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Nigeria’s inflation hit 33.20% in March – NBS

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The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 33.20 per cent in March 2024.

The NBS said this in its Consumer Price Index (CPI) and Inflation Report for March, which was released in Abuja on Monday.

According to the report, the figure is 1.50 per cent points higher compared to the 31.70 per cent recorded in February 2024.

It said on a year-on-year basis, the headline inflation rate in March 2024 was 11.16 per cent higher than the rate recorded in March 2023 at 22.04 per cent.
In addition, the report said, on month-on-month basis, the headline inflation rate in March 2024 was 3.02 per cent, which was 0.10 per cent lower than the rate recorded in February 2024 at 3.12 per cent.

“This means that in March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

The report attributed the increase in the headline index for March 2024 on a year-on-year basis and month-on-month basis to increase in some goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

Others, it said, were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending March 2024 over the average of the CPI for the previous corresponding 12-month period was 27.13 per cent.

“This indicates a 6.76 per cent increase compared to 20.37 per cent recorded in March 2023”, it said.
The report said the food inflation rate in March 2024 increased to 40.01 per cent on a year-on-year basis, which was 15.56 per cent higher compared to the rate recorded in March 2023 at 24.45 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of Garri, Millet, Akpu (uncooked fermented, which are under bread and cereals class), Yam Tuber, and Water Yam.

“Others are Dried Fish Sadine, Mudfish Dried, Palm Oil, Vegetable Oil, Beef Feet, Beef Head, Liver, Coconut, Water Melon, Lipton Tea, Bournvita, and Milo”, NBS said.

It said on a month-on-month basis, the food inflation rate in March was 3.62 per cent, which was a 0.17 per cent decrease compared to the rate recorded in February 2024 at 3.79 per cent.

“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class); Yam, Irish Potato, and CocoYam.

“Others are Titus fish, Mudfish Dried, Lipton, Bournvita, and Ovaltine”, it said.
The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 25.90 per cent in March on a year-on-year basis.

“This increased by 6.26 per cent compared to 19.63 per cent recorded in March 2023.’’

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of bus journey within the city, actual and imputed rentals for housing, consultation fee of a medical doctor, etc.

The NBS said on a month-on-month basis, the core inflation rate was 2.54 per cent in March 2024.

“This indicates a 0.37 per cent increase compared to what was recorded in February 2024 at 2.17 per cent.”

“The average 12-month annual inflation rate was 22.26 per cent for the 12 months ending March 2024, this was 5.04 per cent points higher than the 17.22 per cent recorded in March 2023”, it said.

The report said on a year-on-year basis in March 2024, the urban inflation rate was 35.18 per cent, 12.11 per cent higher compared to the 23.07 per cent recorded in March 2023.

The report said on a year-on-year basis in March 2024, the rural inflation rate was 31.45 per cent, which was 10.37 per cent higher compared to the 21.09 per cent recorded in March 2023.

“On a month-on-month basis, the rural inflation rate was 2.87 per cent, which decreased by 0.20 per cent compared to February 2024 at 3.07 per cent’’, it said.

On states’ profile analysis, the report showed that in March, all items inflation rate on a year-on-year basis was highest in Kogi at 39.97 per cent, followed by Bauchi at 38.34 per cent, and Kwara at 38.10 per cent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 25.78 per cent, followed by Benue and Taraba at 28.12 per cent, and Katsina at 28.32 per cent.

The report, however, said in March 2024, all items inflation rate on a month-on-month basis was highest in Zamfara at 3.90 per cent, followed by Abia at 3.89 per cent, and Ondo at 3.75 per cent.

“Borno at 1.46 per cent, followed by Yobe at 1.84 per cent and Adamawa at 1.85 per cent recorded the slowest rise in month-on-month inflation”, NBS said.

The report said on a year-on-year basis, food inflation was highest in Kogi at 48.46 per cent, followed by Kwara at 46.18 per cent, and Akwa Ibom at 45.18 per cent.

“Nasarawa at 33.76 per cent, followed by Borno at 34.28 per cent and Bauchi at 34.38 per cent recorded the slowest rise in food inflation on a year-on-year basis’’, it said.

The report, however, said on a month-on-month basis, food inflation was highest in Abia at 5.17 per cent, followed by

Cross River at 5.14 per cent, and Bayelsa at 4.75 per cent.
“Cross River stood at 1.59 per cent, followed by Yobe at 2.08 per cent and Adamawa at 2.12 per cent, recorded the slowest rise in inflation on a month-on-month basis”, it said.

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Lagos to begin demolition of Oshodi market extensions July 30

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The Lagos State Government is set to begin the demolition of Oshodi Market by July 30.

