₦airaland Forum

anonimi:
The increased borrowing and higher tax burden from T-Pain’s tax reform bill has not helped build infrastructure.

Instead of discipline in government spending, APC is buying more luxuries for T-Pain and giving us palliative food instead of promised jobs.

Renowned businessman and founder of Coscharis Group, Cosmas Maduka, has stated that Peter Obi would not have implemented policies different from those of the current administration had he won the presidential election.

Speaking in an interview on Mic On Podcast with Okinbaloye via YouTube on Saturday, Maduka asserted that Nigeria is moving in the right direction despite the challenges, emphasising that critical economic policies, such as subsidy removal, would have been inevitable under any government.

“People have asked me, will Peter Obi have done anything different if he won the election? I said no. He would have removed subsidy from day one also,” Maduka stated.

Addressing the concerns surrounding the naira’s value and economic hardship, Maduka acknowledged the difficulty in making such statements as a wealthy individual but maintained that the government’s priority should be reinvesting the savings from subsidy removal into infrastructure development.

“The government should be more disciplined to use the money they have removed in the subsidy to put it in infrastructure so that people that you have taken from, those who have been flying private jets from subsidy money, their businesses fall. But if you collect that money from them and put it in ventures that favour the general public, then there is progress,” he explained.

He further cautioned that if the government fails to channel the funds into productive ventures, the country will remain stagnant.

“If you move from one tomb to another, you are still in the same graveyard. You haven’t gone anywhere,” he remarked.


Maduka also touched on the country’s debt situation, noting that borrowing itself is not the problem, but rather the purpose for which funds are borrowed.

“The borrowing of a country is not a problem. What is the problem; Are you borrowing for capital development? Are you borrowing for infrastructural development? Because it will pay back itself. But if you are borrowing to take a second wife, if you are borrowing to share money for poverty alleviation, you are deepening the hole that, after we get inside, nobody can bring us out,” he said.

He emphasised the need for fiscal discipline in governance, urging the government to curtail excessive spending and ensure that resources are directed towards projects that will benefit Nigerians.

“There is some level of discipline that is required to curtail excesses from the government. Are we in the right direction? Yes,” he said.

MURIC Rejects Babangida’s Claim Blaming Abacha For June 12 Annulment, Slams Dictator’s Book Launch As 'Provocative'

An Islamic human rights organization, the Muslim Rights Concern (MURIC), has rejected attempts by former dictator, General Ibrahim Babangida (rtd), to exonerate himself from the annulment of the June 12, 1993 election fiasco.

This was disclosed in a press release issued on Sunday, February 23, 2025 by the group's Executive Director, Professor Ishaq Akintola.

In his memoir, A Journey In Service, launched at the Transcorp Hilton in Abuja on Thursday, February 20, 2025, Babangida blamed the late dictator General Sani Abacha for the annulment of the 1993 presidential election and accused him of plotting to overthrow his government violently.

In the 420-page book, Babangida delves into the controversies surrounding the annulment of the June 12, 1993, presidential election, which was won by the late MKO Abiola of the Social Democratic Party (SDP). He described the annulment as an “accident of history” and expressed deep regret over the incident.

Babangida, who was the military president at the time of the election, revealed that he was in Katsina when his second-in-command’s press secretary announced the annulment without his knowledge or authorisation.

According to Babangida, he later discovered that Abacha, then his chief of defence staff who subsequently became the military head of state, led the opposition against the June 12 election.

The former leader explained that after consulting with various groups, he reached out to Abiola and offered him an interim leadership role. However, following the nationwide protests that erupted over the annulment, Babangida stepped down as president in August 1993, paving the way for an interim government headed by Ernest Shonekan.

Abacha later overthrew Shonekan’s administration in November 1993.

Subsequently, Abacha detained Abiola after he declared himself the rightful president.

The statement reads: "We of the Muslim Rights Concern (MURIC) hereby totally reject all attempts by the former military dictator to exonerate himself from the annulment of the June 12, 1993 election fiasco. The former dictator should stop blaming others for all that happened. We assert emphatically, unequivocally and categorically that the buck stops at IBB's table. We reject his alibi.

"We hold IBB responsible for the failure of Nigeria to cultivate a sustainable, visionary and dignifying political culture having annulled the fairest, freest and most peaceful election in the history of Nigeria.

