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Nigeria’s inflation hits 31.70% in Feb – NBS

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Nigeria’s inflation has moved to 31.70 percent in February, according to the latest data by the National Bureau of Statistics (NBS).

 

The NBS released the figure on Friday with the latest data showing a rise from the 29.90 percent recorded in January 2024.

 

According to the NBS Consumer Price Index and Inflation Report for February, the hike represents a 1.80 percent increase from what was recorded in January.

“In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%,” the report read partly.

 

“Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate.”

 

The data showed that on a year-on-year basis, Nigeria’s headline inflation rate was 9.79 percent points higher compared to the rate recorded in February 2023, which was 21.91%.

 

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“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023),” the NBS said.

 

Meanwhile, Nigeria’s food inflation rate in February was 37.92% on a year-on-year basis. This was 13.57% points higher compared to the rate recorded in February 2023 (24.35%), it said.

 

“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa,” the report read.

 

Friday’s figures come amid a push by authorities to combat the rising cost of living in Nigeria. The removal of subsidy on petroleum and the floating of the naira were major triggers of the hike.

 

There have been protests in several parts of the country owing to that but the government is assuring Nigerians of tackling the challenges.

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Despite the rising inflation rates, the governor of the Central Bank of Nigeria (CBN) Yemi Cardoso had earlier expressed optimism of a drop.

 

“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 percent, aided by improved agricultural productivity and easy global supply chain pressures,” he told members of the House of Representatives in February.

 

“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira.”

Metro News

Many feared dead in multiple petrol tanker explosions in Rivers

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An unspecified number of people have been killed after tankers laden with petroleum products burst into flames on a section of the east-west road in Eleme, Rivers state.

 

The incident, which left travellers stranded for hours, occurred on Friday night.

 

Some of the victims of the multiple explosions were said to have been trapped in their vehicles as the blasts raged.

 

The cause of the explosions are not clear at the time of reporting. However, eyewitnesses have pointed to “dangerous driving and negligence”.

The Nation quoted Segun Owolabi, an eyewitness, as saying that one tanker collided with a vehicle before bursting into flames, leading to a domino effect.

 

“I saw four dead bodies burnt. Some may have been in the bushes because many ran away. I saw a whole stretch of vehicles burnt down, trailers burnt down,” Owolabi said.

“There seems to be a truck carrying substances and it was as if it had collided with another vehicle that may have ignited the fire. Over 20 vehicles burnt down and several people trapped.

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“There may be more bodies. Oh my God this is a tragedy. A stretch of vehicles burnt.”

 

Another eyewitness said he heard a loud explosion from a petrochemical complex in the area.

 

“I heard a very loud sound about 20 minutes ago, and people were shouting,” he said.

 

“The sound came from the petrochemical company area. So when I came out I saw thick smoke with fire from a distance.”

The inferno reportedly raged for hours before it was put out by firefighters.

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Metro News

EFCC arrests 34 suspected currency speculators for ‘FX fraud’

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The Economic and Financial Crimes Commission (EFCC) says 34 suspected currency speculators have been arrested for foreign exchange (FX) fraud.

The EFCC, in a statement on Friday, said the arrest was carried out by its operatives attached to its task force on currency mutilation, dollarisation of the economy, and FX malpractice.

 

The anti-graft agency said the suspects were arrested in Wuse Zone 4, Abuja, on April 26, in a sting operation following credible intelligence about illegal sales of dollars.

 

“Operatives of the Economic and Financial Crimes Commission, EFCC, attached to the Taskforce on Currency mutilation, Dollarization of the Economy and Forex Malpractice, have arrested 34 suspected currency speculators for alleged foreign exchange fraud,” the EFCC said.

“The suspects are: Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Lawal.”

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The agency also arrested Usman Umar, Amina Garba Rola, Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, and Munzali Hashim.

 

Other include: Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido, and Abdulaziz Abubakar Abba.

The EFCC said the arrest occurred following its ongoing efforts to clean up and stabilise the FX market, adding that the suspects will soon be arraigned in court upon conclusion of investigations.

On February 24, the Central Bank of Nigeria (CBN) and the office of the national security adviser (ONSA) sealed a partnership to investigate and penalise those involved in illicit activities within the foreign exchange market.

 

The decision was on the backdrop of the unending depreciation of the naira and its accompanying negative impact on inflation and economic instability.

 

Following the partnership, which also involved the EFCC, the commission froze over 300 accounts linked to illicit FX trading.

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The EFCC had, on January 24, launched a probe on 52 companies over forex transactions.

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Lifestyle

Bobrisky donates chairs to Kirikiri prison

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Embattled crossdresser, Idris Okuneye, better known as Bobrisky, who was jailed for abuse of the Naira has reportedly donated plastic chairs to the National Correctional Service (NCoS) Kirikiri prison.

 

It would be recalled that Bobrisky entered a guilty plea in court and was sentenced to six months imprisonment without an option of fine.

 

The controversial crossdresser appears to have donated plastic chairs for the NCoS Kirikiri’s visitor area, according to recent reports circulating online.


The viral photo of the plastic chairs was captioned: “On behalf of Bobrisky for the National Correctional Service Kirikiri for the visiting area.”

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