The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.69 percent in April, as prices of food and non-alcoholic beverages soared.

The NBS shared the inflation data in its consumer price index (CPI) report on Wednesday.

“Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate,” the NBS said.

“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.”

Details later…

A federal capital territory high court has granted bail to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), in the sum of N300 million.

The Economic and Financial Crimes Commission (EFCC) arraigned Emefiele on a four-count charge before MaryAnn Anenih, the presiding judge, on Tuesday.

Emefiele pleaded not guilty to the four-count charge when it was read to him.

Moving an application for bail, Mahmud Magaji, counsel to Emefiele, asked the court to grant his client bail on self-recognition and on the same grounds and conditions of bail already granted him by a coordinate court presided over by Hamza Muazu.

He added that the defendant will always be in court to face trial.

In her ruling, Anenih granted the former CBN governor bail in the sum of N300 million, with two sureties in like sum.

The court said the sureties must be residents of Nigeria and owners of properties within the Maitama district of Abuja, and that they must possess an affidavit of means.

Emefiele has also been asked to deposit his travel documents before the court. He is not permitted to leave the country without the permission of the court.

Anenih added that Emefiele should be remanded at Kuje Correctional Centre pending the fulfilment of his bail conditions.

The case has been adjourned to May 28 and 29 for continuation of trial.

The anti-graft agency is accusing Emefiele of “illegal” printing of naira notes in its fresh charge.

In the charge sheet seen by TheCable, EFCC alleges that Emefiele “disobeyed the direction of law with intent to cause injury to the public” by approving the printing of naira notes without “strict approval” from former President Muhammadu Buhari and the CBN board.

Emefiele is alleged to have approved the printing of N684.5 million notes at the rate of N18.96 billion.

The United Nations (UN) has granted Nigeria sovereignty over additional square kilometres of maritime territory.

Nigeria made the submission in 2009 through the high powered presidential committee (HPPC) on the country’s extended continental shelf project.

Larry Awosika, a marine scientist and member of the committee, told President Bola Tinubu that the approval came after years of meticulous research on geophysics, geology and geography.

He added that diplomacy also helped to solidify Nigeria’s legal rights over a vast expanse of seabed and subsoil beyond its traditional territorial waters.

Awosika spoke on Tuesday in Abuja while presenting the approval report alongside other members of the HPPC, according to a statement issued by Ajuri Ngelale, presidential spokesperson.

The professor said the economic potentials of the newly acquired territory are vast, including increased investments in hydrocarbons, gas, solid minerals, and a wide variety of sedentary species.

Aliyu Omar, committee secretary, said the new approved area “is about 16,300 square kilometres, which is about five times the size of Lagos State”.

Omar added that the official notification of the decision was conveyed to Nigeria by the UN Commission on the Limits of the Continental Shelf (CLCS) in August 2023, shortly after Tinubu assumed office.

”The first option is to take the area gained and finalize the registration with the UN Secretary-General and close everything, meaning that we are satisfied with what we got. This will take at least one year,” the surveyor said.

”The second option is to take what we have right now, acquire more data, do a support write-up, and make a revised submission as recommended by CLCS for further consideration. This will take another four years.

”Either way, Nigeria will keep what has been approved.’’

Tinubu lauded the achievements, saying it reflects Nigeria’s economic and strategic interests.

‘‘This is big congratulations for Nigeria,’’ he said.

”I commend the team, and we must take advantage of this and invite you again to have a repeat of this knowledge exploration on geography, hydrography, and the marine life.

”Nigeria is grateful for the efforts that you put into gaining additional territory for the country without going to war. Some nations went to war, lost people and economic opportunities.”

Tinubu said his administration will continue to pursue the best options for the country.

Femi Gbajabiamila, chief of staff to the president; Adegboyega Oyetola, minister of marine and blue economy; and Hassan Tukur, HPPC chairman; also attended the meeting.