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Nigeria’s inflation rate hits 33.95% in May -NBS
The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 33.95 per cent in May 2024.
The NBS said this in its Consumer Price Index (CPI) and Inflation Report for May, which was released on Saturday in Abuja
According to the report, the figure is 0.26 per cent points higher compared to the 33.69 per cent recorded in April 2024.
It said on a year-on-year basis, the headline inflation rate in May 2024 was 11.54 per cent higher than the rate recorded in May 2023 at 22.41 per cent.
In addition, the report said, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in April 2024 at 2.29 per cent.
“This means that in May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.”
The report said the increase in the headline index for May 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.
It said the percentage change in the average CPI for the 12 months ending May 2024 over the average of the CPI for the previous corresponding 12-month period was 29.06 per cent.
“This indicates a 7.86 per cent increase compared to 21.20 per cent recorded in May 2023.”
The report said the food inflation rate in May 2024 increased to 40.66 per cent on a year-on-year basis, which was 15.84 per cent higher compared to the rate recorded in May 2023 at 24.82 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of Semovita, Oatflake, Yam flour prepackage, Garri, and Bean,
“Others are Irish Potatoes, Yam, Water Yam, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken-live, Pork Head, and Bush Meat.”
It said on a month-on-month basis, the food inflation rate in May was 2.28 per cent, which was a 0.22 per cent decrease compared to the rate recorded in April 2024 at 2.50 per cent.
“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Palm Oil, Groundnut Oil, Yam, Irish Potato, and Cassava Tuber.
“Others are Wine, Bournvita, Milo, and Nescafe.”
The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.04 per cent in May on a year-on-year basis.
“This increased by 7.21 per cent compared to 19.83 per cent recorded in May 2023.’’
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of Actual and Imputed Rentals for Housing Class, Bus Journey intercity, and Taxi Journey per drop.
“Others are Accommodation Service, X-ray photography, Consultation Fee of a medical doctor, Laboratory service, among others.”
The NBS said on a month-on-month basis, the core inflation rate was 2.01 per cent in May 2024.
“This indicates a 0.18 per cent decrease compared to what was recorded in April 2024 at 2.20 per cent.”
“The average 12-month annual inflation rate was 23.45 per cent for the 12 months ending May 2024, this was 5.34 per cent points higher than the 18.11 per cent recorded in May 2023.”
The report said on a year-on-year basis in May 2024, the urban inflation rate was 36.34 per cent, which was 12.61 per cent higher compared to the 23.74 per cent recorded in May 2023.
“On a month-on-month basis, the urban inflation rate was 2.35 per cent, which decreased by 0.32 per cent compared to April 2024 at 2.67 per cent.’’
The report said on a year-on-year basis in May 2024, the rural inflation rate was 31.82 per cent, which was 10.63 per cent higher compared to the 21.19 per cent recorded in May 2023.
“On a month-on-month basis, the rural inflation rate was 1.94 per cent, which increased by 0.024 per cent compared to April 2024 at 1.92 per cent.’’
On states’ profile analysis, the report showed that in May, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 42.30 per cent, followed by Kogi at 39.38 per cent, and Oyo at 37.73 per cent.
It however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 25.97 per cent, followed by Benue at 27.74 per cent, and Delta at 28.67 per cent.
The report, however, said in May 2024, all items inflation rate on a month-on-month basis was highest in Kano at 4.24 per cent, followed by Gombe at 4.06 per cent, and Bauchi at 3.75 per cent.
“Ondo at 0.57 per cent, followed by Kwara at 1.19 per cent and Yobe at 1.24 per cent recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Kogi at 46.32 per cent, followed by Ekiti at 44.94 per cent, and Kwara at 44.66 per cent.
“Adamawa at 31.72 per cent, followed by Bauchi at 34.35 per cent and Borno at 34.74 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, food inflation was highest in Gombe at 4.88 per cent, followed by Kano at 4.68 per cent, and Bayelsa at 3.62 per cent.
“While Ondo at 0.02 per cent, followed by Yobe at 0.95 per cent and Adamawa at 1.02 per cent, recorded the slowest rise in inflation on a month-on-month basis.”
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.