Politics › Re: Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 7:19pm On Jun 22, 2024 |
bizbro: 500naira rice outside is nothing. 1k food inside restaurant is appetizer. Citizen meal that used to be 2500 in Chicken republic is now 5k. Tinibu's leprous hands have touched everywhere! Nawa oo. Hunger dey bad. |
Politics › Re: Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 5:31pm On Jun 22, 2024 |
RichardRexs: Beans and plantain and meat that used to be N500 is now #1000. at Wuse 2. Steadily raising shoulder with chicken republic food price. PBAT, you no try N1k food no fit fill belle again. |
Politics › Re: Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 2:56pm On Jun 22, 2024 |
Abuja dey cry like de whole Naija. |
Food › Re: How Much Is Egg Being Sold In Your Area? by ogododo: 11:40am On Jun 22, 2024 |
Na 180 per one small skinini head here. |
Politics › Re: Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 11:39am On Jun 22, 2024 |
Abuja na kidnapping center. |
Politics › Re: Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 8:21am On Jun 22, 2024 |
Nawa oo Enikpakwon oo. |
Politics › Re: Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 11:43pm On Jun 21, 2024 |
Diego35M: I think this APC government wants to reduce this country's population by starving some (of us) to death, pls everybody should go to farm... And if you find any Fulani man with cow on your farmland, kill am... 😡 Dem wan make everybody poor, so palliatives go be like favour. |
Politics › Re: Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 10:48pm On Jun 21, 2024 |
Nlfpmod, hunger dey |
Politics › Hardship: We Can No Longer Plan Our Meals, FCT Residents Cry Out by ogododo(op): 7:01pm On Jun 21, 2024 |
A cross-section of residents of the Federal Capital Territory (FCT), says they can no longer fend for their families due to the rising cost of foodstuff.
The residents, who spoke in separate interviews with the News Agency of Nigeria (NAN) on Friday in Abuja, said that eating beans and yam have become a luxury due to its high cost.
This, they said, had affected their domestic food timetable, making it impossible to eat varieties.
Mrs Glory Ocholi, a mother, said that beans have become so expensive that it is difficult to buy in bulk as she usually does to help in her nutrition plan.
“Before now, I used to buy 10 mudus of white beans for between N9, 000 to N10, 000, at N900 to N950 each.
“While the red one was usually slightly above N100 or N200.
“Currently, white beans cost N2,800 while red beans are sold for N3,000 to N3,500 , yam, Irish and sweet potatoes are also very expensive, it is only the rich that can afford them.
“You cannot buy corn or sorghum, vegetables are a no-go area, so at the end of the day, our children are forced to eat whatever we can provide,’’ she said.
Ocholi said that buying foodstuff at a higher cost had forced her to take off meals like ‘akara’ and pap which used to be a Saturday morning meal in her home.
She appealed to both the government and Nigerian Food Products Suppliers and Manufacturers to find ways to address the situation.
Mr Habila Makama, said that he could no longer afford certain foods in his household due to the high prices.
“I used to compliment yam with sweet or Irish potatoes when yam is not in season but now, I cannot afford any of them.
“Sweet potatoes that used to be the cheapest are also expensive. Rice is the only available food now in spite of the cost.
“We eat it every day of the week and probably exchange it with any available swallow with the soup you can afford,’’ he said.
A NAN correspondent who visited the Dutse-Alhaji market reported that five big tubers of yam now go for a negotiable price of N12, 000 to N14, 000.
At Karu market, corn and millet which previously sold for N850 and N900, is now being sold for N1, 300 per mudu.
NAN also reports that a bag of corn which was previously sold for N40, 000 and millet for N65, 000, are now being sold for N90, 000 per bag.
One of the traders in karu market, Mallam Bashiru Ahmed, said that prices of goods fluctuate daily and could increase by 20 per cent or more, within a week.
He said that traders sometimes go to the market to buy a bag of beans for N160, 000, but end up buying for between N180, 000 or N200, 000 due to price fluctuation.
Ahmed attributed the high cost to transportation of the goods from the northern states to the distribution units or towns, where other middle men or traders go to buy from.
“The cost of transportation has contributed to the increase in cost of these foods and it has really affected our business.
“We had to increase the price of grains to meet up with the expenses in logistics, and this is making our customers complain, thereby affecting patronage,’’ he said.
He pleaded with the government to put in place measures that could salvage the cost of transportation and control market price for grains.
