Business

‘Inflation Rate Higher In Oct Than Sept’

Published

13 years ago

November 23, 2012

Figures released on Monday in Abuja by the National Bureau of Statistics (NBS) show
that Nigeria’s inflation rate rose to 11.7 per cent in October, as against 11.3
per cent recorded in September, the month of October increased by 0.4 per cent.

The Statistician-General of the
Federation, Dr Yemi Kale,said in a statement that the monthly change in the composite
Consumer Price Index (CPI) was due to the rising cost of food items during the
period.

“The rise in the food Index was mainly
due to higher food prices in various classes lead by meat, fish, potatoes, yams
and other tubers, fruits, bread and cereals as well as other foods.

“While the impact of security concerns
on agricultural production has eased significantly, the higher food prices
continue to reflect the impact of recent floods on farm produce.

“This is resulting to difficulty of
moving food products to markets across the country, coupled with higher demand
for food items due to the just-concluded Muslim festival,’’ the statement said.

He said the relative moderation in the
headline index in September was offset by the rising cost of food items during
the period.

“While the “Core’’ index continues its
declining trend over the last few months, rising to 12.4 per cent in October
from 13.1 percent in September, the food index increased to 11.1 per cent from
10.2 per cent over the same period.

“Since its year-on-year peak of 15.2
per cent in June, 2012, the Core Index continued to exhibit a declining trend
partially as a result of uncompromising monetary policy on the part of the
Central Bank of Nigeria.

“It should be noted that the Headline
Index is made up of the Core Index and Farm Produce items.

“ As processed foods are included in
both the Core and Food sub-indices, this implies that these sub-indices are not
mutually-exclusive,’’ the statement said.

It said the average annual rate of
rise of the index for the twelve-month period ending in October 2012 was 11.2
per cent when compared to 10.5 per cent in 2011.

The statement said the urban inflation
rate was recorded at 15.3 per cent in October, compared to 14.22 per cent in
September.

It explained that the rural index
recorded a 9.1 per cent year-on-year increase, relatively unchanged from
September.

It stated that both the “Urban and
Rural All Items’’ index increased by approximately 0.9 per cent month-on month
each, when compared with the previous month.

“The percentage change in the average
composite CPI for the 12-month period ending in October 2012 over the average
of the CPI for the previous 12-month period remained unchanged at 11.9 per
cent.

“The corresponding 12-month
year-on-year average percentage change for Urban and Rural indices was 13.5 per
cent and 10.8 per cent respectively.

“In October, the composite Food Index
increased year-on-year to 11.1 per cent, 0.9 percentage points higher than 10.2
per cent recorded in September,’’ it said.

The statement stated that on a
month-on-month basis, the Food index increased by 1.0 per cent in September.

“In October, the “All items less Farm
Produce” index which excludes the points lower than the 13.1 per cent was
recorded in September.

“The relative moderation in the core
index (on a year-on-year basis) continues a trend exhibited for four
consecutive quarters,’’ it stated.

The statement said increases in the
Core index were as a result of increases in the educational expenses due to the
resumption of the academic year, higher transportation costs due to the recent
concluded Muslim festival, and health expenditures.

“On month-on-month basis, the core
index increased by 0.4 per cent in October, down marginally from 0.5 per cent
in September.

“The average 12-month annual rate of
rise of the index remained at 13.5 per cent (year-on-year) for the 12-month
period ending October 2012,’’ it said.

According to the bureau, pricing and
weighting are the two basic parameters used to arrive at the CPI.

It added that 10,534 officers were
deployed to collate the data for the CPI monthly, while 740 product
specifications were priced across the rural and urban areas of the 36 states of
the federation and the FCT.

The statement added that the average
price of each item was computed for each sector for each state and the FCT and
used for index computation..

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

20 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

20 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.