This was disclosed by the General Manager, Lagos State Building Control Agency, Gbolahan Oki, on Monday.

He said, “The Lagos State Building Control Agency, in conjunction with the Oshodi-Isolo Local Government Council Authority, has embarked on the sensitisation of property owners, residents, shop owners, and market women and men on the removal of illegal structures, extensions built on road setbacks, shops, buildings, and public school premises around the Oshodi-Isolo LCDA.”

Oki noted that the expiration period before demolition compensation is July 30.

He said, “The expiration period that we are looking at is July 30, and the action we are taking is to remove all the attachments.

“As you can see, some buildings are right on the road, and it is because of these attachments. Some believe that the attachment is part of the building.”

The general manager asserted that change was the simplest thing but very difficult to achieve.

He added, “If we want change, it is going to affect us, and we are going to have that change at all costs.

“All these extensions are on work, which should not be.

“People selling on the road is unnecessary, and that is what we are trying to put in place; it is not a tribal issue. We must all comply with the rules and regulations.”

Oki urged traders without building plan approval to leverage the 90-day amnesty period given by the Governor of Lagos State, Babatunde Sanwo-Olu.

“The reason we are here is to enforce; the directive of the governor is very clear; there is no attachment.

“Nothing should disrupt the flow of movement, which is very important, and that we stand on.”

The Executive Chairman, Oshodi-Isolo Local Government, Kehinde Oloyede, said in every market, accessibility was essential.

He said, “For market women to maximise whatever they are selling, they need access to the road.

“The state government believes that good access to roads would better help them in the performance of their duty, particularly agencies like the fire service.”

Speaking on the local government partnership with LASBCA, Oloyede asserted that the state government had given the traders grace until after the festive period.

He added, “The local government is partnering with LASBCA to the end that we have been given grace that after the festive sale ends in July, the state will intervene.

“However, before then, the local government would see to it that most of these extensions and attachments were removed.

“Those that fail to comply, then the Lagos State Government will take charge and do what they deem fit.”

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Lagos Govt returns 11,957 children to school under project zero initiative, establishes nine new schools

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By Sodiq Adelakun

Lagos State Governor, Babajide Sanwo-Olu, has announced that his administration’s Project Zero initiative has successfully helped 11,957 out-of-school children return to their studies.

This achievement was revealed on Monday during the Children’s Day celebration parade and rally held at Police College, Ikeja, where the Governor was represented by his deputy, Obafemi Hamzat.

In addition to the success of Project Zero, the Governor highlighted other efforts made to improve children’s access to education. These include the establishment of nine new schools in busy and remote areas, which now cater to 4,588 students, comprising 2,310 girls and 2,278 boys.

“We have also improved many existing schools, completing over 1,500 projects that include building, renovating, and providing new furniture,” he said.

The governor said public schools are now secured with fences, CCTV cameras, and other safety measures, noting that it was working closely with security agencies to keep students safe.

“For our older students, we have hired over 2,000 new teachers in subjects like STEM, History, Yoruba, French, and Geography since May 2023,” he said.

Mr Sanwo-Olu disclosed that the new Digital Situation Room had also been established to monitor school performance and ensure smooth operation.

The governor charged children to continue to dream big, strive for goals and surpass imagination, assuring them that his administration would continue to advocate the mantra, “No Child Is Left Behind”.

He stressed that the state government was fully committed to providing the children with the environment, skills, opportunities and security to achieve their dreams.

The governor explained that the yearly celebration rededicated the government’s responsibilities to the children by preparing them for the challenges of the future in an ever-changing and increasingly competitive world.

He stressed that the 2024 theme, “Advocate for Children: Policies & Actions that Protect and Support Children’s Well-being,” encouraged all to speak up, take action, and always stay safe, happy, and thriving.

Earlier, Jamiu Alli-Balogun, Commissioner for Basic and Secondary Education, urged students to maintain excellence in both their academic and co-curricular pursuits, emphasising that they represent the future of the state and nation.

Mr. Alli-Balogun praised the Sanwo-Olu administration for its dedication to the education sector and acknowledged the crucial role teachers play in guiding and mentoring the students.

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Abiodun to commission Hospital road in Ogijo

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The Governor of Ogun State, Prince Dapo Abiodun is set to commission the newly completed Hospital Road in Ogijo.

The event is scheduled for today, May 28, 2024, at 2:00 PM.

In an official invitation, Hon. Babatunde Olaotan, HBO, Special Adviser Government House and General Services, extended the invitation on behalf of the Secretary to the State Government (SSG).

This commissioning marks a significant milestone in the state’s infrastructure development, reflecting the governor’s commitment to improving road networks and enhancing the quality of life for Ogun State residents.

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