NEWS
Nigeria’s inflation rate Hits 29.90 % in January
By Tony Obiechina, Abuja
Nigeria’s inflation rate again steadily rose to 29.90 percent in January, National Bureau of Statistics (NBS) has said in its latest report.
The Consumer Price Index (CPI) report just released showed that prices rose by 0.98 percent to 29.90percent in January 2024, compared with 28.
92 percent in December.“On a year-on-year basis, the headline inflation rate was 8.
08 percent higher compared to the rate recorded in January 2023, which was 21.82 percent,” the report said.The development will be the thirteenth consecutive monthly increase and a record high.
“The foremost inflation culprit in Nigeria today is the weakened currency.
In January alone, the naira lost 21 percent, touching a record low of N1,530/$. This is largely because of the lingering disequilibrium in the forex market as dollar demand continues to outpace supply,” the report said.The FDC report mentioned that the persistent currency depreciation has led to increased costs of imported goods such as wheat, subsequently pushing up the prices of wheat-related products like noodles, semovita, and bread by 20.4 percent, 35.8 percent and 14.3 percent, respectively.
They also revealed that food inflation, which constitutes 50 percent of the inflation rate, rose to 35.41 percent in January from 33.93 percent in December.
The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Potatoes, Yam & Other Tubers, Bread and Cereals, Fish, Meat, to- bacco, and Vegetable.
A breakdown of the NBS’ latest consumer price index report shows that food and non-alcoholic beverages contributed the most (15.49 percent) to the increase in the headline index, followed by housing water, electricity, gas, and other fuel (5.00 percent), clothing and footwear (2.29 percent), transport (1.95 percent), furnishings and household equipment and maintenance (1.50 percent) and education (1.18 percent).
Others are health (0.90 percent), miscellaneous goods and services (0.50 percent), restaurants and hotels (0.36 percent), alcoholic beverages, tobacco and kola (0.33 percent), recreation and culture (0.21), and communication (0.20 percent).
Furthermore, on a year-on-year basis, in January 2024, the Urban inflation rate was 31.95 percent, this was 9.40 percent points higher compared to the 22.55 percent recorded in January 2023.
While the Rural inflation rate in January 2024 was 28.10 percent on a year-on-year basis; this was 6.97 percent higher compared to the 21.13 percent recorded in January 2023. On a month-on-month basis, the Rural inflation rate in January 2024 was 2.57 percent , up by 0.40 percent compared to December 2023.
Core inflation, which excludes the prices of volatile agricultural produces and energy stood Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 23.59 percent in January 2024 on a year-on- year, up by 4.71 percent from 18.88 percent recorded in January 2023.
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, Accommodation services, etc.
Except for a break in Dec 2022, Nigeria’s inflation reading has steadily increased since January 2023, a twelve -month consecutive high.
NEWS
Media Group Confers Lifetime Patron Award on Ogbodo for Community Devt
By David Torough, Abuja
In a ceremony that underscored his dedication to humanity and his community, Medical Director of Lydia Memorial Hospital, Ugbokolo, Benue State, Dr. Mark Ogbodo was honored with a Lifetime Patron award by the Igede Media Network (IMN).
The prestigious award recognizes Dr.
Ogbodo’s unwavering commitment to community health and development, standing as a beacon of service in both his professional and personal pursuits.In his address, Chairman of the Igede Media Network, John Okpong celebrated Ogbodo’s profound impact on regional peace and development.
“Dr. Ogbodo’s selfless service has touched countless lives, bringing unity and promoting well-being across our community.
“As our Patron, he embodies the ideals of leadership and resilience, standing firmly against harmful practices and championing the values we hold dear,” he stated
Representing a coalition of media platforms, including The Prime News, The Congress Voice, The Magnet Newspaper, The Factpoint Magazine, and Lead Watch Magazine, the IMN has long been committed to uplifting and empowering the Igede community.
Through this recognition, IMN hopes to inspire others to follow Dr. Ogbodo’s example, as the Chairman added, “His leadership and expertise will guide us in advocating for progress and promoting unity among our people.”
According to him, Ogbodo’s appointment as Life Patron not only commemorated his contributions but also marks a new chapter for the Igede Media Network, inspiring others to emulate his commitment to service and his willingness to work for the betterment of others.
“This patronage, serves as a catalyst for future endeavors, encouraging community members to embody the principles of academic excellence, service, and leadership”, Okpong noted.
Samuel Ugbaji in his remarks highlighted the purpose and mission of the Igede Media Network as an organization focused on community welfare and advocacy.
“We come together to serve as a voice for the marginalized, amplifying their needs and reaching out to a broader audience.
“Today, we honor one of our own, a young man who chose to stay with his community rather than seek the comforts of city life. Dr. Ogbodo’s commitment to his people is extraordinary, providing free medical care and scholarships to those in need,” Ugbaji explained.
Acknowledging the personal sacrifices that Dr. Ogbodo has made, Ugbaji continuued, “Unlike many professionals who opt for urban comforts, Dr. Ogbodo has remained in Ugbokolo, bringing care and hope to our rural communities. He has dedicated himself to a mission of healing and has organized annual outreach programs, offering free medical services in Oju, Obi, and beyond.”
In a heartfelt response, Dr. Mark Ogbodo expressed his deep appreciation for the honor and said, “I am truly grateful to the Igede Media Network for this recognition.