"Thursday, 20th February, 2025, the day IBB presented his memoir, was a sad day for genuinely patriotic Nigerians. It was the day leaders decided to disappoint the masses by hero-worshipping a former dictator, a tyrant and a numero uno enemy of democracy.

"Nigeria was at the edge of the cliff when the duo of Buhari and Idiagbon came to rescue the nation from general indiscipline, corruption and avaricious greed. We were getting it right when IBB came from nowhere to topple that corrective administration. That was the beginning of our descent back to the abyss of pitch darkness.

"IBB incarcerated Buhari and refused to allow him to attend his mother's funeral. The lives of many innocent Nigerians were wasted during the IBB-Abacha totalitarian military misadventure. Clement Akpangbo, Bagauda Kaltho, Justice Ikpeme, Alfred Rewane, etc. were sent to the beyond. The streets of Lagos and Ibadan were filled with dead bodies.

"Yet the height of heartlessness and callousness was the assassination of the winner of that monumental election, Chief Moshood Kashimawo Abiola (MKO) and the killing of his wife, Alhaja Kudirat Abiola.”

MURIC condemned the “public show of spite, chagrin and insensitivity at the Transcorp Hilton, venue of IBB's book presentation”.

It described it as not only “audacious” but also “outrageous, nauseating and provocative”.

It said, “Salt was added to injury. IBB is not sober.

"Our leaders have failed to learn the art of healing. They do not understand the people they are leading. We are separated by a wide gulf. Arrogance and impunity are cancerous tumors which eat deep into the anatomy of love, unity, tolerance and forgiveness.

"This country has not been fully healed from the excruciating pains of June 12 and the criminal and cold-blooded killings of our first prime minister, Alhaji Abubakar Tafawa Balewa, Alhaji Ahmadu Bello, the Sardauna of Sokoto and Chief S. L. Akintola former premier of the Western Region. Unfortunately, all those killings were done by the Nigerian military.

"For the temerity manifested by IBB in displaying the original results of the June 12 election 32 years later and for publicly admitting that MKO won the historic election, the author of 'A Journey In Service' has certified Nigeria as the land where conscienceless power subjugates powerless conscience.

"This book is the height of impunity and the author is judicable. IBB has not demonstrated remorse. His book is indubitable exercise in the territory of high-level treason.

"As an Islamic human rights organization, MURIC is greatly disturbed by the fact that the major dramatis personae in the annulment of the June 12 election are Muslims: MKO, IBB, Abacha, etc. We regret that the principle of justice which Islam holds in high esteem have been bastardised by those who should know better.

"We give posthumous salutes to true heroes of democracy like Chief MKO Abiola, Alhaja Kudirat Abiola, Dr. Beko Ransome Kuti and Chief Alfred Rewane. We doff our hats to living heroes of the struggle like Professor Wole Soyinka, President Bola Ahmed Tinubu, current governor of Kaduna State, Uba Sani, Professor Sylvester Odion Akhaine, erstwhile secretary of the Campaign for Democracy (CD), the arrowhead of the struggle against military rule, Shehu Sani, Comrade Okechukwu Ndiribe and leaders of the National Democratic Coalition (NADECO)."

Police Service Commission Admits Serious Human Rights Violations In South-East By Officers

The Nigerian Police Service Commission (PSC), has admitted that there have been several series of cases of serious human rights violations in the South-East region of the country by officers of the Nigeria Police Force.

The Chairman of the Commission, DIG Hashimu Argungu (rtd) made the admission on Friday in his goodwill message at the opening ceremony of the South-East stakeholders summit on peace and security which is holding at Hotel Sunshine, Enugu, Enugu State capital.

Argungu said that the PSC is also fully aware that the road blocks mounted by security agencies have unfortunately turned South-East into toll gates where road users are forced under gunpoint to part with money.

The summit was organised by the Human Rights Institute of the Nigerian Bar Association (NBA) in collaboration with the South-East Civil Society Organisations.

Argungu said, “The Eastern Region has of late become the hot bed of insecurity in the country and the unofficial headquarters of Human Rights violations.

“This is obviously a disturbing but avoidable situation and I sincerely commend the organizers of the programme - for bringing the searchlight on this topical national issue.

