaking, Chairman, Rivers State Senior Secondary Schools Board, Tony Egwurugwu, urged school heads to make judicious use of the materials for students’ benefit.

He thanked the State Government for providing the resources, and assured that monitoring mechanisms would be put in place to ensure the materials serve their intended purpose.

In his own remarks,  a Board Member for Technical Education, Nwisabari Bani Samuel, expressed appreciation to the governor for prioritising education and acknowledged the Commissioner’s role in advancing education development in the State.

He  said the distribution covers all senior secondary schools in the State and is intended to improve students’ performance in both internal and external science examinations.

Akujobi Amadi

Continue Reading

Featured

Fubara Hails Workers’ Resilience, Dedication In Rivers …Hails Tinubu’s Economic Reform 

Published

on

Rivers State Governor, Sir Siminalayi Fubara,  has commended workers in the State for their resilience, dedication, and invaluable contributions to development in the State.

 

Fubara gave the commendation during the 2026 Workers’ Day celebration at Isaac Boro Park in Port Harcourt, last Friday.

 

Represented by his deputy, Prof. Ngozi Nma Odu, the governor noted that Workers’ Day, which originated from the struggle for an eight-hour workday in the United States, has evolved into a global event recognising the contributions of workers to national growth and development.

 

He described workers as the backbone of sustainable development, saying no society can thrive without their efforts.

 

Fubara commended Rivers workers for their loyalty and commitment to service, noting that workers play vital roles across key sectors, including education, healthcare, infrastructure and industry.

 

He noted that their contributions have enhanced access to quality education and healthcare, supported job creation, and stimulated economic activities across the State.

 

While acknowledging the economic challenges faced by many workers, including the rising cost of living, Fubara assured that the the State Government remains committed to implementing policies that will enhance workers’ welfare and overall well-being.

 

The governor also hailed the bold and daring economic reforms of President Bola Tinubu which, he said, have stabilized the economy, enhanced foreign exchange liquidity, lowered inflation, and achieved significant growth in the nation’s gross domestic product.

 

He noted that, in addition to raising the minimum wage, the President recently approved new welfare incentives for federal civil servants.

 

“Our economy is on an unstoppable positive path under our President, and it can only improve further for the nation and everyone. Let us continue supporting the policies and programmes of Mr President,” he said.

 

Fubara highlighted the importance of workers in revenue generation and governance, noting that taxes paid by workers enable government to provide security and essential social services.

 

He reaffirmed the State Government’s recognition of labour as a critical partner in achieving its development blueprint, appreciating workers’ daily contributions to building a peaceful, secure, and prosperous Rivers State.

 

The governor urged the organised labour to use the occasion to reaffirm its commitment to the progress of the State, while continuing to advocate for democracy, social justice, and improved welfare for workers.

 

He also expressed gratitude to workers for their service to the State and the nation, encouraging them to remain steadfast in their contributions to development.

 

In his address, the State Chairman of the Nigeria Labour Congress, Comrade Alex Agwanwor, commended Fubara for his steadfastness, genuine commitment, and passion for workers in the State.

 

He highlighted key achievements of the administration, including the implementation of the National Minimum Wage Act, the renovation of the State Secretariat, the reopening of the Rivers State Transport Company (RTC), and the consistent payment of end-of-year bonuses to public workers.

 

Comrade Agwanwor noted that workers, as drivers of productivity, understand the challenges involved in building a prosperous Rivers State, stressing that they are well-equipped to contribute meaningfully to the growth and development of the State.

 

“We have resolved not to continue complaining and lamenting while challenges persist. Instead, we must take the initiative, step out of relative obscurity, and rediscover the mission and destiny of our dear state,” he said.

 

 

Continue Reading

Featured

Fubara Pledges Support For Corporate Organisations In Rivers …Says PPP Business Model Responsible For NLNG’s Success

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has pledged the  continued  support of his administration for the Nigeria Liquified Natural Gas (NLNG) Limited.

Fubara gave the assurance while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade, who paid him a courtesy visit at Government House, Port Harcourt.

He assured that his administration would continue to contribute its own quota in support of the NLNG.

According to him, the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government.

“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.

“So, the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think  we need to come in to support you, please do not hesitate to call upon us.

“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can  assure you that.  I will also ensure that other units of the government will  liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.

The governor attributed the success of the NLNG to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies.

The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.

The partnership model allows for shared risks, costs, and expertise in the LNG sector.

The governor noted that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence.

According to him, the decision of the Federal Government to allow the multinational oil companies who have the  needed expertise to run the establishment while government plays a supervisory role over it has largely been responsible for its  success.

“I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with  the laws;  ensure that standards are maintained and also ensure that the right people with the needed  expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.

In his opening remark, the new NLNG boss, Mr Adeleye Falade, who led other top officials of the company on the visit, expressed appreciation to the governor for granting them audience, and appealed to the State Government to continue to support the organisation.

“We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.

Falade said the company has continued to work with its host communities to strengthen their  capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact.

According to him, communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model.

He said that beyond community infrastructure, the NLNG  has sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and  Micro Small and Medium Enterprise (MSME) schemes.

These, he said, were designed  to support small businesses, build capacity, and stimulate local enterprise across the state.

Among officials of the company who accompanied the Managing Director were General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations, Dr. Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh.

Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu; Senior Government Relations Advisor, Mrs Kate Allison, and Audio -Visual Advisor, Mr Dawood Ahmed.

 

 

Continue Reading

Trending