The National Bureau of Statistics (NBS), said the country’s inflation measured by Consumer Price Index (CPI) stood at 11.08 per cent (year-on-year) in July 2019.
According to NBS, this is 0.14 per cent lower than the rate recorded in June (11.
The NBS said this in its “CPI and Inflation Report’’ released on Friday in Abuja.
The report said composite food index rose by 13.39 per cent in July compared to 13.56 per cent in June.
According to it, the rise in the food index was caused by increases in prices of oils and fats, meat, bread and cereals, potatoes, yam and other tubers and fish.
“On month-on-month basis, the food sub-index increased by 1.26 per cent in July, down by 0.10 per cent points from 1.36 per cent recorded in June 2019.”
It said that the average annual rate of change of the food sub-index for the twelve-month period ending July over the previous twelve-month average was 13.46 per cent, 0.04 per cent points from the average annual rate of change recorded in June (13.42) per cent.
The bureau also said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
“On month-on-month basis, the headline index increased by 1.01 per cent in July 2019.
“This is 0.06 per cent rate lower than the rate recorded in June 2019 (1.07) per cent.
“The percentage change in the average composite CPI for the twelve months period ending July over the average of the CPI for the previous twelve months period was 11.29 per cent, compared to 11.29 per cent recorded in June.”
The report also said that the urban inflation rate increased by 11.43 per cent (year-on-year) in July from 11.61 per cent recorded in June, while the rural inflation rate increased by 10.64 per cent in July from 10.87 per cent in June.
On month-on-month basis, the bureau said the urban index rose by 1.07 per cent in July, down by 0.03 from 1.10 per cent recorded in June.
It added that rural index also rose by 0.96 per cent in July, down by 0.09 from the rate recorded in June (1.05) per cent.
The NBS added that the corresponding twelve-month year-on-year average percentage change for the urban index was 11.64 per cent in July.
“This is less than 11.65 per cent reported in June, while the corresponding rural inflation rate in July is 10.97 per cent compared to 10.99 per cent recorded in June.”
The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.
The weighting occurs to capture the importance of the selected commodities in the entire index. (NAN)
Umahi congratulates Mbah, urges opposition parties to stop distraction in Enugu
…..Umahi congratulates Mbah
Minister of Works, Chief Dave Umahi, has congratulated Gov. Peter Mbah on his victory at the Enugu State Governorship Election Petition Tribunal, even as he called on opposition parties to stop distracting the governor.
Umahi, who is an All Progressives Congress (APC) stalwart, said it was not about party affiliation but about the quality of the individual chosen by the people of the state to lead them.
The minister, who said this when he inspected the collapsed bridge at the Enugu end of the Enugu-Port Harcourt expressway, advised the opposition in the state not to waste their time contesting Mbah’s ‘divine and people’s mandate’.
He also said that Mbah’s initiative to commence the reconstruction and dualisation of Enugu-Abakaliki road up to the Ebonyi boundary was another display of people-driven leadership by a private sector person in governance.
“I am happy that you came from the private sector. There is a high hope, especially with the steps you have taken so far.
“They are in tandem with President Bola Tinubu’s steps and I pledge to support you. There must be a change; we must reset the country.
“I want to publicly say, while congratulating you on the tribunal victory, that whoever is taking you to court must stop wasting his time as you are clearly the people’s choice and for good reasons.
“So we will continue to support and pray for you and I urge whoever is distracting you that they should understand the steps of God and know that your emergence is divine and we are very proud of you.
“I know Gov. Mbah as a very successful private person and he is going to bring it to bear in the governance of this state.
“I also believe that what he is bringing to the table will rub off positively on Enugu State, the entire South-East states,” he said.
The minister also commended Mbah for ending sit-at-home in the state, describing it a major step forward for the Igbo nation.
“Let me also thank you for being able to courageously stop sit-at-home in Enugu State.
“It is a major thing you have done for the Igbo people and for the country,” he said. (NAN)
…..Umahi congratulates Mbah
FG Plans Full Production Capacity Revamp for DICON – Matawalle
By Tony Obiechina, Abuja
The Minister of State for Defence, Dr Bello Muhammed Matawalle, has charged the staff and engineers of the Defence Industry Corporation of Nigeria (DICON) to improve on their performances as Federal Government plans to revamp and scale up the industry to a full production capacity.
