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Food prices soar as Nigeria’s inflation rate hits 33.2%

Published

2 weeks ago

April 15, 2024

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Nigeria’s inflation rate rose to 33.20 percent in Mach 2024 — up from 31.70 percent in February.

The National Bureau of Statistics (NBS) disclosed this in its consumer price index (CPI) report, which measures the rate of change in prices of goods and services, on Monday.

According to the bureau, food inflation also surged to 40.01 percent in the month under review.

NBS said the March headline inflation rate showed an increase of “1.50% points when compared to the February 2024 headline inflation rate”.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%,” he said.

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

“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

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“This means that in the month of 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.”

FOOD PRICES IS MAJOR CONTRIBUTOR TO INFLATION RATE

The NBS report further showed that the food inflation rate in March 2024 was 40.01 percent on a year-on-year basis – an increase of 15.56 percent points higher compared to the 24.45 percent rate recorded in March 2023.

NBS said the rise in food inflation on a year-on-year basis was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits.

“On a month-on-month basis, the Food inflation rate in March 2024 was 3.62% which shows a 0.17% decrease compared to the rate recorded in February 2024 (3.79%),” the bureau said.

“The fall in food inflation on a month-on-month basis was caused by a fall in the rate of increase
in the average prices of Guinea corn flour, Plantain Flour, etc (under Bread and Cereals
class), Yam, Irish Potatoe, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus
fish, Mudfish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea, and Cocoa class).

READ Troubling rise in prices of food for month of July

“The average annual rate of Food inflation for the twelve months ending March 2024 over
the previous twelve-month average was 31.40%, which was 8.69% points increase from
the average annual rate of change recorded in March 2023 (22.72%).”

The report also said Kogi, Kwara, and Akwa Ibom states spent more on food in March.

“In March 2024, food inflation on a year-on-year basis was highest in Kogi (48.46%), Kwara (46.18%), and Akwa Ibom (45.18%), while on a month-on-month basis, however, March 2024 food inflation was highest in Abia (5.17%), Cross River (5.14%), and Bayelsa (4.75%),” NBS added.

On the other hand, states with the slowest rise in food inflation on a year-on-year basis are Nasarawa (33.76 percent), Borno (34.28 percent), and Bauchi (34.38 percent).

Also, Borno (1.59 percent), Yobe (2.08 percent) and Adamawa (2.12 percent) recorded the slowest rise in food inflation on a month-on-month basis.

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Court grants EFCC order to freeze 1,146 accounts over ‘unauthorised foreign exchange’ transactions

Published

27 mins ago

April 29, 2024

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A federal high court in Abuja has granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.

The commission is also investigating the individuals for “money laundering and terrorism financing”.

Emeka Nwite, the presiding judge, granted the order while ruling on an ex-parte motion moved by Ekele Iheanacho, counsel to the EFCC.

The court also ordered the commission to conclude the investigation within 90 days.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for a period of 90 (Ninety) days,” the judge ruled.

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NAN reports that though the ruling was delivered on April 24, the certified true copy was seen on Monday.

The motion by the anti-graft agency was brought under section 44 (2) and (K) of the 1999 Constitution; section 34 of the EFCC Establishment Act 2004; section 7(8) of the Money Laundering Prevention and Prohibition Act 2022 and under the inherent jurisdiction of the court.

The commission said, “the bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC in relation to money laundering and terrorism financing”.

“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of Naira and launder proceeds of unlawful activities,” the agency added in the motion filed before the court.

“That there is a need to preserve the funds in the identified bank accounts pending the conclusion of the investigation and possible prosecution.”

READ Food prices soar as inflation rate hits 19.64%

Nwite consequently adjourned the matter until July 23 for mention.

Some of the account names mentioned in the attached schedule are Akitoye Adeyemi Ayomide with GTBank account number: 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.

Others are Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666

Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.

Others are Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nnamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780, among others.

READ Nigeria’s inflation hits 31.70% in Feb – NBS

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Published

36 mins ago

April 29, 2024

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says it does not have access to petroleum products.