“I have always identified with the Nigerian Bar Association not just because I am a lawyer but because I believe the Association has a lot of role to play in the sustenance of the nation's nascent democracy and the protection of the inalienable human and fundamental rights of the citizens.

“We are no more comfortable with the abuse of office by some security personnel detailed to provide security across this region.

“We understand that there is a high level of insecurity in the zone especially with the ceaseless and senseless attacks from brainwashed youths from this zone masquerading as freedom fighters and killing their brothers and sisters.

“But that obviously should not and never be an excuse to relapse into corruption by the security Agencies.

“The Commission has continued to observe the corruption and extortion that dots all the roads traversing this region by virtually all the security operatives who are supposed to safeguard the roads and restore unhindered movement of people, goods and services.

“The road blocks mounted by these security Agencies have unfortunately turned into toll gates where road users are forced under gunpoint to part with money.

“The Commission is also aware of the serious human rights violations by some misguided police officers in the South-East, who against the Commission's several warnings to stay away from civil matters have continued to swim in it because of the financial attraction.

The PSC boss revealed that the commission had warned that police officers stay clear of land matters, debt and rent collection, marital disputes and other civil matters and allow the courts to do their duties.

“But we have discovered that the allure of filthy money has become their albatross as they have continued to perpetuate this evil act,” he said.

Argungu added, “We know that some even go to the extent of twisting a mere land matter to threat to life, giving the case a different colouration.

“The Commission is also aware that most times, these disgruntled police officers write these petitions for these people they want to extort money from and will later come to the Office to pose as judges trying to resolve matters.

“The Commission hereby warns that it will no longer tolerate this serious act of indiscipline and human right abuses and will henceforth not hesitate to put its disciplinary processes in motion to see to the dismissal of such errant officers.”

He vowed that the South-East must be freed of those he described as gangs of policemen who had found it difficult to work within approved boundaries.

Terrorist Kingpin Bello Turji Resurfaces In Sokoto, Imposes N25Million Levy Per Village –Lawmaker

Aminu Boza, a Sokoto State lawmaker has accused notorious bandit leader Bello Turji of imposing a ₦25 million levy on villages in the eastern part of the state.

Boza is a member of the Sokoto State Assembly representing Sabon Birnin Gobir.

According to security analyst and counter-insurgency expert Zagazola Makama, the lawmaker, Boza made the accusation while speaking to journalists on Tuesday.

The lawmaker who is a member of the Sokoto State House of Assembly, raised the alarm over Turji’s presence in the Isa and Sabon Birni areas.

“Bello Turji is currently in the Isa and Sabon Birni axis of Sokoto. He has even imposed a ₦25 million levy per village in some communities,” Boza stated.

This follows Turji reappearance after months of hiding.

The lawmaker urged security agencies and local authorities to take swift action to combat banditry in the region.

This development follows a recent statement by the Chief of Defence Staff (CDS), General Christopher Musa, who revealed that Turji has expressed a willingness to surrender.

During a recent appearance on Channels Television’s Politics Today General Musa disclosed that sustained military operations have significantly weakened Turji’s network. The elimination of his second-in-command and several of his top lieutenants has reportedly left the terrorist leader with limited options.

“He is now forced to release most of the people under him,” General Musa said. “Recently, he has begun to say he doesn’t want anything; he is ready to surrender.”

However, the Defence Chief emphasised that surrendering would not absolve Turji of accountability for his crimes.

“We want to take everybody out. Anybody who has killed should go. People like him should not be allowed to stay,” Musa asserted, reaffirming the military’s commitment to justice and peace in affected regions.

Turji remains one of Nigeria’s most wanted terror leaders, known for orchestrating attacks, kidnappings, and killings across the northwest region.

As Lagos State governor, Bola Tinubu had a reputation for squeezing water from a stone by extracting taxes from even the most unlikely people. Stories still abound in Lagos of how menacing tax collectors forced struggling market women and small and micro businesses to pay taxes. For Tinubu, the end always justifies the means. And the end was to significantly increase the state’s internally generated revenue, IGR; the means was 12 different taxes and levies. Well, it worked! Lagos State’s IGR rose from N14.6bn a year in 1999, when he became governor, to N83.02bn in 2007 when he left office.

