Connect with us

Governance

Nigeria’s economic problems persist as inflation hits 13.22%, the highest since October 2016

Published

on

Nigeria’s inflation rate has recorded its biggest increase since October 2016, rising to 13.22 per cent in August, the National Bureau of Statistics (NBS) said on Tuesday.

The 13.22 per cent inflation rate is the highest jump in recent times, the NBS data showed.

The NBS, in its latest consumer price index report revealed: “The consumer price index, which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).

“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).”

The composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the statistics office.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables,” it added.

Nigeria’s economic challenges have been on the rise in recent times with unemployment, underemployment and poverty affecting tens of millions of Nigerians. The COVID-19 pandemic has also forced many businesses to close shops, throwing many breadwinners into the unemployment market.

The price of food commodities have also been rising steeply in the last few weeks with a 50kg bag of rice selling for more than N32, 000.00 in several markets across the country.

Rootstv

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Governance

Aisha Buhari’s flood mission reaches Niger state

Published

on

The goodwill of the First Lady of Nigeria, Dr. Mrs. Aisha Muhammadu Buhari was extended to flood victims in Niger state on Thursday 24th September, 2020, through a Future Assured team. As with other flood-prone areas, parts of the state were flooded, leaving many families with destroyed homes, and businesses.

Speaking during the distribution of palliatives to the victims of the flood disaster, leader of the Future Assured team, Mr. Aliyu Abdullahi, Special Assistant to the President on Media and Publicity, delivered her message of sympathy, saying her thoughts are with them at difficult times like this.

Areas visited include Mai Tumbi in Bosso LGA, Ungwar Rahma in Chanchanga LGA, and Farm Center in Minna all in Niger State.

Director-General, Niger State Emergency Management Agency (NSEMA), Alh. Ahmed Ibrahim Inga, who represented Niger State government at the occasion, expressed the appreciation of the government and people of Niger state for the kind gesture of the First Lady, saying that she has been identified by Nigerians for her spirit of philanthropy. Staff of the agency collaborated with the future assured team to conduct the distribution exercise.

Some of the beneficiaries interviewed expressed appreciation to the First Lady for coming to their aid.

This was another humanitarian outreach to states affected by flooding in the country. Many states have so far been visited for distribution of palliatives

Items distributed included large quantities of rice, other food commodities such as cooking oil and toiletries, blankets and clothing materials.

Aliyu Abdullahi
Special Assistant to the President on Media & Publicity
(Office of the First Lady)
September 25, 2020

Continue Reading

Governance

13 percent derivation: Ita Enang accuses N’Delta govs of wasting fund on private jets, others

Published

on

The Special Adviser to the President on Niger Delta, Sen Ita Enang has called for an end to transfer of 13% derivations to State governors.

He noted that the funds should be applied directly to host communities, as he accused governors of Niger Delta of diverting the funds for private jets and luxurious cars.

Enang made the recommendations while receiving members of the Host Communities of Nigeria, HOSCON in his office on Wednesday.

The 13% derivation is the funds given as compensation to mineral resources producing states.

Enang stated that the diversion of the funds is the main reason host communities are vandalizing oil infrastructure.

He added that governors in the Niger Delta should only be given the normal federal allocation, while the 13% derivation should be applied directly to develop the oil producing communities.

It will be inappropriate for the state governors to take the 13 per cent derivation money and apply it only for either building new governor’s lodge, buying private aircraft, increasing the number of vehicles in their convoys or doing any other thing, which are sometimes obscene, making the oil-producing communities angry and forcing them to disrupt crude oil and gas production,” he said.

He added that “since we have seen the way the governors had utilised the 13 per cent derivation fund, I think it is time we go back and obey the provisions of the constitution and cause that these monies be used for the development of oil and gas producing communities directly for their development, so that this affliction would be arrested.”

Continue Reading

News