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Nigeria’s inflation rate hits 22.04% in March 2023 — NBS
THE National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023.
This is according to the NBS Consumer Price Index (CPI) and Inflation Report for March 2023 released in Abuja on Monday.
According to the report, the figure is 0.13 per cent points higher compared to the 21.91 per cent recorded in February 2023.
It said on a year-on-year basis, the headline inflation rate in March 2023 was 6.13 per cent higher than the rate recorded in March 2022 at 15.92 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same period in March 2022.”
The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.42 per cent and housing, water, electricity, gas and other fuel at 3.69 per cent.
Others are clothing and footwear at .69 per cent; transport at 1.43 per cent; furnishings, household equipment and maintenance at 1.11 per cent and education at 0.87 per cent and health at 0.66 per cent.
“Miscellaneous goods and services at 0.37 per cent; restaurant and hotels at 0.27 per cent; alcoholic beverage, tobacco and kola at 0.24 per cent; recreation and culture at 0.15 per cent and communication at 0.15 per cent.”
It said the percentage change in the All-Items Index in March 2023 was 1.86 per cent on a month-on-month basis.
“This indicates a 0.15 per cent increase compared to the 1.71 per cent recorded in February 2023.
” This means that in March 2023, on average, the general price level was 0.15 per cent higher relative to February 2023.”
The percentage change in the average CPI for the 12 months ending March 2023 over the average of the CPI for the previous 12 months period was 20.37 per cent.
“This indicates a 3.83 per cent increase compared to the 16.54 per cent recorded in March 2022.’’
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report said the food inflation rate in March 2023 was 24.45 per cent on a year-on-year basis, which was 7.25 per cent higher compared to the rate recorded in March 2022 at 17.20 per cent.
“The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”
It said on a month-on-month basis, the food inflation rate in March was 2.07 per cent, which was a 0.16 per cent rise compared to the rate recorded in February 2023 at 1.90 per cent.
The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 19.86 per cent in March 2023 on a year-on-year basis.
“This increased by 5.94 per cent compared to 13.91 per cent recorded in March 2022.’’
“On a month-on-month basis, the core inflation rate was 1.84 per cent in March 2023, which was a 0.78 per cent rise compared to what it stood at in February 2023 at 1.06 per cent.”
According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.
“Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.
“The average 12-month annual inflation rate was 17.41 per cent for the 12 months ending March 2023, this was 3.85 per cent points higher than the 13.56 per cent recorded in March 2022.”
The report said on a year-on-year basis in March 2023, that the urban inflation rate was 23.07 per cent, which was 6.63 per cent higher compared to the 16.44 per cent recorded in March 2022.
“On a month-on-month basis, the urban inflation rate was 2.00 per cent in March 2023, representing a 0.15 per cent rise compared to February 2023 at 1.85 per cent.’’
It said the corresponding 12-month average for the urban inflation rate was 21.00 per cent in March 2023.
“This was 3.90 per cent higher compared to the 17.10 per cent reported in March 2022.’’
The report said on a year-on-year basis in March 2023, the rural inflation rate was 21.09 per cent, which was 5.67 per cent higher compared to the 15.42 per cent recorded in March 2022.
“On a month-on-month basis, the rural inflation rate in March 2023 was 1.72 per cent, which increased by 0.14 per cent compared to February 2023 at 1.58 per cent.’’
It said the corresponding 12-month average for the rural inflation rate in March 2023 was 19.79 per cent, which was 3.79 per cent higher compared to the 16.00 per cent recorded in March 2022.
On states’ profile analysis, the report showed in March 2023, all items inflation rate on a year-on-year basis was highest in Ondo at 25.38 per cent, followed by Bayelsa at 24.80 per cent, and Lagos at 24.66 per cent.
It, however, said the slowest rise in headline year-on-year inflation was recorded in Borno at 10.18 per cent, followed by Cross River/Sokoto at 19.24 per cent, and Benue at 20.01 per cent.
The report, however, said in March 2023, all items inflation rate on a month-on-month basis was highest in Bayelsa at 2.58 per cent, Nasarawa at 2.54 per cent and Lagos at 2.41 per cent.
“Anambra at 1.03 per cent followed by Ebonyi at 1.14 per cent and Zamfara at 1.27 per cent recorded the slowest rise in month-on-month inflation.”
The report said food inflation in March 2023, on a year-on-year basis, was highest in Kwara at 28.48 per cent, followed by Ondo at 28.22 per cent, and Lagos at 27.92 per cent.
“Sokoto at 18.99 per cent, followed by Zamfara at 20.57 per cent and Plateau at 21.38 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, March 2023 food inflation was highest in Bayelsa at 3.11 per cent, followed by Rivers at 3.00 per cent, and Ondo at 2.98 per cent.
“With Bauchi at 1.03 per cent, followed by Zamfara at 1.08 per cent and Ogun at 1.13 per cent recorded the slowest rise on month-on-month inflation.’’