This, he said would stop distributors and sellers from inducing unnecessary price increase. https://www.vanguardngr.com/2024/06/hardship-we-can-no-longer-plan-our-meals-fct-residents-cry-out/
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Politics › Re: Nigeria’s Public Debt Rises By ₦24.33 Trillion In Three Months by ogododo: 6:41am On Jun 21, 2024 |
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Politics › Re: Robbers Kill POS Operator, Rice Seller In Ekiti by ogododo: 10:17pm On Jun 20, 2024 |
WaleBuraimoh: Gunmen on Thursday killed a Point of Sales operator in the teaching hospital area in Ado Ekiti, the Ekiti State capital.
The assailants also shot dead a wheelbarrow pusher hawking rice at the Oja Bisi area of the state capital on the same day.
Sources said that the gunmen, who came on a motorbike, shot the PoS operator and made away with his money and other valuables.
The source, who was familiar with the matter, said, “The PoS operator had just arrived for the day’s business when the gunmen attacked him and left him in a pool of his blood.”
The source also said that the police officers who arrived at the scene shortly after took the body of the PoS operator to the hospital.
Sources also said that gunmen on a motorbike shot dead the rice hawker in the market area.
Another source said, “Traders were shocked and had to flee for safety. The development forced traders and passersby to flee for safety.”
The Ekiti Police Command Public Relations Officer, Sunday Abutu, who confirmed the incidents, said, “Immediately we got the information, we deployed our men to the scenes, the body of the victims had been recovered to the morgue.
“The Commissioner of Police, Ekiti State Command, Mr Adeniran Akinwale, has ordered an investigation into the incidents so that those who perpetrated the incidents can be brought to book.”
https://punchng.com/gunmen-kill-pos-operator-rice-seller-in-ekiti/? Nawa ooo. Naija don cast tey tey. |
Politics › Re: Fuel Price Rises 223.21% To ₦769.62 Per Litre – NBS by ogododo(op): 9:54pm On Jun 19, 2024 |
Nawa oo. Who dey pay de balance, Nlfpmod? |
Politics › Fuel Price Rises 223.21% To ₦769.62 Per Litre – NBS by ogododo(op): 9:27pm On Jun 19, 2024 |
The national average retail price paid by consumers for Premium Motor Spirit, PMS, otherwise known as petrol increased year-on-year, YoY, by 223.21 percent to N769.62 per litre in May 2024 from N238.11 per litre recorded in the corresponding period of 2023.
Furthermore, On a month-on-month, MoM basis, an increase of 9.75 percent was recorded from N701.24 per litre in April 2024.
The National Bureau of Statistics, NBS, disclosed this in its report, Premium Motor Spirit (Petrol) Price Watch for May 2024, which showed that Jigawa State topped the price chart at N937.50 per litre, followed by Ondo and Benue States with N882.67 per litre and N882.22 per litre, respectively.
However, Lagos, Niger and Kwara States emerged with the lowest average retail prices for the product at N636.80, N642.16 and N645.15 respectively according to the NBS report.
On Zonal profile, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest price of N695.04.
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 percent to N1403.96 per litre in May2024 from N844.28 per liter recorded in May 2023.
On a month-on-month, MoM basis, a decrease of 0.78 percent was recorded from N1415.06 per litre in April 2024.
The report stated “ Looking at the variations in the State prices, the top three State with the highest average price of the product in May 2024 include Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33) and Oyo State (N1236.92).
The Zonal representation of average price of diesel showed that North-East Zone has the highest price of N1605.91 while South West Zone has the lowest price N1303.60 when compared with other Zones.
This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was N1,450.35, indicatiing an increase of 0.74 percent when compared to N1,439.64 recorded in April 2024.
On a year-on-year, YoY,basis, the average retail price per litre of the product rose by 20.26% from N1,206.05 in May 2023.
On state profile analysis, the highest average price per litre in May 2024 was recorded in Benue with N1,790.92, followed by Kaduna with N1,769.65 and Cross River with N1,722.94. On the other hand, the lowest price was recorded in Katsina with N1,230.81, followed by Kwara with N1,260.07 and Jigawa with N1,263.91.
In addition, analysis by zone showed that the North Central recorded the highest average retail price per litre of Household Kerosene with N1,534.12, followed by the South-West with N1,488.97, while the North-East recorded the lowest with N1,408.41. https://www.vanguardngr.com/2024/06/fuel-price-rises-223-21-to-n769-62-per-litre-nbs/
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Politics › Re: Reintroduced National Anthem Could Have Prevented Banditry – Akpabio by ogododo(op): 2:10pm On Jun 19, 2024 |
Nlfpmod, dem dey whine us. How anthem equate bad governance. |
Politics › Reintroduced National Anthem Could Have Prevented Banditry – Akpabio by ogododo(op): 10:51am On Jun 19, 2024 |
Senate President, Godswill Akpabio, has said the reintroduced national anthem, “Nigeria, We Hail Thee”, could have prevented banditry and insecurity if the country had retained it.
