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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.

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)


PenCom Recovers N25.45bn from Defaulting Employers in 11 Years




By Tony Obiechina, Abuja

The National Pension Commission (PenCom) has successfully recovered a total sum of successfully recovered a total of N25.45 billion in unremitted pension contributions from defaulting employers between the years 2012 and 2023.

This substantial amount encompasses the principal contributions of N12.

93 billion and penalties totalling N12.
52 billion in about 11 years.

The disclosure was made by the Head of Corporate Communications of PenCom, Mr Ibrahim Buwai during the Finance Correspondents Association of Nigeria (FICAN) Annual General Meeting held in Abuja at the weekend.

Buwai highlighted the importance of the Pension Reforms Act, noting that the legislation mandates penalties for late remittances, accruing interest at a rate of 2% per month.

He emphasised the nearly equal distribution between recovered principal contributions and penalties, underscoring the comprehensive efforts to enforce compliance.

He said: “From the inception of these recovery agents’ programmes in 2012 to December 31, 2023, the principal contributions that were recovered were about N12.9 billion while the penalty was about N12.5 billion.

“So, you can see that it’s almost 50-50. All this is what has been recovered from employers and paid into RSAs. The good thing is that all this penalty and principal goes into the individual RSA account.

“Nobody takes a penny, not PFAs, not PenCom, nobody. All these money recovered were for RSA holders and it goes into RSA. What you can help us by way of employers is that it is not in their interests not to remit because it is cheaper to remit than not to remit.”

 Addressing Compliance Challenges

PenCom’s recovery efforts are not without challenges. Buwai pointed out two major issues: employers failing to remit pension contributions and the lack of proper schedules accompanying remittances to Pension Fund Custodians (PFCs), which hampers the allocation of funds to RSA holders.

PenCom has taken proactive measures to combat these issues, including publicising a list of uncredited remittances and urging concerned parties to ensure compliance.

Buwai said, “We have the issue of employers not remitting. The second issue is that employers remitted but if there is no company schedule that shows the employers that these monies belong to Pension Fund Custodians (PFCs), they cannot apportion to RSA holders.

“We are not happy and that is why in 2023, we put out a statement on it and on our website, we have a long list of remittances that we saw were uncredited, calling on the people concerned to come forward and make sure the remittances are done.”

Ensuring Pension Fund Safety

Reiterating PenCom’s commitment to the safety of pension funds, Buwai assured that the regulatory body maintains strict guidelines to safeguard pension assets. These guidelines are meticulously designed to protect pension funds against potential investment risks.

He said:, “We are not wavering, we have not made it lax or easy. All those stringent guidelines that were thoroughly outlined so that pension funds might be protected in the event that these investment instruments might be available – those stringent requirements remain.

“All we know is that if the pension funds are available, pension funds managers will review and take their decisions.

“I have to also clarify that PenCom does not partake in investment issues on the pension funds.

“All we do as regulators is that we set out general guidelines as contained in our investment regulations.”

The diligent efforts of PenCom to recover unremitted pension contributions reflect its unwavering commitment to protecting employees’ retirement savings and ensuring employers adhere to regulatory obligations.

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FCTA Shuts Illegal Orphanage over Alleged Trafficking of 23 Children




By Laide Akinboade, Abuja

Mandate Secretary of the FCT Women Affairs Secretariat, Mrs Adedayo Benjamins-Laniyi on Monday revealed that the Federal Capital Territory Administration (FCTA) has sealed off an orphanage in Karanmajigi, the Priesthood Orphanage after 23 children, aged one to 14 were trafficked from Plateau State.

Benjamins-Laniyi stated this at a press conference in Abuja, where she said that the FCT Minister, Nyesom Wike had authorised the secretariat to profile and recertify orphanages operating within the FCT.

According to the Mandate Secretary, “There is no question, yesterday, with immediate effect, that ‘home’ was sealed, shut down.

“We have the name of the proprietor of the orphanage home, but we are not naming names now for obvious reasons.

“When the entire material investigation is concluded, there will be an official gazetted presentation of the facts, the findings and the delivery of this intervention we’ve started here today.