“Little did I know that my acts of kindness to humanity were being noticed, much less that they would be honored in this way. It is deeply humbling,” he said.
Reflecting on his journey, Dr. Ogbodo shared, “Often, I perform these acts of service without expecting anything in return, just driven by a desire to help. But as they say, a golden fish has no hiding place. I am thankful to be recognized, even from the rural community where I work, and I pray that God continues to bless our people and humanity.”
NEWS
FCT Court Urges Renovation of its Complex Burnt During EndSARS Protest
The FCT Customary Court, Dutse, Abuja has appealed to the Nigeria Bar Association (NBA) to facilitate the renovation of its court complex which fell victim to vandalism and arson during the 2020 EndSARS protests.The President of the Court, Aderinto Adesoji, made the appeal during a resumed hearing in a divorce case between a petitioner, Chiwendu Nwadi and her husband, Emeka Nwadi in Ushafa, Abuja.
The Customary Court, Dutse has been sharing the court complex of a sister court in Ushafa for its sittings following the destruction. of its facilities, four years back.NAN reports that while Customary Court, Ushafa, the real owner of the facility, has its sittings on Monday, Wednesday and Friday in a week, the Dutse court has its sittings on Tuesday and Thursday. Report says that Dutse and Ushafa are communities in Bwari Area Council of the FCT and they are about 17 kilometres apart.Addressing lawyers to the parties in the divorce case, when they were finding it difficult to agree on a date for next hearing in the matter, the President of the court said it is a recurrent challenge in matters before the courtAccording to him, the constraint of the panel, sitting only twice in a week has grossly affected quick dispensation of justice.He said most cases before the cout involve families, in particular, custody of children which require urgent adjudication, and should not be encumbered.Adesoji said, considering the fact that lawyers and their clients are affected by the constraints, the NBA should take steps to ensure that the appropriate authorities renovate the Dutse court complex.He said promises have been made by the association to that effect in the past, but they were yet to be actualised.Responding to the President’s appeal, Mr Moses Ibe, the lawyer to the petitioner promised the court that he would convey the message to the NBA, Bwari branch for necessary action.Ibe said this in an interview after the court session, that the distance of the court to its jurisdiction and the restrictive days of sittings have affected quick dispensation of justice.He said the essence of building the Dutse court was to bring justice closer to the people, but it has been defeated by the failure of appropriate authorities to renovate it for useThe Counsel promised to officially write to the NBA, Bwari branch to convey the Judge’s message and request for interventionAccording to Ibe, the Dutse court complex, used to serve as the Secretariat of the NBA Bwari branch, before it was vandalised and set ablaze by the EndSARS protesters.Meanwhile, the court has adjourned further hearing in the divorce petition until Oct. 21 to enable the respondent file his reply.Adesoji and other members of the panel, Nana Atipkoru, Aisha Hamza adjourned the case following the position of the respondent’s lawyer, Cornelius Simon, that his client was not served with the “particular of claims” in the petition.The panel directed that all necessary processes should be filed and served before the adjourned date so that the case would be fixed for definite hearing.The panel also ordered that the parties should maintain the status quo, particularly, as regards the custody of the children – the last child is with the petitioner, while the other two are in the custody of the respondent.In the case, the petitioner is seeking, among others, the dissolution of her 13 years marriage with her husband on the ground that “the union has broken down irretrievably”.She alleged that the husband, “is a man of unimaginable violence and cruelty, fetish, a serial wife beater and adulterer’The petitioner alleged that her husband deliberately poisoned her drink which led to losing her pregnancy.According to the petitioner, the union, consummated in 2011, under the native law and custom, as well as exchange of marital vows in a Church, has produced three children, ages, 12 years, 11 years and 2 years.She urged the court to dissolve the marriage, grant custody of the three children to her and restrain the husband from using thugs or any security agents to harass her. (NAN)NEWS
Group Cautions NASS Against Tax Reforms Bill
The Northern Youths Assembly has cautioned the National Assembly against passing the Tax Reforms Bill from the executive before the legislature.This is contained in an open letter to the lawmakers signed by the group’s President, Dr Ali Mohammed, and Secretary-General, Dr Garba Abduljafiz and made available to newsmen in Kano on Thursday.
The group said the bill, if passed into law, would not be in the interest of the people, particularly youths, urging for broader consultation on matters of that nature. The youths urged the National Assembly to concentrate on youth-friendly laws to safeguard the country’s future instead.“The youth are Nigeria’s future, “and our prosperity hinges on investments in education, skills development, and job creation.“As the largest political demography in the nation, youth must have a say in laws and policies that directly impact the country’s future.“We call for the creation of a special place at the centre, to allow the youths to contribute to solutions that may promote sustainable development, job creation, and economic empowerment,” the group said.The group urged the lawmakers to focus more on making laws that would improve investment climate and job creation.“We urge the National Assembly members to direct their resources and energy towards creating laws that would prioritise and encourage foreign investment.“The laws should encourage skills development and jobs creation for the teeming population of the youths, to improve measures that risk stifling the Nigerian economic opportunity.“We also urge them to stop complying with the dictates and advisory of the agents of destruction, IMF and World.“We must stay away from the trap of the IMF and World Bank, as they are all out to destroy our country through their ill-formulated policies and misleading advisory’’, the group said. (NAN)