Queues resurfaced in fuel stations amid petrol scarcity, which led to an increase in transport costs.

On April 25, the Nigerian National Petroleum Company (NNPC) Limited attributed the situation to logistics issues, assuring Nigerians that “they have been resolved”.

Speaking on Monday during Channels TV’s the Morning Brief breakfast programme, Billy Gillis-Harry, PETROAN president, said there is still a delay in supply to retail outlets.

“Well, from my perspective as a retail outlet owner and representing all the retail outlet owners who are members of PETROAN, I can tell you that our challenge is that we do not have access to the product,” he said.

“So, once the product is available in all the depots, and we are being issued our products, we will certainly complement NNPC’s efforts to make sure that all the stations are wet and we are doing that consistently.

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“Even in this season, at this time, NNPC in the last few weeks have squeezed in loading barges to encourage everyone including the NNPC stations and Petroan members and even IPMAN members and we are taking products bit by bit to our various stations.”

He said NNPC is making frantic efforts to solve supply issues, adding that the association is also mounting pressure on the system to ensure that there are petroleum products.

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Court knocks FG for lack of diligent prosecution in Tukur Mamu’s terrorism financing case

Published

3 hours ago

April 29, 2024

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A federal high court in Abuja has reprimanded the federal government for lack of diligent prosecution in the charge filed against Tukur Mamu, publisher of Desert Herald newspaper.

At the court session on Monday, David Kaswe, prosecution counsel, was not in court despite having entered his name on the cause list, indicating his presence.

Abdul Mohammed, Mamu’s counsel, urged the court to stand down the matter to await Kaswe’s return.

However, the prosecution lawyer was still not in court when the case was called again after the judge had delivered a judgment.

Inyang Ekwo, the presiding judge, expressed surprise over “the miraculous disappearance” of the federal government’s lawyer in court.

“I am also aware that the prosecution was in court this morning, but as to the miracle of the disappearance of the prosecution as at the time this matter comes up for hearing is beyond my understanding,” Ekwo said.

“This antic of the prosecution is only being tolerated in today’s proceeding.

“If the prosecution demonstrates that they are not ready to prosecute this matter either diligently or expeditiously, the court will make the right decision at that point.”

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MAMU ASKS TO BE TRANSFERRED TO KUJE PRISON

Mamu’s lawyer moved an application to transfer his client to the Kuje correctional facility.

He said the prosecution had already responded to the motion.

In the application, the defence counsel said the Department of State Services (DSS) has refused to obey a previous court order which directed that Mamu should be allowed access to his doctors.

He said Mamu would get proper medical attention in Kuje prison.

“This application is brought so that we will take the defendant to the prisons because they always obey court orders there so that if we go there, he will have access to his medical officer,” he said.

“It is completely within the discretion of the court and we do not want to bring an application for contempt as that will take time.

“Therefore, we want the court to vary the order and the defendant will stay in the Kuja correctional facility. That is what we are asking for.”

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The judge adjourned the matter until May 20 for ruling on Mamu’s application.

BACKGROUND

Mamu is standing trial for allegedly aiding the terrorists who attacked the Abuja-Kaduna train in March 2022.

After his arrest in 2022, the federal government said $300,000 was found in his possession.

He was arraigned in March 2023 by the office of the attorney-general of the federation (AGF) on a 10-count charge bordering on terrorism.

However, in March, he pleaded not guilty to all the counts and denied having allegiance to the terrorists.

Mamu is alleged to have received $120,000 as ransom payments on behalf of the Boko Haram terrorist group.

The monies were said to have been received from families of hostages kidnapped during the train attack.

He was also accused of exchanging voice note communications relating to the hostages with one Baba Adamu, a Boko Haram spokesperson.

The federal government also tagged the $300,000 found in Mamu’s possession after his arrest, as terrorist funds.

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Mamu, an aide to Ahmad Gumi, a popular Islamic cleric, was involved in negotiations for the release of the passengers abducted during the attack on a Kaduna-bound train.