Economy
Nigeria’s Inflation Hit 33.20% in March, says NBS
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.
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)
By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).
This was disclosed in Abuja on Wednesday, by the Bank’s Acting Director of Corporate Communications, Mrs.
Hakama Sidi Ali, who stated that the initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs to lower the cost of remittance transactions and boost financial inclusion.She said, “This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira.
“It will be recalled that the CBN Governor, Mr. Olayemi Cardoso, had recently declared: “We’ve set ourselves a target to double remittance flows into Nigeria within a year, a goal I firmly believe is within reach.
“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” she stated.
Continuing, Sidi Ali, said that the CBN viewed increasing formal remittance flows—one of the major sources of foreign exchange, accounting for over 6% of GDP—as a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.
The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria.
The task force was established as a direct result of an executive learning session with IMTOs during the World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April 2024. The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.
By Tony Obiechina, Abuja
The Federal government is committed a tax culture that will ensure the continuous flow of revenues into government coffers, the Accountant General of the Federation, Dr Oluwatoyin Madein has said.
Madein stated this at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme: “Sustainable Tax Culture and Economic Roadmap for Nation Building”.
Madein said, “Like the CITN, the Office of the Accountant-General of the Federation is committed to a sustainable tax culture that will ensure the continuous flow of revenues even at an improved level.
“Tax revenue as at today is the highest source of revenue accruing to the federation.
Therefore at the Federation Account Allocation Committee meetings we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government.”She charged tax practitioners to work harder in getting more revenue from taxes, stressing that tax revenue is currently the highest income source for the federation.
The government noted that based on the current high revenue from taxes, members of the Federation Accounts Allocation Committee were always looking forward to the figures from the Federal Inland Revenue Service every month, in order to have funds to share to the three tiers of government.
“Tax revenue as at today is the highest source of revenue accruing to the federation. Therefore at the Federation Account Allocation Committee meetings we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government”, she added.
FIRS exceeded its 2023 revenue target by N816bn, as its total actual revenue collection for last year stood at N12.37tn, outperforming the N11.56tn target.
This is contained in a presentation by Amina Ado, Coordinating Director of Special Tax Operations Group at the FIRS.
The accountant-general tasked tax practitioners to step up efforts in collecting taxes, so as to shore up more revenue for the government to provide infrastructure and other amenities.
Madein said, “Let us remain steadfast in our commitment to building a better future for all. Together we can harness the transformative power of taxation to create a more prosperous, equitable and sustainable world.
“Like I said earlier, at FAAC we eagerly look forward to tax numbers because at the moment revenue from non-oil has been a great revenue source to the federation.
“Therefore, to tax practitioners, you are doing so well, but we need more of this to be able to deliver on all the areas that the citizens are looking forward to, because for even infrastructure development, it is only through funds that we can get it done.”
She further stated that it was her strong belief that “the conference will go a long way to deepen the collaboration between our organisations in building capacity for all the professionals, experts and tax payers for better understanding of the tax laws, rules and regulations.”
In his remarks, the President/Chairman of Council, CITN, Samuel Agbeluyi, pointed out that the withdrawal of subsidies on fuel and electricity had reduced the purchasing power of the masses.
He noted that raising electricity tariff for a selected band after fuel subsidy was withdrawn “is going to reduce the purchasing power of the masses. So we urge govt to consider these actions on the masses.
He, however, stated that the institute was happy to know that President Bola Tinubu had asked the Central Bank of Nigeria to slow down on the recent cybersecurity levy that was approved by the apex bank.
“We will continue to advise the govt on its policies, considering how these polices affect the citizens,” Agbeluyi stated.
Access Holdings Plc has awarded 23.8 million ordinary shares worth N427.13 million to its senior executives and those of its subsidiary, Access Bank.
This was disclosed in a notice sent to the Nigerian Exchange Ltd.(NGX) in Lagos.
The notification was sent in line with the disclosure requirements of the Securities and Exchange Commission (SEC) and the NGX.
It is also in pursuant of the terms of its shareholders’ approved Employees Performance Share Plan.
The group said that Ms Bolaji Agbede, Acting Group Chief Executive Officer, Access Holdings, Mr Roosevelt Ogbonna, Managing Director/CEO, Access Bank, and six others were vested with 23,883,790 shares worth N427.
13 million in total.According to the filings, Ogbonna got the highest amount of shares, totalling 12,345,679 and valued at N220.37 million, having been traded at N17.85 per share.
Agbede was vested with 2,216,992 shares, valued at N39.795 million.
Other directors who had shares vested on them include: Mr Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, with 1,234,568 shares worth N22.16 million.
Ms Iyabo Soji-Okusanya, Executive Director, Commercial and Investment Banking Division, Access Bank, got 1,691,308 shares at N17.95 per share, valued at N30.36 million.
Mrs Chizoma Okoli, Access Bank’s Deputy Managing Director, Retail South, also got 1,728,395 shares valued at N30.85 million.
Dr Gregory Jobome, Executive Director, Risk Management, and Hadiza Ambursa, Executive Director, Commercial Banking, were vested with 1,728,395 shares each,valued at N30.85 million and N31.02 million respectively.
Also, Access Holdings’ Company Secretary, Mr Sunday Ekwochi, was vested with 1,210,058 shares worth N21.72 milion.
The group stated that the shares were vested on May 3 and May 6.
It noted that the vesting of the shares was not a purchase or sale transaction in the context of the Exchange’s rules.(NAN)
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