Recall that the Senate and the House of Representatives passed the National Anthem Bill 2024 to revert to the old national anthem, “Nigeria, we hail thee”, which was abolished in 1978.
The National Assembly passed the bill to swap the national anthem from “Arise, O Compatriots” to “Nigeria, We Hail Thee.”
The bill, which speedily passed first and second readings on the same day, was assented to by President Bola Tinubu, making it the new anthem of the country.
During a visit to the Nigeria Institute of Legislative and Democratic Studies in Abuja on Tuesday, Akpabio said the reintroduced anthem would foster unity, patriotism and love among Nigerians.
Akpabio said those labelling the re-introduced anthem as an element of colonialism, don’t understand the country’s history and are ignorant of the law.
According to the Senate president, a panel made up of Nigerians was set up in 1959, which received inputs from all over the world regarding the anthem and approved the reintroduced anthem then.
He said: “The other impactful bill signed by the National Assembly is the reverting to our old national anthem.
“A lot of people are not aware that there was a panel set up and made up of Nigerians to receive input from all over the world in 1959.
“So when people are saying we’re bringing in colonial anthem, they need to look into the history of “Nigeria, we hail thee”.”
“If we had kept to that anthem, we probably would not have banditry today in Nigeria because if you take your neighbour as your brother, you will not want to kill him.”
Akpabio also revealed that more than 30,000 Nigerian students have been selected to benefit from the student loan scheme.
The Senate President said the Student Loan bill allows the children of the poor and underprivileged persons in the country to obtain higher education without the financial burden.
According to Akpbaio, the bill was one of the most important pieces of legislation passed by the tenth Assembly of the country.
He said: “One of the most important bills for the tenth Assembly was the bill sent to us by President Bola Tinubu. The Student Loan Bill enables vulnerable Nigerian students, the less privileged, to obtain higher education.
“And as I speak to you now, over 30,000 Nigerian students have already been selected to benefit from that scheme.
“That is one of the bills I will say appeal to me the most.” https://punchng.com/reintroduced-national-anthem-could-have-prevented-banditry-akpabio/
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Health › Re: Nigerians Struggle As High Drug Prices Fuel Health Crisis by ogododo(op): 4:18pm On Jun 18, 2024 |
Wetin no dey high under Tinubu? |
Health › Nigerians Struggle As High Drug Prices Fuel Health Crisis by ogododo(op): 12:05pm On Jun 18, 2024 |
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Politics › Re: FG Creating New Breed Of Boko Haram In The North – Kwankwaso by ogododo(op): 10:34am On Jun 18, 2024 |
Amah70: In other words, former president Obasanjo who looked away and said it's "political sharia" instead of stopping the political and religious leaders of the 12 far north states from adopting unconstitutional sharia crimimal laws, caused Boko Haram by not stopping the far north political and religious leaders then. Boko Haram quickly emerged thereafter and says that it's fighting for a country to be governed with Sharia criminal laws. Naso |
Politics › Re: Police Rescue Abducted Fouani Brothers In Lagos by ogododo: 9:29am On Jun 18, 2024 |
ApcBacteriafonj: The Lagos police command has rescued the three abducted Fouani brothers, Abbas Fouani, Youssef Fouani, and Amtal Fouani.
The brothers, who are part of the prominent Fouani Nigeria Ltd family, were kidnapped on June 14 around 6 pm while travelling by boat from their factory.
Fouani Nigeria Ltd, a leading electronics company, is the sole distributor of LG, Hisense, and Maxi products in Nigeria.
POLITICS NIGERIA reports that the Monday night rescue was disclosed by the police spokesperson in the state, Benjamin Hundeyin, on Tuesday.
“They were rescued late last night in Orugbo Iddo. Our marine police with the support of the Nigerian Navy brought them to shore,” Hundeyin said.
“Thereafter, our tactical team in the area took them home on Banana Island in the early hours of today.
“Five of them, three Lebanese, the boat captain and his assistant.”