Now, as president, Tinubu wants to replicate the Lagos “miracle” at the federal level. Even without his tax reform bills becoming law yet, President Tinubu has aggressively focused on revenue mobilisation. Again, it’s seemingly working. Last month, the Federal Inland Revenue Service, FIRS, announced a record revenue intake of N21.6 trillion in 2024, a 76 per cent increase from the N12.474 trillion in 2023. Zacch Adedeji, the Executive Chairman of FIRS, described 2024 as a year of “exceptional performance” and set a target of N25.2 trillion for 2025.

But here’s the rub. The feat would be absolutely commendable only if it’s achieved through the widening of the tax net and increased use of technology to improve tax collection, rather than raising the tax burdens on businesses and the people. Unfortunately, the tax burdens on Nigerian businesses and citizens have grown astronomically since the inception of the Tinubu administration, with its tendency to hike taxes. From the hike in electricity tariff to the increase in ATM transaction fees and the introduction of toll payments at federal roads and airports, Tinubu’s government is aggressively extracting taxes from Nigerians of all hues.

Recently, the government imposed a four per cent customs charge on all imports, while the Nigerian Ports Authority, NPA, introduced a 15 per cent tariff increase at the ports. The Nigeria Employers’ Consultative Association, NECA, said the new customs levy would devastate the economy and increase the misery of ordinary Nigerians. The Organised Private Sector, OPS, which includes the Manufacturers Association of Nigeria, MAN, warned that the NPA’s tariff hike would lead to the closure of many businesses, and force importers to divert cargoes to neighbouring countries. All of this will negatively impact the economy.

In May last year, Professor Usman Yusuf, a member of the Northern Elders Forum, said on Channels Television that Tinubu’s economic team “looks more like tax collectors than economists”. He was absolutely right. Although Tinubu is not a socialist, being a multi-billionaire oligarch, he runs a government that follows the socialist tax-borrow-and-spend philosophy. But such governments always preside over acute economic stagnation, high chronic unemployment and abysmally low living standards – all of which exist in Nigeria!

The universal truth is that economic growth is the only sustainable source of higher tax revenues and higher living standards. For when the economy is growing, resulting in business expansion and more and better jobs, company income tax, personal income tax, VAT, etc will generate more revenue, enabling the government to fund its budgets and raising living standards for everyone. Conversely, when an economy is not growing robustly, it’s hard to hike taxes without stifling growth prospects and worsening living standards. As Martin Wolf, the Financial Times chief economics commentator, rightly put it, “the main source of greater prosperity and higher fiscal revenue must be faster economic growth”.

Surely, the best way to engender higher economic, productivity and employment growth is to remove the supply-side barriers to economic activity and business expansion. The starting point is to create stable macroeconomic conditions. But every government must also remove the supply constraints of high tax and regulatory burdens because such barriers undermine the competitiveness and profitability of businesses and prevent them from investing, expanding and creating jobs. Unfortunately, Nigeria doesn’t only lack sound macroeconomic conditions, its huge supply constraints hinder private sector growth.

Think about it: interest rate is 27.50 per cent, inflation is 34.80 per cent, the exchange rate is around N1,600/$, and, on top of those, there are high taxes, levies and charges. How can any economy grow in those conditions? Well, the consequences are inevitable. According to the IMF, Nigeria’s per capital income was $835 in 2025, dropping from $877 in 2024. Just over ten years ago, in 2014, it was $3,223. Yet, Tinubu is damaging the economy further, and deepening poverty, by hiking taxes, levies and charges everywhere. It is utterly perverse!

Still on Olukoyede’s EFCC

Columnists and newspapers expect, and even welcome, rejoinders. So, I welcome the fact that the Economic and Financial Crimes Commission, EFCC, felt compelled to respond to my intervention in last week’s column, titled “EFCC’s failure: Olukoyede’s blame-shifting is mere shadow-boxing”. In a piece published in several newspapers, titled “Olukoyede’s record-breaking strides in EFCC and Olu Fasan’s errors of analysis”, Dele Oyewale, EFCC’s head of media and publicity, took issues with me. He reeled off Olukoyede’s “achievements”, suggesting corruption had reduced under him. But that contrasts with the views of Musa Aliyu, chairman of the Independent Corrupt Practices Commission, ICPC, who recently said that corruption thrives in Nigeria “despite the efforts of the anti-corruption agencies”.

