Tag: Nigeria’s Inflation

Fiscal rascality fuelling Nigeria’s high inflation – Obi

Aminu Imam

The presidential candidate of the Labour Party, Peter Obi, has said that inappropriate monetary and fiscal policy contributes to the rising inflation in the country.  Currently, the country’s inflation rate is 21.34 percent, according to data from the National Bureau of Statistics. Obi, while speaking at Chatham House, London yesterday about his plans if elected the president of Nigeria, said the weakness of the country’s fiscal space is affecting its economy. The LP presidential candidate was responding to a question from the packed audience about how his government would relate…

Read More

Inflation erodes Nigeria’s minimum wage by 55%, increases poverty – World Bank

Aminu Imam

…’Nigeria needs help’ – Finance Minister Nigeria’s accelerated inflation growth has eroded the value of Nigeria’s N30 thousand minimum wage by 55 percent, and widened the poverty net with an estimated five million people in 2022, the World Bank has revealed. This was revealed at the Corporation’s launch of the Nigeria Development Update for December 2022 Edition, and the Country Economic Memorandum held in Abuja yesterday. Nigeria’s inflation rate, which currently stands at 21.47 percent, is the highest peak in at least 17 years and the income of citizens is…

Read More

Inflation: CBN raises benchmark interest rate to 15.5%%, highest in 20 yrs

Aminu Imam

The policy-setting committee of the Central Bank of Nigeria (CBN), the Monetary Policy Committee has raised its Monetary Policy Rate, (MPR), also known as interest rate, from 14 percent to 15.5 percent, to tame rising inflation. The CBN Governor, Godwin Emefiele, made the announcement yesterday, during a media briefing at the apex bank’s headquarters in Abuja, after the Committee’s meeting. He said 10 members of the committee voted for the rate hike. The monetary policy rate is the baseline interest rate in an economy, whereby every other interest rate used…

Read More

Amid soaring food prices, inflation rate hits 19.64%, highest in 17 years – NBS

Aminu Imam

Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%, as the prices of food rose across the nation, the National Bureau of Statistics, (NBS), has disclosed. In a report it released yesterday, the NBS said the figure was 2.27% higher compared to 17.38% recorded in July 2021. On a month-on-month basis, it said the headline inflation rate in July 2022 was 1.817%, which was 0.001% higher than 1.816% recorded in June 2022. It further said food inflation rose to 22.02% on a year-on-year…

Read More

Businesses dying over high cost of diesel – Nsukka Chamber of Commerce cry out

Aminu Imam

The Nsukka Chamber of Commerce, Industries, Mines and Agriculture, (NCCIMA), says agriculture businesses in the area are dying over the increased cost of diesel. The Director-General of the chamber, Dan Ochi, disclosed this yesterday, in an interview with newsmen in Enugu. Ochi, who is also the Managing Director, Global Farms, said the worst affected were the tomatoes and pepper production businesses that depended on diesel for irrigation purposes. “We have stopped the production of our tomatoes and pepper because we can no longer run our irrigation machines at the current…

Read More

Oil Crisis: Fresh economic crisis looms as diesel costs, fuel subsidies rise

Aminu Imam

…As petrol scarcity bites harder in Abuja There are growing concerns that the price of Automated Gas Oil (AGO), or diesel, may soon hit an all-time high amid lingering fuel shortages in States across the country. With no end in sight to the continued rise in the cost of importing the product, and subsidising Premium Motor Spirit (PMS), a.k.a petrol, Nigerians are bound to face a resultant foreign exchange-related hardship that may outstrip the gains of subsidy. A clear indication of an imminent danger emerged last Tuesday, when oil marketers…

Read More

Nigerians groan, as cooking gas price rises by 83.7%

Aminu Imam

As the nation prepares for its 2023 general elections, many Nigerian households and businesses are finding it difficult to keep up with the hike in the price of commodities, one of which is cooking gas. According to the latest data by the National Bureau of Statistics, (NBS), refilling a 5kg cylinder of liquefied petroleum gas (cooking gas) stood at N3800.47 last month. A development that translates to an 83.67% increase from an average retail price of N2,069.21 in April 2021, on a year-on-year basis. Speaking with newsmen, a barber, Adam,…

Read More

Nigerians to pay more for bread as wheat prices hit record high

Aminu Imam

The global price of wheat, yesterday, reached a record high at €435 ($453) per tonne in the European market. The price of the commodity continued to soar following supply disruptions linked to Russia’s invasion of Ukraine. The Food and Agriculture Organisation (FAO) of the United Nations, (UN), had said both countries accounted for around 30 percent and 20 percent of global wheat and maize exports, respectively. The surge in prices, worsened by fertiliser shortages and poor harvests, has also caused inflation globally and raised fears of famine and social unrest…

Read More

Nigeria’s inflation rises to 15.70% as fuel scarcity affects prices

Aminu Imam

Nigeria’s consumer price inflation index, (CPI), rose in February this year, after recording a fall in January as the nation faces fuel shortages that have helped push prices higher. The rate of price increase between February 2021 and Feb. 2022 was 15.70% higher than the 15.60% recorded in January, the National Bureau of Statistics, (NBS), announced yesterday. The NBS said the prices of goods and services, measured by the CPI, fell 1.63 percentage points, lower than the rate recorded in February 2021 (17.33 percent). According to the NBS, the rise…

Read More

IPMAN fears worse inflation, as diesel price jumps to N650 per litre

Aminu Imam

The Independent Petroleum Marketers Association of Nigeria, (IPMAN), says Nigeria risks one of its worse inflations and hardships on the citizens if the spike in the prices of diesel and other refined petroleum products continues. The association’s chairman, Enugu Depot, Chinedu Anyaso, raised the concern in an interview with newsmen in Awka, the Anambra State capital. Diesel price in Awka and its environs has jumped from N400 per litre about two weeks ago to N650. The product is a major source of energy for articulated vehicles, industries and hotels, especially…

Read More