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Nigeria’s Inflation Rate Hits 22.22% -NBS
The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.22 per cent on a year-on-year basis in April 2023.
This is according to the NBS Consumer Price Index (CPI) and Inflation Report for April 2023 released in Abuja on Tuesday.
According to the report, the figure is 0.18 per cent points higher compared to the 22.04 per cent recorded in March 2023.
It said on a year-on-year basis, the headline inflation rate in March 2023 was 5.40 per cent higher than the rate recorded in April 2022 at 16.82 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in April 2023 when compared to the same period in April 2022,’’ it said.
The report showed that contributions of items on divisional level increase in the headline index, are food and non-alcoholic beverages at 11.51 per cent.
While housing, water, electricity, gas and other fuel at 3.72 per cent.
Others are clothing and footwear at 1.70 per cent; transport at 1.45 per cent; furnishings, household equipment and maintenance at 1.12 per cent and education at 0.88 per cent, and health at 0.67 per cent.
“Miscellaneous goods and services at 0.37 per cent; restaurant and hotels at 0.27 per cent; alcoholic beverage, tobacco and kola at 0.24 per cent; recreation and culture at 0.15 per cent and communication at 0.15 per cent.”
It said the percentage change in the All-Items Index in April 2023 was 1.91 per cent on a month-on-month basis.
“This indicates a 0.05 per cent increase compared to the 1.86 per cent recorded in March 2023.
“This means that in April 2023, on average, the general price level was 0.05 per cent higher relative to March 2023.”
The percentage change in the average CPI for the 12 months ending April 2023 over the average of the CPI for the previous 12 months period was 20.82 per cent.
“This indicates a 4.37 per cent increase compared to the 16.45 per cent recorded in April 2022.’’
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 April 2023 was 24.61 per cent on a year-on-year basis, which was 6.24 per cent higher compared to the rate recorded in April 2022 at 18.37 per cent.
“The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”
It said on a month-on-month basis, the food inflation rate in April was 2.13 per cent, which was a 0.06 per cent rise compared to the rate recorded in March 2023 at 2.07 per cent.
The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.14 per cent in April 2023 on a year-on-year basis.
“This increased by 5.96 per cent compared to 14.18 per cent recorded in April 2022.’’
“On a month-on-month basis, the core inflation rate was 1.46 per cent in April 2023, which was a 0.78 per cent drop compared to what it stood at in March 2023 at 1.84 per cent.”
According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.
“Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.
“The average 12-month annual inflation rate was 17.91 per cent for the 12 months ending April 2023, this was 4.23 per cent points higher than the 13.68 per cent recorded in April 2022.”
The report said on a year-on-year basis in April 2023, that the urban inflation rate was 23.39 per cent, which was 6.05 per cent higher compared to the 17.35 per cent recorded in April 2022.
“On a month-on-month basis, the urban inflation rate was 2.05 per cent in April 2023, representing a 0.05 per cent rise compared to March 2023 at 2.00 per cent.’’
It said the corresponding 12-month average for the urban inflation rate was 21.50 per cent in April 2023.
“This was 4.49 per cent higher compared to the 17.01 per cent reported in April 2022.’’
The report said on a year-on-year basis in April 2023, the rural inflation rate was 21.14 per cent, which was 4.82 per cent higher compared to the 16.32 per cent recorded in April 2022.
“On a month-on-month basis, the rural inflation rate in April 2023 was 1.78 per cent, which increased by 0.06 per cent compared to March 2023 at 1.72 per cent.’’
It said the corresponding 12-month average for the rural inflation rate in April 2023 was 20.18 per cent, which was 4.27 per cent higher compared to the 15.91 per cent recorded in April 2022.
On states’ profile analysis, the report showed in April 2023, all items inflation rate on a year-on-year basis was highest in Bayelsa at 26.14 per cent, followed by Kogi at 25.57 per cent, and Rivers at 24.95 per cent.
It, however, said the slowest rise in headline year-on-year inflation was recorded in Borno at 19.60 per cent, followed by Taraba at 19.64 per cent, and Sokoto at 19.90 per cent.
The report, however, said in April 2023, all items inflation rate on a month-on-month basis was highest in Cross River at 3.05 per cent, Bayelsa at 2.92 per cent and Rivers at 2.62 per cent.
“ Katsina at 0.52 per cent, followed by Jigawa at 0.74 per cent and Osun at 0.96 per cent recorded the slowest rise in month-on-month inflation.”
The report said food inflation in April 2023, on a year-on-year basis, was highest in Kogi at 29.50 per cent, followed by Kwara at 29.48 per cent, and Bayelsa at 29.38per cent.
“ Sokoto at 19.55 per cent, followed by Taraba at 20.20 per cent and Jigawa at 20.68 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, April 2023 food inflation was highest in Cross River at 4.65 per cent, followed by Bayelsa at 3.61 per cent, and Ekiti at 3.49 per cent.
“ With Jigawa at 0.14 per cent, followed by Katsina at 0.44 per cent and Osun at 0.62 per cent recorded the slowest rise on month-on-month inflation.’’
The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ekwe Ibas, has assured the commitment of Rivers State government to workers’s welfare and industrial harmony in Rivers State.
