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Nigeria’s Inflation Rate Hits 21.47%

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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.

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 We’ll Be Intentional In Our Support To Improve NYSC Scheme -Fubara

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Rivers State, Sir Siminalayi Fubara, has assured members of the National Youth Service Corps (NYSC) of his administration’s commitment to supporting and strengthening the scheme in the State.

Fubara gave the assurance last Friday at the NYSC permanent orientation camp, Nonwa-Gbam, Tai Local Government Area in the State, during the swearing-in ceremony of 2026 Batch B Stream II orientation course.

Represented by the Permanent Secretary, Cabinet Bureau, Office of the Secretary to the State Government, Dr. Promise Oguzie, the governor said the State Government would remain intentional in providing the necessary support to improve the NYSC scheme and enhance the experiences of corps members deployed to the state.

He charged the corps members to be role models and quality nation-builders in their service to the good people of Rivers State in particular, and Nigeria at large.

“I charge you to be exemplary, dedicated and committed in all you do. Take full advantage of all the camp programmes and activities to enrich yourselves”, he said.

In his welcome address, the State Coordinator of NYSC in Rivers State, Mr. Moses Oleghe, urged corps members to see their deployment to Rivers State as a “veritable opportunity to make meaningful contribution to the growth of the State in particular and Nigeria at large.”

He further charged them to serve with all sense of “integrity,  discipline, and the fear of God, especially when they will be engaged as INEC ad-hoc staff that will conduct the 2027 general elections.”

A total of 3,584 corps members composed of 1,421 males and 2,163 females were sworn in by the Chief Judge of Rivers State, who was represented by Justice Godspower Aguma.

 

 

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Fubara: Nigeria Needs God-fearing Leaders To Make Progress  …Applauds Seventh Day Adventist

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Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.

The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of  the church at Government House, Port Harcourt.

Fubara who hailed  the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria,  expressed delight  that the  Church had over the years,  been investing in education at various levels and currently runs two universities in the country.

He commended the church for not only using its  institutions to spread the gospel of  Christianity but to groom future leaders for the country.

According to him, religion should not be just about defending one’s faith, but also  making meaningful impact on the lives of the people.

He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria  in the task of producing not only educated people but a breed of God-fearing  leaders.

“Our country is where  it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation,  you’ll go beyond the line and that is what has brought us to where we are today.

“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.

Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society,  has also given rise to other problems such as social  inequality, poverty, corruption  and criminality. According to him, Nigeria needs a  system where the average parent could afford  quality education for their children and a  guarantee that upon graduation, the average  child  will have the  capacity to compete favourably with anybody, anywhere in the world.

“If we have a  situation where the little money that you’re being  paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices  we have today won’t be there,” he said.

Governor Fubara expressed appreciation to  the  delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.

Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s  ministers will  be undergoing  an  empowerment programme to further equip  them for the task of herding their flocks and serving the society.

He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.

Kohler disclosed that the Church has over twenty -four million  (24,000,000) members and more than 182,000 places of worship,  spread across 212 countries of the world.

 

 

 

 

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Rivers Assembly Approves Fubara’s 2026–2028 MTEF

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The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.

 

This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.

 

The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.

 

Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.

 

Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.

 

He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.

 

The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.

During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.

 

The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.

 

Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.

 

Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.

 

The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.

 

According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.

 

Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.

 

The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.

 

King Onunwor

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