Of course, Oyewale is entitled to defend his boss and his organisation, but he goofed by attempting to tar me with the brush of corruption. He wrote: “Fasan’s backgrounding of his visceral attacks of Olukoyede and the EFCC clearly shows malice, prejudice or a naked dance to please some paymasters.” He added: “Fasan’s tirade and gratuitous insults on the EFCC and its hard-working Chairman is another parade of corruption in bold statements.”

Asset declaration: Tinubu must tell Nigerians the source of his wealth, by Olu Fasan
It is a shameful escapism to regard my patriotic and well-intentioned criticism of the EFCC as a “parade of corruption”. What an ad hominem fallacy! And for the avoidance of doubt, I have no paymasters. By the grace of God, I have been writing a newspaper column in Nigeria every week pro bono – I repeat, pro bono – for over ten years, and no one has ever told me what to write. My only motivation is my deep love for Nigeria, and my desire to contribute, through my writings, to its development. Truth is, Nigeria suffers from chronic and acute leadership and institutional failures, which foster endemic corruption. I have addressed those issues forcefully in my columns under successive governments since 2014.

In an article titled “Olukoyede’s challenge, Fasan’s concerns and Nigeria’s reality: A psychologist’s take on corruption”, John Egbeazien Oshodi, a US-based police scientist, wrote: “The EFCC doesn’t control the system; it’s a caged tiger”. That, precisely, was my point. I have no malice or prejudice against Olukoyede!

DystopianMuse:
LIVERPOOL FANS IT IS TOO EARLY TO BE WAILING....WAIT TILL ARSENAL TAKES OVER. LOL.

FRIDAY IGBO ELERIN 😂😂😂😂😂😂😂😂😂😂😂😂.

The Federal Government on Wednesday disclosed that Nigeria’s petrol consumption has dropped to 50 million litres per day, with local refineries supplying half of the daily requirements.

The government said the other half is being sourced through importation. It clarified that none of the companies involved in domestic refining were involved in the importation.

Speaking to journalists after a stakeholders meeting in Abuja, NMDPRA’s Executive Director, Distribution Systems, Storage and Retailing Infrastructure, Mr. Ogbugo Ukoha, said petrol importation became necessary to ensure that scarcity does not return to the downstream sector.

“Let me speak a little bit about supply. All of us have experienced a yuletide free of any scarcity, and let me just reconfirm that from year to year we saw an increase in the demand of PMS from 2021 and 2022 up to 2023 just before the current administration came in. The daily PMS supply sufficiency was always in excess of 60 million, in fact averaging about 66 million a day for PMS. And following Mr. President’s withdrawal of subsidy, the announcement on May 29th, 2023, we immediately saw a steep decline in consumption, and between then and as we speak, we’ve continued to do plus or minus 50 million.


“Of these 50 million litres, averaging for each day, less than 50% of that is contributed by domestic refineries, and so the shortfall in accordance with the PIA (Petroleum Industry Act) is sourced by way of imports”.

Ukoha also disclosed that the authority has barred 60,000 litres capacity tankers from transporting petrol and other petroleum products beginning March 1, 2025.

The ban was imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) despite protests from truck owners.

The National Association of Road Transport Owners, NARTO, had last week warned that the ban would cost them over N300 billion invested in procuring over 2,000 60,000-litre capacity trucks currently involved in the transportation of petroleum products across the country.

Ukoha said tankers with 60,000 litres capacity were responsible for some of the recent spike in petrol tanker fires in the country.

Ukoha also noted that the high-calibre tankers also had a major impact on the state of Nigerian roads.


He said: “The breaking news about that today is that in today’s meeting comprising DSS, FEMA, Federal Fire Service, Road Safety, NATO, NUPENG, MEMAN, PETROAN, IPMAN, DAPMAN, SON, ONSA, it was decided that beginning 1st March, any truck with an axle load that is carrying more than 60,000 litres of hydrocarbon will not be allowed to load at any loading depot.

“Let me repeat, beginning 1st March, trucks with a capacity in excess of 60,000 litres will not be allowed to load in any loading depot for petroleum products. By Q4 of 2025, we will also preclude the loading or transportation of petroleum products on any truck in excess of 45,000 litres. So that is the breaking news for today.”

