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Hope dims as Nigeria’s inflation rate rises to 28.9%

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The National Bureau of Statistics (NBS) has declared that Nigeria’s annual inflation rate stands at 28.92 per cent in December 2023 from 28.20 per cent in November.
This was disclosed in the NBS December 2023 Consumer Price Index (CPI) which was released on Monday afternoon.

The CPI measures the rate of change in the prices of foods and services. Before Monday’s release, the country’s inflation rate was at 28.20 as of November 2023.
The statistics office in the release on said the December 2023 headline inflation rate increased by 0.72 per cent compared to the November 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 7.58 per cent points higher compared to the rate recorded in December 2022, which was 21.34 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” it said.

Furthermore, the bureau said on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 (2.09 per cent).

This, it said, means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.

According to the report, the food inflation rate in December 2023 quickened to 33.93 per cent on a year-on-year basis, 10.18 per cent points higher than the rate recorded in December 2022 (23.75 per cent).

In recent years, food prices have been on the rise across Nigeria. The situation deteriorated due to the impact of government policies such as the removal of subsidies on petrol, among others.

He also directed that “all matters pertaining to food & water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.”

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Information Ministry takes Economic Enlightenment Campaign to Jigawa

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Muhammed Idris

To educate citizens on the economic interventions under President Bola Ahmed Tinubu’s administration, the Federal Ministry of Information and National Orientation has commenced a public awareness campaign in Jigawa State.
The ministry urged the public, especially the youth, to take advantage of the opportunities for self-reliance, with the initiative highlighting various job creation and poverty alleviation programs.
The Minister of Information and National Orientation, Mr. Mohammed Idris, represented by Mala Bashir Dahiru Galadanci, Head of the Federal Information Center in Dutse, highlighted the government’s “Renewed Hope” initiatives.
He emphasized that the interventions were designed to change the narratives in the economic wellbeing of Nigerians and provide job and skill opportunities, particularly for the youth, to encourage self-reliance and entrepreneurship.

According to Mr. Galadanci, the administration is committed to addressing poverty and unemployment by introducing accessible programs that benefit citizens at the federal, state, and local levels. He called on the people of Jigawa State to explore these opportunities and support government efforts in transforming the country’s economy.

Jigawa State Director of the National Orientation Agency (NOA), Mr. Ahmad Tijjani, also called for public support of the government’s policies. He acknowledged that while some recent policy changes have impacted citizens’ living standards, these new interventions are a proactive step toward alleviating poverty and economic hardship.

In a presentation, Professor Ali Siro of the Sociology Department at the Federal University Dutse detailed various federal interventions, including the Student Loan Program, Consumer Credit Corporation, Compressed Natural Gas Initiative, National Youth Talent Export Program, National Housing Initiative, and several small business loan schemes.
He explained the eligibility criteria, repayment terms, and benefits of the initiatives to encourage public participation.

In his goodwill message, the Emir of Dutse, Hamim Nuhu Sanusi, commended the federal government for introducing multiple economic interventions to cushion the impact of new policies.
Represented by Senior Counsellor Alhaji Mustapha Aminu, the Emir suggested a review of civil service rules, urging the government to adjust workers’ salaries and make loan terms more flexible to prevent financial strain on the workforce.

This campaign marked the beginning of a nationwide effort to educate citizens on government interventions aimed at creating socio-economic opportunities and improving the overall welfare of Nigerians.

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EFCC declares that Bello is not in its custody, amidst speculation of his arrest by the agency

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***Bello leaves EFCC without interogation

The Economic ane Financial ctimes Commisaion has discredited reports that the immediate past Governor of Kogi State Yahaya Bello is in its custody .
Head, Media and Publicity of the anti graft agency, Dele Oyewale in a terse statement on Wednesday indicated that Media reports earlier in the day that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC, is incorrect. “The Commission wishes to state that Bello is not in its custody. Bello, already declared wanted by the Commission for alleged N80.2billion money laundering charges, remains wanted with a subsisting warrant for his arrest.
Bello’s media team had sent out a statement earlier indicating that the former Kogi State Governor Yahaya Bello had turned himself in to
honor the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Their statement confirmed that the former Governor appeared before the EFCC after consulting with his family, legal team, and political allies.
In another twist, indications emerged that Bello, who had initially claimed to have voluntarily honoured the commission’s invitation, was trailed and arrested by EFCC operatives in Lokoja at midnight.

In yet another twist, Bello’s Director of Media, Ohiare Michael said, “Earlier today, we reported the voluntary visit of former Governor of Kogi State, HE Alh. Yahaya Bello to the Economic and Financial Crimes Commission office to honour the Commission’s invitation.
“In the statement, we reiterated the former Governor’s great respect for the rule of law and constituted authority, and stressed that, all the while, he only sought the enforcement of his fundamental rights in order to ensure due process.
“The EFCC did not, however, interrogate him as officials told him he could leave. We don’t know what this means yet. As we write, HE Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, HE Alhaji Ahmed Usman Ododo.
“Recall that the case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. The former Governor decided to honour the invitation to clear his name as he has nothing to hide and nothing to fear. “

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At last, Yahaya Bello honors EFCC invitation

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Yahaya Bello

Former Kogi State Governor Yahaya Bello has honored the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Bello’s media team in a statement confirmed that he appeared before the EFCC after consulting with his family, legal team, and political allies.
The former governor had been declared wanted by the EFCC over alleged money laundering and corrupt enrichment amounting to N80.2 billion.

The statement reads: “The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights in order to ensure due process.

“The case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. It is important for the former Governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former Governor believes firmly in the efforts of the administration of President Bola Ahmed Tinubu to place Nigeria on the path of sustainable economic development; and supports the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the State work for the people of the State.

“He was accompanied to the EFCC Headquarters by high profile Nigerians.

“It is our hope that the Commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.

“Details of his engagement with the operatives of the Anti-Graft Agency will be disclosed later.”

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