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Nigeria’s Inflation Rate Hits 27.33% in October– NBS
The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 27.33 per cent in October 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October, which was released in Abuja on Wednesday.
According to the report, the figure, which is 0.
61 per cent points higher compared to 26. 72 per cent recorded in September 2023.It said on a year-on-year basis, the headline inflation rate in October was 6.24 per cent higher than the rate recorded in October 2022 at 21.09 per cent.
The report said the increase in the headline index for October 2023 on a year on year 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 at 14.16 per cent and housing, water, electricity, gas, and other fuel at 4.57 per cent.
Others were clothing and footwear at 2.09 per cent; transport at 1.78 per cent; furnishings, household equipment and maintenance at 1.37 per cent, education at 1.08 per cent, and health at 0.82 per cent.
It added, “Miscellaneous goods and services at 0.45 per cent; restaurant and hotels at 0.33 per cent; alcoholic beverage, tobacco and kola at 0.30 per cent; recreation and culture at 0.19 per cent, and communication at 0.19 per cent.”
In addition, the report said, on a month-on-month basis, the headline inflation rate in October 2023 was 1.73 per cent, which was 0.37 per cent lower than the rate recorded in September 2023 at 2.10 per cent.
It said, ” This means that in October 2023, the rate of increase in the average price level is less than the rate of increase in the average price level in September 2023.
It said the percentage change in the average CPI for the 12 months ending October 2023 over the average of the CPI for the previous corresponding 12-month period was 23.44 per cent.
“This indicates a 5.57 per cent increase compared to 17.86 per cent recorded in October 2022.”
The report said the food inflation rate in October increased to 31.52 per cent on a year-on-year basis, which was 7.80 per cent higher compared to the rate recorded in October 2022 at 23.72 per cent.
It added, “The rise in food inflation on a year on year basis is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”
It said on a month-on-month basis, the food inflation rate in October was 1.91per cent, which was a 0.54 per cent drop compared to the rate recorded in September 2023 at 2.45 per cent.
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The report added, “The decline in food inflation on a month-on-month basis was caused by a decrease in the average prices of fruits, oil and fats, coffee, tea and cocoa, bread and cereals. ”
It said the “All items less farm produce and energy’’ or core inflation, which excluded the prices of volatile agricultural produce and energy, stood at 22.58 per cent in October on a year-on-year basis.
“This increased by 5.12 per cent compared to 17.46 per cent recorded in October 2022.
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy,” the report continued.
It said the highest increases were recorded in prices of passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing, pharmaceutical products etc.
The NBS said on a month-on-month basis, the core inflation rate was 1.39 per cent in October 2023.
The report added, “This indicates a 0.83 per cent drop compared to what was recorded in September 2023 at 2.22 per cent.
“The average 12-month annual inflation rate was 19.98 per cent for the 12 months ending October 2023, this was 4.60 per cent points higher than the 15.38 per cent recorded in October 2022.”
The report said on a year-on-year basis in October, the urban inflation rate was 29.29 per cent, which was 7.66 per cent higher compared to the 21.63 per cent recorded in October 2022.
It said, “On a month-on-month basis, the urban inflation rate was 1.81 per cent in October representing a 0.43 per cent decline compared to September 2023 at 2.24 per cent.
The report said on a year-on-year basis in October, the rural inflation rate was 25.58 per cent, which was 5.01 per cent higher compared to the 20.57 per cent recorded in October 2022.
“On a month-on-month basis, the rural inflation rate was 1.67 per cent, which decreased by 0.29 per cent compared to September 2023 at 1.96 per cent.’’
On states’ profile analysis, the report showed in October, all items inflation rate on a year-on-year basis was highest in Kogi at 34.20 per cent, followed by Rivers at 31.44 per cent, and Lagos at 31.33 per cent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 20.06 per cent, followed by Jigawa at 23.52 per cent, and Sokoto at 24.47 per cent.
The report, however, said in October 2023, all items inflation rate on a month-on-month basis was highest in Yobe at 3.72 per cent, Jigawa at 2.85 per cent, and Sokoto at 2.84 per cent.
“Kogi at 1.01 per cent, followed by Edo at 1.05 per cent and Kwara at 1.18 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 41.74 per cent, followed by Kwara at 38.48 per cent, and Lagos at 37.37 per cent.
“Borno at 24.41 per cent, followed by Kebbi at 24.90 per cent and Jigawa at 25.10 per cent recorded the slowest rise in food inflation on a year-on-year basis,”it added.
The report, however, said on a month-on-month basis, food inflation was highest in Yobe at 5.35 per cent, followed by Sokoto at 3.68 per cent and Jigawa at 3.45 per cent.
It said, “With Edo at 0.95 per cent, followed by Katsina at 1.03 per cent and Rivers at 1.10 per cent recorded the slowest rise on month-on-month food inflation.’’ (NAN)
A former member of the Senate, Shehu Sani, has cautioned the National Assembly against allowing its influence to be diminished by its actions.
Sani stated this while speaking at the opening of the National Assembly Legislative Aides’ Forum (NASSLAF) Week on Tuesday in Abuja.