The Mushin Local Government Chairman, Hon. Emmanuel Bamigboye on Wednesday flagged off the construction of Yusuf Street road in Papa Ajao.
The project is expected to bring relief to residents and traders in the area and is set to be completed within six months.
According to Bamigboye, the project is a fulfillment of his campaign promise to the people of Mushin, and he expressed gratitude to God for the opportunity to execute the project.
He urged residents to cooperate with the contractor and the local government to ensure the successful completion of the project.
The councillor representing the ward, Ayomide Abioye, expressed his joy and appreciation for the project, stating that it is the longest street in Papa Ajao and will bring immense benefit to the community.
Also, the Baba Oloja of Ladipo International Market, Eze Monday, also commended the Executive Chairman for the project, stating that it will make a significant impact on the development of the area.
The project includes the construction of the road and the installation of solar lighting, which is expected to enhance security and facilitate economic activities in the area.
Residents and traders in the area have been warned not to disturb the contractor or disrupt the project in any way.
Meanwhile, the traders applauded Hon. Bamigboye for demonstrating its commitment to infrastructural development and the welfare of its citizens.
Lead Facilitator Professor of Accounting & Financial Development Founder OGE, Prof. Godwin Emmanuel Oyedokun, has disclosed that giving back to society community is his motive for pursuing his career.
He made the disclosure in an article titled “My motive for running a free professional diploma course in Forensic Accounting and Fraud Investigation is of several folds.”
He said, “Running a free professional diploma course in forensic accounting and fraud investigation is also motivated by my desire to give back to the community.
“By sharing my expertise and knowledge without any financial barriers, I am helping individuals from diverse backgrounds and financial situations to acquire valuable skills and advance their careers.”
The academic reiterated that the motive for running a free professional diploma course in forensic accounting and fraud investigation is centred around education, skill development, community service, and professional growth.
It is a way to contribute to the accounting profession, address a skill gap, and empower individuals in their pursuit of knowledge and career advancement.
According to him, “Promoting Education and Professional Development to contribute to the growth and development of the accounting profession by providing individuals with an opportunity to enhance their knowledge and skills in the specialised field of forensic accounting and fraud investigation.
“By offering this free course, i am enabling aspiring professionals to access valuable education that might otherwise be costly or inaccessible.”
The Don addressing the need for expertise in Forensic Accounting said, “In recent years, there has been an increasing demand for professionals skilled in forensic accounting and fraud investigation due to the rise in financial crimes and fraudulent activities. By offering this free course, I am helping to address this skill gap and aiding in the fight against financial fraud.”
The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that the Federal Government lost 82 percent which is equivalent to N10 billion in revenue that ought to accrue from airport tollgates under old rules.
Keyamo revealed this to State House correspondents during the week at the end of a two-day meeting of the Federal Executive Council.
The minister lamented that the ministry accumulated 82 percent in the negative from the complimentary e-tags printed by the ministry, noting that 82 percent of the e-tags are given free of charge to VIPs.
He stated, “Let me give you the shocking statistics. The negative figure that we get at the end of the day from the complimentary e-tags is 82 percent, in the negative.
“In other words, where we are supposed to have a 100 per cent contract on the e-costs from these e-tags that we print, it is only 18 per cent that we now end up selling. That is how bad it is. 18 per cent and 82 per cent of these e-tags are given out free of charge to VIPs. So, imagine the loss in my sector, and I ask myself,Which other sector will I go to that they give me anything free?’
“Is it because I’m a VIP that you say that in FCT, I should not pay land charges that you waive it for me? I pay for that sector. I pay for power. Yes, I pay for everything. So, why would anybody now come to my own sector and want to get free passage? Not possible. That is how bad it is.”
He added that free e-tags to the VIPs had in the past led to the loss of billions of naira
“So this has led in the past to loss of billions of naira, not millions, annually. Yet, our airport infrastructure, you know, is decaying. I am helpless. I’m looking for concessionaires. I’m looking for help with decaying infrastructure.
“They will be the first to cry out, these same VIPs – ‘why are the toilets like this? Why are your toilets smelling? Why can’t you do this?’ They are the same people, but they don’t pay for the services. So, if we want improved infrastructure at the airport, we must pay for services,” he said.
The minister lamented that due to the policy of exemption, the ministry makes only about N100 million instead of making about N260 million from a particular airport gate every month.
“I’ll give you another example. In one of the access gates, based on the count of the barrier going up and down, we are supposed to be making N250m or 260 million from that gate every month. That gate, because of exemptions, the return to us is less than N100 million every month,” he added.
To end the loss, the FEC decided that the president, vice president, and other top government functionaries would start paying access fees or the e-tag at all 24 federal airports across the country.
Prior to this development, the president, vice president, and some government officials were exempted from paying access fees at the airports’ gates.
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