Members of the Lagos State House of Assembly have condemned the invasion of the Assembly complex by operatives of the Department of State Services (DSS) and the Nigeria Police on Monday, describing it as a “rape of democracy, an aberration, and a national embarrassment.”

During a plenary session attended by 36 members, the lawmakers demanded an explanation from the Lagos State Director of DSS regarding the reasons behind the invasion.

They also called on the National Security Adviser, Nuhu Ribadu, to investigate the incident and provide the public with a comprehensive briefing on the findings. Additionally, the Assembly urged President Bola Tinubu to intervene immediately and prevent the situation from escalating further.

Expressing their outrage, the lawmakers unanimously condemned the invasion, describing it as an abuse of legislative procedure and a threat to democratic governance.

Speaking during the session, Hon. Abiodun Tobun said: “This is not a government ruled by the barrel of a gun. This is an aberration of democracy and a step toward anarchy. What happened today is a total embarrassment and an act of harassment.”

He further affirmed the lawmakers’ loyalty to the Speaker, saying: “Nobody can dictate to us. God chooses and removes leaders. We are solidly behind your leadership, Mr. Speaker—nobody can remove you.”

The lawmakers suggested that powerful and influential individuals or groups might be behind the incident, calling for a thorough investigation to uncover those responsible.

The House remained united in its stance, insisting on protecting the independence of the legislature and ensuring that such actions do not undermine democratic processes in the state.

Typing:
During this period every year, prices of foodstuffs is usually lower. The reason is because, most farmers just finished harvesting their farm produce. They have also flood the markets with varieties of farm produce.

This always force the prices down drastically. However, in lass than two months from now, the prices will go high.

I am a farmer and I have full knowledge of this and how it works. Tinubu's bad policies can never force the price of farm produce down.

Do you know how much farmers bought fertilizer last year? Do you know how much farmers bought seedlings, herbicide chemicals for weeds and other farm implements? The same farmers spend huge money on buying fuel at over 1k per litter. To transport themselves to farm daily

With all the above, challenges farmers go through under this administration, how do you think price of food stuffs will come down? From the middle of this year. Prices of food stuffs will be higher than it were at the same period last year.

Special Adviser to President Bola Ahmed Tinubu on Policy Communications, Daniel Bwala, has claimed that the policies of the current administration are reducing food inflation as prices of food items are gradually coming down.

While appearing on an episode of Arise News flagship programme, “The Morning Show”, earlier this week, Bwala noted that the economic policies of the current administration were on track.

“Our economic policies in my assessment have been doing very well. This is because where we were before the President took the oath of office and where we are today from the economic standpoint, economist say it is safe to assume that Nigeria is not to be dealt with a feeling that it is going into disintegration because the fundamentals of economy have been put in place.

“We are dealing with a nation whose national budget is less than $30bn and our infrastructure is in decadence as we do don’t have good roads and our hospitals are dead and we are navigating with limited resources. The current food inflation has gone down because food prices are going down. The general inflation of the last month was far better than the previous month,” Bwala said.

Daily Trust verified the claim by the Presidential spokesman and found out it misleading as food inflation figures as released by the National Bureau of Statistics (NBS) has been on the rise since May 2023 when President Tinubu took office.

Although figures for December show that food inflation had slightly moderated, the figures have been on the rise from 24.82 per cent recorded in May to the latest figure of 39.84 per cent. Also, the prices of food items have surged since the current administration came to power in 2023.

Breakdown of food inflation figures from June 2023 till date

A breakdown of inflation figures as analysed by Daily Trust show that in the month of June 2023, uptick in the inflation rate was largely driven by the food index, as food inflation accelerated to 25.25% in the review month compared to 24.82% recorded in May 2023.

On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, which was 0.21% points higher compared to the rate recorded in May 2023 (2.19%).

The rise in Food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.

In July 2023, food inflation rate rose from 25.25 per cent to 26.9 per cent. The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.

In the same vein, Nigeria’s food inflation rate in August 2023 was 29.34% on a year-on-year basis. This represents a 6.22%, points increase compared to the rate recorded in August 2022, which was 23.12%

For the month of September, Nigeria’s food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022. This increase was part of a broader trend, as the headline inflation rate also rose to 26.72% in September 2023, up from 25.80% in August 2023, just as food inflation rate in October 2023 moved upwards from 31.52% on a year-on-year basis. This was 7.80% points higher compared to the rate recorded in October 2022 (23.72%).