“NAPTIP, as we speak is already on it. Using this as an example, one of the first things I have done is to get approval for the recertification of orphanage homes in Abuja.

“The minister has approved that there should be a full thorough reprofiling of anything that has to do with orphanage and recertification status of all orphanages in Abuja.”

She noted that the Women’s Secretariat was already working with the office of the Commissioner of Women Affairs of Plateau State to reunite the children with their families, some of whom she said had been at the uncertified orphanage for five years, since 2019.

“We are working with the Plateau State government to reunite the children that I had earlier mentioned by name and by age, with their families in Plateau State. This is a transition arrangement,” she said.

The Plateau State Commissioner for Women Affairs, Mrs Caroline Dafur narrated that the proprietors of the orphanage home abandoned the children at the orphanage, under the care of one Pastor Abraham, in a terrible condition of hunger.

Three of the children had then escaped and were discovered by officers of the Federal Road Safety Corps (FRSC), who reported the case to NAPTIP and took the children to the Human Rights Radio, who then notified the Plateau State government and the FCT Women’s Secretariat.

“We came in yesterday and on reaching here, we were told that they went to church.

We kept going from one church to another, looking for them until we found them in a Deeper Life Church, where we were able to pick them up, and we went to the home. We saw the place, in fact, it is not supposed to be called a home.

“The place is just so unkempt. I wonder how the children were sleeping in the small room.

“Nine girls were sleeping in a very small room with just two mattresses. And then for the boys, they were in a small room too, with two mattresses just on the floor.

“And I mean, it’s so pathetic the way human beings treat human beings in this country,” Dafur explained.

She expressed the displeasure of the Plateau State government, while appreciating the Mandate Secretary for the assistance in evacuating the children and relocating them to the Karu Childrens’ Home.

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NARTO Strike Causes Fuel Scarcity in Abuja




By Laide Akinboade, Abuja

Many fillings stations in the Federal Capital Territory (FCT) were on Monday shut down, leading to long queues by motorists at the few outlets that were dispensing petrol.

Operators in the downstream oil sector confirmed that the development was due to the suspension of operations by the Nigerian Association of Road Transport Owners (NARTO), in fulfilment of their threat to down tools beginning from Monday.

The Nigerian National Petroleum Company Limited (NNPCL) filling station on Arab Road in Kubwa, Abuja, was closed on Monday morning.

The Conoil filling station along the Zuba-Kubwa expressway had long queues.

NNPCL retail outlet in the Central Business District of Abuja also had very long queues on Monday morning, as many other stations run by independent marketers closed shop due to the halt in the transportation of petroleum products by NARTO members.

On the airport road, all the filling stations on the corridor were not dispensing.

It was reported that the Federal Government had ordered oil marketers to negotiate with NARTO to avert the planned suspension of operations by it members.

The report stated that oil marketers and the executives of NARTO met about six times in between Saturday and Sunday, following the declaration of the petroleum products’ transporters to halt operations.

It also stated that the Federal Government through the downstream regulator and the petroleum ministry would meet with NARTO members, as well as other parties today (Monday) in Abuja to sort out the issues.

NARTO had vowed to stop lifting petroleum products beginning from today (Monday) due to the high cost of operations.

NARTO members have repeatedly raised concern over the high cost of diesel required to power their trucks for the transportation of petroleum products across the country.

Oil marketers had lamented  that diesel price was between N1,250 to N1,400/litre depending on the area of purchase.

NARTO’s President, Yusuf Othman, had in a statement he issued in Abuja on Thursday, said the statement was an official announcement from the association’s headquarters that members of the group would park their trucks from Monday.

“Why? It is because what we spend on operations is more than what we get in total, both in local and bridging,” he stated.

While the tanker operators insisted that the suspension of operations was still in force, it was, however, gathered on Monday that the meeting between them and the Federal Government was ongoing at the time of filing this report.

This, according government sources, was aimed at halting the suspension of operations by NARTO in order to avert a nationwide scarcity of fuel.

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