The Sole Administrator gave the assurance after meeting with leadership of organized labour unions at the Government House, Port Harcourt on Wednesday.
Ibas reaffirmed government’s policy of prompt payment of salaries and pensions to workers and retirees, stating that all local government employees are not receiving the approved minimum wage.
He disclosed that approval has been given for payment of newly employed staff at Rivers State University Teaching Hospital and the Judiciary, while medical workers in Local Government Areas will now receive correct wages.
Ibas explained that, Government is reviewing implementation challenges of the Contributory Pension Scheme ahead of the July 2025 deadline, adding that Intervention buses have been reintroduced to ease workers’ transportation ,with plans to expand the fleet.
He said specialized leadership training for top civil servants will commence within two weeks, while due consideration is being given to implementing the N32,000 consequential adjustment for pensioners and clearing outstanding gratuities.
Ibas commended Rivers State workers for their dedication to service and called for sustained partnership with labour unions to maintain industrial peace.
“This administration recognizes workers as critical partners in development. We remain committed to addressing your legitimate concerns within available resources,” he stated.
The State NLC Chairman, Comrade Alex Agwanwor, thanked the Administrator for the steps taken so far with regard to workers welfare while appreciating his disposition towards alleviating the transportation problem faced by workers.
He also expressed appreciation for the government’s openness to dialogue and pledged continued cooperation towards achieving mutual goals.
The Rivers State Government assured all workers of its unwavering commitment to their welfare and called for continued dedication to service delivery for the collective progress of our dear State.
The Nigeria Labour Congress (NLC), Rivers Council, has called for policies that will improve the economic situation of the country in order to ensure enhanced living standard for workers.
The State Chairman, Mr Alex Agwanwor, made the remark on behalf of the unions affiliated to Labour Congress during the 2025 workers day celebration in Port Harcourt, yesterday.
Agwanwor highlighted the demands of the Unions which included the immediate payment of pension arrears, implementation of the N32,000 minimum wage for pensioners, and payment of gratuities and death benefits without further delay.
“We are calling for the regulation and protection of e-hailing drivers, implementation of increments and promotions, and resolution of long-standing issues in the polytechnic sector,” he said.
Agwanwor on behalf of the unions appealed to President Bola Tinubu to reinstate the democratically elected Governor, Deputy Governor, and members of the Rivers State House of Assembly.
He stressed the importance of democratic governance and good working relationship with elected representatives.
According to him, the unions expressed disappointment over the imposition of taxes, increase in electricity tariff, and high cost of goods and services, which have further worsened the plight of workers.
“We urge the federal government to take measures to alleviate the suffering of citizens,” he said.
Vice-President Kashim Shettima says President Bola Tinubu is committed to unlocking Nigeria’s full potential and position the country as a leading force on the African continent.
Shettima stated this when he hosted a delegation from the Hertie School of Governance, Berlin, led by its Senior Fellow, Dr Rolf Alter, at the Presidential Villa in Abuja last Wednesday.
He said Nigeria was actively seeking expertise from the global best institutions to enhance policy formulation and implementation, particularly in human capital development.
The Vice-President noted that President Tinubu was determined to elevate Nigeria to its rightful position as a leading force in Africa.
“The current crop of leadership in Nigeria under President Bola Ahmed Tinubu is ready and willing to unleash the full potential of the Nigerian nation on the African continent.
” We are laying the groundwork through strategic reforms, and at the heart of it, is human capital development.”
He described the Hertie School as a valuable partner in the journey.
According to him, Hertie School of Governance, Berlin, has track record and institutional knowledge to add value to our policy formulation and delivery, especially in this disruptive age.
Shettima reiterated the government’s priority on upskilling Nigerians, saying ” skills are very important, and with our Human Capital Development (HCD) 2.0 programme.
“We are in a position to unleash the full potential of the Nigerian people by enhancing their capital skills.”
The Vice-President acknowledged the vital support of international development partners in that effort.
” I want to thank the World Bank, the European Union, the Bill and Melinda Gates Foundation, and all our partners in that drive to add value to the Nigerian nation,” he maintained.
The Vice-President said human capital development was both an economic imperative and a social necessity.
Shettima assured the delegation of the government’s readiness to deepen cooperation.
” We need the skills and the capacity from your school. The world is now knowledge-driven.
“I wish to implore you to have a very warm and robust partnership with the government and people of Nigeria.”
Shettima further explained recent economic decisions of the government, including fuel subsidy removal and foreign exchange reforms.
“The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.
“President Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” he added.
Earlier, Alter, congratulated the Tinubu administration for the successful launch and implementation of the Human Capital Development (HCD) strategy.
The group leader described the development as ambitious and targeted towards the improvement of the lives of the citizens.
He expressed satisfaction with the outcome of his engagements since arriving in the country.
He applauded the zeal, commitment, energy and goodwill observed among stakeholders in the implementation of Nigeria’s HCD programme.
Alter said the Hertie School of Governance would work closely with authorities in Nigeria across different levels to deliver programmes specifically designed to address the unique needs of the country.
He, however, stressed the need for government officials at different levels to be agile and amenable to the dynamics of the evolving world, particularly as Nigeria attempted to successfully accelerate its human capital development aspirations.
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