In a statement by the Acting Director of Press and Public Relations of the Ministry, Attari Hope in Abuja on Saturday, Matawalle stated this during his maiden visit to DICON facilities in Kaduna State.
In an address to staff of the industry, he said “as the technical personnel of this promising industry, your professionalism and dedication to work is paramount in sustaining the vision and growth of this industry.We will ensure you get adequate funding to achieve this.”
The Director General of DICON, Maj Gen AE Edet, lauded the Minister of State for his words of encouragement and assured hm of DICON’s unwavering commitment to its vision and objective which it was set up.
As part of his maiden tour of DICON, the Minister of State visited the DICON’s Special Equipment Factory, Ballistic Helmet Production Unit, Tailoring Unit, amongst others.
Kwara EXCO Okays N239bn 2023 Revised Budget
Kwara State Executive Council has given approval to Governor AbdulRahman AbdulRazaq to present to the state House of Assembly, a draft revised 2023 budget of N239,084,199,757.00, with capital expenditure taking some 50.2% of the chunk, while recurrent tanked to 49.8%.
The revised budget is 27% larger (N50,238,596,196.
The approval followed a submission from the Commissioner for Planning and Economic Development, Hon.Lafia Aliyu Kora Sabi, who said that a service-wide and bottom-up process for the revised budget started since June 2023 — followed by thorough deliberations and reviews of submissions from the Ministries, Departments and Agencies (MDAs) of the government by the Central Budget Committee (CBC).
“The pertinent factor governing the selection of projects for execution in the remaining part of the year is the emphasis placed on capital projects that are critical to stimulate the economic activities in the state for inclusive growth and development,” Sabi told the council, adding that special considerations have been made to boost economic activities and improve the living standard of the people.
The cabinet, among other government processes, also approved for Star Sewing Machine Limited, an International firm, to manage the state’s Garment Factory following a long-drawn bidding process involving open tendering in line with relevant laws.
Held Friday evening, the council meeting was chaired by Governor AbdulRazaq, attended by Deputy Governor Kayode Alabi; Secretary to the State Government, Alhaji AbdulKadir Mahe; and all the commissioners.
Chevron continues to partner Nigeria for socio-economic development—MD
Chevron Nigeria says it has continued to make significant investments in Nigeria including generating socio-economic development in several communities across the country in its six decades of operation.
Its Chairman and Managing Director (MD), Mr Rick Kennedy, made this known in a statement on Sunday in commemoration of Nigeria’s 63rd Independence Day.
Kennedy said that the company strove to build lasting relationships to help enable human progress now and into the future.
According to him, Chevron Nigeria has been successful in leading and investing in some major initiatives in the Nigerian oil and gas industry.
“These include the development of the Deep Water Agbami project which has produced over one billion barrels of oil.
“The development of the Escravos Gas Processing facility to enable the reduction of flares and be the largest supplier of on-spec domestic gas in Nigeria.
“Also, the development of the Escravos Gas-to-Liquids facility to reduce gas flaring and produce high quality diesel,” he said.
The MD said also, that Chevron companies in Nigeria had developed and imbibed the Local Nigerian Content development philosophy well before the enactment of the Nigeran Oil and Gas Industry Content Development Act (“NOGICD Act”) in April 2010.
He said that Chevron had helped in building the capacities of several Nigerian businesses by providing training, contracts and procurement opportunities to Nigerians on all projects in our operations.
“For the last 10 years, one of the Chevron Nigeria companies, Chevron Nigeria Limited has spent an estimated annual average of $1 billion on Nigerian suppliers and service providers.
“Chevron does all these, not because it is compelled to, but because it is the right thing to do,” Kennedy said.
Also, Chevron Nigeria’s General Manager, Policy, Government and Public Affairs, Mr Esimaje Brikinn, said that Chevron Nigeria’s focused on helping to engender the development of communities in the Niger Delta.
According to him, this is through the erstwhile Global Memorandum of Understanding (GMoU) a community-driven, participatory partnership model for community engagement pioneered by Chevron Nigeria in 2005.
“Through the GMoU, we provided funds to execute hundreds of projects in the communities where we operate in the Niger Delta region.
“This has led to social investment projects benefitting over 600 communities in the Niger Delta area.
“We will be leveraging our experience with the GMoU in the implementation of the Host Community Development Trust provisions of the Petroleum Industry Act,” Brikinn said. (NAN)
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