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Economy

Food prices continue to rise in October

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The National Bureau of Statistics (NBS), said that prices of selected food items increased in October.
This is according to the NBS Selected Food Prices Watch Report for October, released in Abuja on Wednesday.

The report said that the average price of 1kg onion bulb on a year-on-year basis, increased by 32.56 per cent from N306.07 recorded in Oct. 2021 to N405.72 in Oct. 2022.

“While on a month-on-month basis, 1 kg of onion bulb increased to N405.72 in Oct. 2022 from N397.18 recorded in Sept. 2022, indicating a 2.15 per cent increase,’’ the report said.

The report showed that the average price of 1kg rice (local, sold loose) increased on a year-on-year basis by 17.45 per cent from N415.03 recorded in Oct. 2021 to N487.47 in Oct. 2022.

“On a month-on-month basis, the average price of this item increased by 3.40 per cent in Oct. 2022 from N471.42 recorded in Sept. 2022,’’ the report says.

The NBS said the average price of 1kg of tomato increased on a year-on-year basis by 30.79 per cent from N347.47 recorded in Oct. 2021 to N454.46 in Oct. 2022.

Also, the report showed that on a month-on-month basis, 1 kg of tomato increased by 2.10 per cent from N445.12 in Sept. 2022.

Also, the report showed that the average price of 1kg brown beans (sold loose) increased by 17.95 per cent on a year-on-year basis, from N478.76 recorded in Oct. 2021 to N564.69 in Oct. 2022.

The report showed that the average price of Palm oil (1 bottle) increased by 33.22 per cent from N727.21 recorded in Oct. 2021 to N968.76 in Oct. 2022.

“It also grew by 4.47 per cent on a month-on-month basis from N927.34 recorded in Sept. 2022,’’ the report said.

Also, the average price of Vegetable oil (1 bottle) stood at N1, 106.08 in Oct. 2022, indicating a 33.99 per cent increase from N825.46 recorded in Oct. 2021.

“On a month-on-month basis, it rose by 2.81 per cent from N1, 075.89 in Sept. 2022,’’ the report said.

The report revealed that the average price of 500g sliced bread increased by 36.68 per cent on a year-on-year basis from N382.77 recorded in Oct. 2021 to N523.16 in Oct. 2022.

“On a month-on-month basis, the item increased by 2.23 per cent from N511.74 recorded in Sept. 2022,’’ says the report.

The report showed that at the state level, the highest average price of rice (local, sold loose) was recorded in Rivers at N630.66, while the lowest price was recorded in Jigawa at N381.54.

It said Ebonyi recorded the highest average price of beans (brown, sold loose) at N848.74, while the lowest price was reported in Plateau at N360.03.

“In addition, Abia recorded the highest price of Vegetable oil (1 bottle) at N1, 484.31, while Benue recorded the lowest price at N650.89,’’ the report said.

It said that Cross River recorded the highest average price of 1kg of onion bulb at N980.62 while Benue recorded the lowest price at N180.34.

The report also showed that the highest average price for 1kg of tomato was recorded in Delta at N824.55 while the lowest price was at N166.67 in Taraba.

It said the highest average price of 500g sliced bread was recorded in Abuja at N705.00 while Plateau recorded the lowest price at N310.00.

The report said analysis by zone showed that the average price of 1kg onion bulb was higher in the South-South and South-East at N670.63 and N538.31, respectively, while the lowest price was recorded in the North-East at N212.83.

It said the South-South recorded the highest average price of 1kg rice (local, sold loose) at N545.03, followed by the South-West with N519.53, while the lowest price was recorded in the North-West at N435.06.

Also, the report showed that the South-East recorded the highest average price of Palm oil (1 bottle) at N1, 101.04, followed by the South-West at N1, 096.17, while the North-Central recorded the lowest price at N742.62.

Economy

Nasarawa Assembly introduces bill to regulate private schools, tertiary institutions

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The Nasarawa State House of Assembly has announced the first reading of a bill aimed at regulating private schools and tertiary institutions in the state.

The bill, titled “A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” was introduced during the House proceedings on Monday in Lafia.

In addition to this bill, the House also passed two executive bills that focus on promoting education and skills training in the state.

The bills, if passed into law, are expected to enhance the quality of education and boost skills training across Nasarawa State.

Three bills have successfully passed their first reading in Nasarawa State, Nigeria.

The first bill, titled “A Bill For a Law to Establish the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other Matters Connected Therewith,” aims to establish a vocati onal and technology institute in Lafia, the state capital. This institute will provide valuable skills training and education to the youth of the region.

The second bill, named “A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof,” seeks to amend the existing law governing the College of Agriculture, Science and Technology in Lafia.

The proposed amendments aim to enhance the college’s operations and ensure it remains at the forefront of agricultural and technological advancements.Lastly, the third bill, titled “the Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” focuses on regulating the establishment and operation of private educational institutions in the state.

This bill aims to ensure that these institutions meet certain standards of quality and provide a conducive learning environment for students.

“The Speaker of the House, Alhaji Ibrahim Abdullahi, announced that the second reading of the bill for the establishment of the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other related matters will take place on October 2.

The second reading of the bill to amend the College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and matters connected thereof, will be scheduled for October 3.

These bills demonstrate the commitment of the Nasarawa State House of Assembly to improving the educational sector and providing opportunities for skills development in the state.

“I will slate Oct. 3, for the second reading of A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof.

“I will also slate Oct. 4 for the second reading of A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” he said.

Earlier, Alhaji Mohammed Omadefu, the Majority Leader of the House, moved motions for the bills to scale first readings.

The Minority Leader of the House, Mr Luka Zhekaba,  seconded the motion.

The House unanimously passed the bills into first readings.

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Economy

Inflationary pressures to ease by December – Economist, Yusuf

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The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.

Yusuf disclosed this on Sunday in his Half Year Review of 2023.

His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.

Consequently, the prices of goods and services sharply increased.

The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.

Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.

According to him, the challenges would gradually reduce before the year ends.

Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.

“Inflationary pressure is expected to ease before the end of the year.

“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.

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Economy

Enugu residents frown at proposed electricity tariff hike

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Residents of Enugu have expressed concern over the proposed 40 per cent hike in electricity tariff, beginning July 1.

The residents spoke on the issue in separate interviews with the Newsmen in Enugu on Wednesday.

An industrialist, Mr Jude Emordi, said the proposal would push up the cost of production, which would lead to a hike in the prices of manufactured goods.

Emordi also said that the proposed increase might chase many small businesses out of business.

“With an increase as high as 40 per cent, how do you think pure water producers can survive because this will lead to an increase in the production cost.

“The purchasing power of Nigerians will also reduce drastically, it is going to be terrible for many business owners and salary earners,” he said.

Also, a civil servant, Mrs Mercy Ofoma, advised that the proposal be shelved for now.

Ofoma said the new administration should first fulfil the palliative measures promised to cushion the effect of the oil subsidy removal.

“For me, the suffering will be much for poor Nigerian workers when everything begins to go up and salary remains static,” she said.

She argued that even an upward review of workers’ salary would not change anything.

Another resident, Miss Jane Okeke,  said she envisaged tougher time ahead of the planned hike in the electricity tariff.

“It will be difficult to survive without light, especially those of us who do not use prepaid meters,” Okeke, a hairdresser said.

She advised that the proposal should be perished until every electricity consumer had been metered.

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