The pro-democracy activist also urged the legislators to selflessly live up to their responsibilities, for the good of the country.
According to him, a subservient posture by the legislature is not in the interest of the country, warning that such can impede good governance and undermine democracy.
Sani compared the current national assembly with the Eighth Assembly, led by Sen.
Bukola Saraki, praising it (Eighth Assembly) for standing firm against executive’s overreach.He observed, with dismay, that the powers of the national assembly appeared to be eroded with time.
“In our time, it was unthinkable for heads of MDAs to ignore our summons. They understood the gravity of our oversight functions,” he said.
Sani warned that the current assembly risked becoming a “rubber stamp” for the executive, sacrificing its independence and weakening democratic checks and balances.
Sani, therefore, cautioned the lawmakers against prioritising their personal gains over their constitutional responsibilities.
“This institution needs respect. If you turn yourselves into stooges, you will lose that respect. Our era defended legislative independence, but it came at a cost,” he said.
The former senator further stated that their insistence on doing the right thing birthed frosty relationships with the executive and caused delay in bills’ passage, warning that excessive cooperation was dangerous, as it could breed tyranny.
Sani cited instances where heads of MDAs openly challenged lawmakers during oversight functions, a behaviour which, he said, would not have been tolerated by previous assemblies.
“The senate president must ensure that nominees for appointments and executive proposals undergo serious scrutiny. This is not a place for automatic approval,” he stated.
Sani reminded the lawmakers that their primary duty was to serve Nigerians, not the presidency.
Sani also acknowledged what he called the vital but often over-looked roles of legislative aides, describing them as the backbone of the legislature, instrumental to drafting laws and policies for the country’s governance. (NAN)
An Iyaganku Magistrates’ Court, Ibadan, on Tuesday remanded a 50-year-old man, Ismaila Aborode, in a correctional facility for allegedly being in possession of a gun, life and expended cartridges.
Aborode, whose address was not provided, was charged with unlawful possession of firearms.
The Magistrate, Mrs Gladys Oladele did not take the plea of the defendant for want of jurisdiction.
She directed the police to return the casefile to the Director of Public Prosecution (DPP) for legal advice.
She adjourned the case until Jan. 7, 2025, for mention.
The Prosecutor, Sgt. Samuel Owolabi told the court that the defendant allegedly committed the offence on Nov.
30, about 5.00 p.m, in Olede area of Ibadan.Owolabi said the defendant unlawfully possessed one locally made double barrel gun, one life cartridge and one expended cartridge, without lawful authority.
He said the offence contravened Section 3 of the Robbery and Firearms Laws of Nigeria, 2004. (NAN)
From Joseph Amedu, Lokoja
The Nigerian Police Trust Fund has commenced the construction of a modern Divisional Police station to enhance the security of Ekin-Adde community in Ijumu Local Government area (LGA) of Kogi.
The Executive Secretary, the Nigerian Police Trust Fund, Alh.
Mohammed Seidu, who performed the Groundbreaking over the weekend in Ekinrin-Adde, said the project would enable police personnel to have a good working environment towards a more secure society.According to him, Kogi is strategically located at the Centre of Nigeria and Ijumu LGA borders four States, and it is key to locate such a divisional station in the area.
He commended the Inspector General of Police (IGP), Kayode Egbetokun for his continued support in the agency’s efforts to strengthen and provide better welfare and good working conditions for the Nigerian Police.
This, he said, had been enabling the police personnel to perform effectively in protecting the lives and property of the people.
He assured that such a project would be relocated nationwide across the 36 States of the federation including FCT.
Seidu urged the contractor to do a quality job and ensure strict compliance with the specified standard, and deliver the project within the timeframe of four months.
In his remarks, the Kogi Commissioner of Police, Bethrand Onuoha said the command was happy for the gigantic project as it would take security closer to the people at the grassroots.
“You can see that this area actually requires more security presence, and when this project is completed it will attract larger personnel to this place.
“A good working and enabling environment will bring out the best in our personnel. On our side, we are going to redouble our efforts to make sure this area is safe and secured,” Onuoha said.
The CP stressed that the police and other security agencies are committed to doing their best to make sure that Kogi remains safe especially during this festive season.
The Chairman of Ijumu LGA, Alh. Haruna Ibrahim, commended the police trust fund for the gesture, and promised to support and create an enabling environment for the success of the project.
In his address, the Olu-Ade of Ekin-Adde, HRM, Oba Anthony Bamigbaiye commended the police trust fund for the gesture, saying it was a thing that the community had been yearning for.
The royal father noted that the community with over 25,000 populations had only one policeman to secure the entire community.
He stressed that the divisional station would foster economic development and security of lives and property of the people in his domain and the entire Ijumu LGA.
The traditional ruler specifically appreciated the Executive Secretary of the police trust fund being an indigene of the community for facilitating the project to boost the security of lives and property of the people.
The Project Contractor, Alh. Toyin Abubakar of RASWAS Nig. Ltd promised to execute a quality job and delivered within the timeframe by the end of March 2025
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