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Nigeria’s Inflation Hit 33.20% in March, says NBS

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The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 33.20 per cent in March 2024.
The NBS said this in its Consumer Price Index (CPI) and Inflation Report for March, which was released in Abuja on Monday.
According to the report, the figure is 1.

50 per cent points higher compared to the 31.
70 per cent recorded in February 2024.
It said on a year-on-year basis, the headline inflation rate in March 2024 was 11.
16 per cent higher than the rate recorded in March 2023 at 22.04 per cent.
In addition, the report said, on month-on-month basis, the headline inflation rate in March 2024 was 3.02 per cent, which was 0.10 per cent lower than the rate recorded in February 2024 at 3.
12 per cent.
“This means that in March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”
The report attributed the increase in the headline index for March 2024 on a year-on-year basis and month-on-month basis to increase in some 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, it said, 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 March 2024 over the average of the CPI for the previous corresponding 12-month period was 27.13 per cent.
“This indicates a 6.76 per cent increase compared to 20.37 per cent recorded in March 2023”, it said.
The report said the food inflation rate in March 2024 increased to 40.01 per cent on a year-on-year basis, which was 15.56 per cent higher compared to the rate recorded in March 2023 at 24.45 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of Garri, Millet, Akpu (uncooked fermented, which are under bread and cereals class), Yam Tuber, and Water Yam.
“Others are Dried Fish Sadine, Mudfish Dried, Palm Oil, Vegetable Oil, Beef Feet, Beef Head, Liver, Coconut, Water Melon, Lipton Tea, Bournvita, and Milo”, NBS said.
It said on a month-on-month basis, the food inflation rate in March was 3.62 per cent, which was a 0.17 per cent decrease compared to the rate recorded in February 2024 at 3.79 per cent.
“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class); Yam, Irish Potato, and CocoYam.
“Others are Titus fish, Mudfish Dried, Lipton, Bournvita, and Ovaltine”, it said.
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 25.90 per cent in March on a year-on-year basis.
“This increased by 6.26 per cent compared to 19.63 per cent recorded in March 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 bus journey within the city, actual and imputed rentals for housing, consultation fee of a medical doctor, etc.
The NBS said on a month-on-month basis, the core inflation rate was 2.54 per cent in March 2024.
“This indicates a 0.37 per cent increase compared to what was recorded in February 2024 at 2.17 per cent.”
“The average 12-month annual inflation rate was 22.26 per cent for the 12 months ending March 2024, this was 5.04 per cent points higher than the 17.22 per cent recorded in March 2023”, it said.
The report said on a year-on-year basis in March 2024, the urban inflation rate was 35.18 per cent, 12.11 per cent higher compared to the 23.07 per cent recorded in March 2023.
The report said on a year-on-year basis in March 2024, the rural inflation rate was 31.45 per cent, which was 10.37 per cent higher compared to the 21.09 per cent recorded in March 2023.
“On a month-on-month basis, the rural inflation rate was 2.87 per cent, which decreased by 0.20 per cent compared to February 2024 at 3.07 per cent’’, it said.
On states’ profile analysis, the report showed that in March, all items inflation rate on a year-on-year basis was highest in Kogi at 39.97 per cent, followed by Bauchi at 38.34 per cent, and Kwara at 38.10 per cent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 25.78 per cent, followed by Benue and Taraba at 28.12 per cent, and Katsina at 28.32 per cent.
The report, however, said in March 2024, all items inflation rate on a month-on-month basis was highest in Zamfara at 3.90 per cent, followed by Abia at 3.89 per cent, and Ondo at 3.75 per cent.
“Borno at 1.46 per cent, followed by Yobe at 1.84 per cent and Adamawa at 1.85 per cent recorded the slowest rise in month-on-month inflation”, NBS said.
The report said on a year-on-year basis, food inflation was highest in Kogi at 48.46 per cent, followed by Kwara at 46.18 per cent, and Akwa Ibom at 45.18 per cent.
“Nasarawa at 33.76 per cent, followed by Borno at 34.28 per cent and Bauchi at 34.38 per cent recorded the slowest rise in food inflation on a year-on-year basis’’, it said.
The report, however, said on a month-on-month basis, food inflation was highest in Abia at 5.17 per cent, followed by Cross River at 5.14 per cent, and Bayelsa at 4.75 per cent.
“Cross River stood at 1.59 per cent, followed by Yobe at 2.08 per cent and Adamawa at 2.12 per cent, recorded the slowest rise in inflation on a month-on-month basis”, it said. (NAN)

Economy

Imo records over $1m from non-oil exports in 2025 – NEPC

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The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.

The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.

50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.

Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.

He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.

According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.

“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.

“We also trained about 600 exporters and small and medium-scale enterprises,” he said.

Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.

One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.

Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.

Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)

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Economy

NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions

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By David Torough, Abuja

In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.

According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,”  a statement by Head of Public Affairs of NCC, Nnen Ukoha said.

Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

  Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said   the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .

Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

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Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

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By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

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