Similarly, food inflation rate in November 2023 again rose to 32.84% on a year-on-year basis, which was 8.72% points higher compared to the rate recorded in November 2022 (24.13%), while food inflation rate in December 2023 surged again to 33.93% on a year-on-year basis. This represents a 10.1 per cent points increase compared to the rate recorded in December 2022, which was 23.75%

In the year 2024, food inflation rate in January 2024 skyrocketed from 33.9 per cent to 35.41 per cent on a year-on-year basis. This represents a significant increase of 11.10% points compared to the rate recorded in January 2023, which was 24.32%. The rising inflation was largely attributed to the removal of fuel subsidies and currency devaluation, which affected the production costs of food items, particularly carbohydrates.

In February 2024, Nigeria’s food inflation rate in February 2024 was 37.92% on a year-on-year basis, marking a significant increase of 13.57% points compared to the rate recorded in February 2023, which stood at 24.35% . This rise in food inflation was part of a broader trend, with the country’s headline inflation rate also increasing by 31.70% year-on-year in February 2024.

In March 2024, food inflation was 40.01% on a year-on-year basis, marking a significant increase of 15.56% points compared to the rate recorded in March 2023, which stood at 24.45 per cent and by April 2024, food inflation had reached an all time high of 40.53% on a year-on-year basis, marking a significant increase of 15.92 percentage points compared to the rate recorded in April 2023, which stood at 24.61% .

In May 2024, Nigeria’s food inflation rate increased slightly to 40.66% year-on-year, which was a 15.84% increase from the same month in 2023. This was due to rising prices of food items like oil, yam, cassava, fish, and meat.

By June 2024, food inflation rate further surged in the month under review, hitting 40.87% year-on-year compared to 40.66% recorded in May 2024. This is 15.62 percentage points higher than the rate of 25.25% recorded in June 2023 on a year-on-year analysis. By July 2024, for the first time, food inflation declined to 39.53% on a year-on-year basis, but 12.55% points higher compared to the rate recorded in July 2023 (26.98%).

In August, the country’s food inflation further declined to 37.52%, representing a decrease from 39.53% in July 2024, driven by the harvest season and base year effects Nigeria’s. the downward trend continued in September 2024 as inflation saw a further reduction to 37.77%. However, on a year-over-year, it recorded a significant increase of 7.13 percentage points compared to the 30.64% recorded in September 2023.

In October 2024, food inflation surged to 39.16 per cent according to NBS. The Bureau said the increase was driven by sharp rises in the prices of staples such as guinea corn, rice, maize grains, and yam, as well as palm oil, vegetable oil, and beverages like Milo, Lipton, and Bournvita.

Subsequently, food inflation rate went up again in November 2024 to 39.93%. On a year-over-year, it marked a significant increase of 7.08% from the 32.84% recorded in November 2023. This surge was driven by higher prices of essential food items, contributing to the country’s overall inflation rate of 34.60% in November 2024

The latest figures in December show that food inflation declined insignificantly by 0.09 percentage point to 39.84 percent from 39.93 percent in November.

Also, a sample of food commodities by Daily Trust has shown that their prices have risen in the last one year.

For instance, the prices of beans, yam, fish, rice, maize and other staples have increased by over 100 per cent in the almost two years since the current administration took over power.

Although in May 2023, President Tinubu declared a state of emergency on food security, seeking to address surging food costs, the declaration has not had significant impact on the prices of food items.

Also, the CBN has continued to tighten monetary rates in the last one year with no significant impact on food inflation.

In the same vein, the ministry of finance had measures for the suspension of duties, tariffs, and taxes on key food imports, including beans, wheat, and husked brown rice. These steps were aimed at curbing skyrocketing prices, but their impact has been limited so far.

Consequently, despite these interventions, food inflation has shown little sign or no sign of easing.

Conclusion

Daily Trust verified and found out that the claim of Mr. Bwala are largely false and misleading as inflation has maintained an upward surge from 25 per cent to 39 per cent since the coming of Tinubu and had just relaxed by 0.09 per cent in December 2024 according to the NBS.