Sharing an update on the abduction on Monday, the police announced they are working ‘tirelessly’ to secure the safe release of the victims.
https://politicsnigeria.com/breaking-police-rescue-abducted-fouani-brothers-in-lagos/?utm_source=operamini&utm_medium=feednews&utm_campaign=operamini_feednews After dem paid ransome. Dem no arrest or kpai any kidnapper. |
Politics › FG Creating New Breed Of Boko Haram In The North – Kwankwaso by ogododo(op): 9:23am On Jun 18, 2024 |
National Leader and 2023 Presidential Candidate of the New Nigeria Peoples Party, NNPP, Rabi’u Musa Kwankwaso, has accused the All Progressive Congress, APC-led Federal Government for attempting to create a new breed of Boko Haram terrorists and insurgents in Northern Nigeria.
Kwankwaso was reacting to the ongoing situation in Kano, where federal security agencies, with constitutionally assigned responsibility to ensure peace, law and order, have been backing the deposed Emir of Kano, Aminu Ado Bayero. He warns that any intimidation against the people will be resisted.
Kwankwaso spoke during flag-off ceremony for the construction of 82 kilometres of rural roads network at his hometown, Madobi.
The former Senator and Ex-Deputy Speaker of the House of Representatives said people of Kano will resist any attempt to undermine the constituted authority in the state.
He notes that they have mass followership because people believe in them, and as pro-people and the NNPP administration is determined to serve them anywhere they voted for it.
Kwankwaso added that as politicians, they will not fold their arms and watch enemies of the state destroy its peaceful co-existence as they will to do everything possible to support the Governor to succeed. He expressed happiness that the Governor is not distracted and he is focused on achieving his goals.
Kwankwaso notes that there are people from Kano, those he termed enemies of the state, who also suffer mental illiness and are the ones advising the Federal Government on how to take over Kano through a State of Emergency. “This is madness of the highest order that the good, peace loving and committed people Kano will resist.”
Kwankwaso also stated that, “In the build up to 2027, some desperate politicians are already on a mission of disruption, but we will rather prefer the two of us to loose than to allow them crush us unneccessarily. We dare anybody, who thinks he can victimise us politically, to go and be rest assured that we are ready for the fight.
“We are not afraid to be out of power because we will remain politicians in or out of government, we cannot run away from our destiny, we are humans, we know what is good for us and we will persue it vigorously,” the former Kano State Governor vowed.
Kwankwaso who was once Defence Minister further stated that the Federal Government is listening to some unpatriotic politicians from Kano, who will only contribute to its failure because, he said, the people of Kano will resist any attempt to undermine the constitutional responsibility of the Governor by any individual or group.
“We are open to dialogue, truce and reconcliation, but we will not accept intimidation and political harassement of any sort. We know how to play politics and we have all it takes to protect ourselves from any evil,” Kwankwaso warned emphatically. https://ait.live/fg-creating-new-breed-of-boko-haram-in-the-north-kwankwaso/
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Politics › Re: Food Inflation Soars By 61% In One Year-NBS Report by ogododo(op): 8:05am On Jun 18, 2024 |
ivandragon: Cumulatively, the inflation rate is over 300% Na 500% |
Politics › Re: FG Denies Renaming Murtala Mohammed Way Abuja After Soyinka by ogododo(op): 8:04am On Jun 18, 2024 |
Nawa |
Politics › Re: FG Denies Renaming Murtala Mohammed Way Abuja After Soyinka by ogododo(op): 7:49pm On Jun 17, 2024 |
Who we go believe now. |
Politics › FG Denies Renaming Murtala Mohammed Way Abuja After Soyinka by ogododo(op): 7:01pm On Jun 17, 2024 |
THE Federal Government has debunked the report that the Murtala Mohammed Way, Abuja has been renamed after the Nobel Laureate, Professor Wole Soyinka, saying such name change has never been contemplated by the administration. It explained that during the inauguration of a new road in the Federal Capital Territory, FCT, Abuja, codenamed Arterial Road N20 (from Katampe to Jahi), the FCT Minister, Barrister Nyesom Wike, proposed to the President that the road be named after Prof Wole Soyinka, and the President agreed. Labour shuts Nigeria as wage talks resume today0:00 / 1:00 In a statement issued by Rabiu Ibrahim Special Assistant (Media) to the Minister of Information and National Orientation, the government urged Nigerians to disregard any misinformation regarding the renaming of the Murtala Mohammed Expressway, describing the report as entirely false that existed in the imagination of its purveyors. The statement read: “We have noted the rumours being circulated that the Murtala Mohammed Expressed Way in the Federal Capital Territory, Abuja, has been renamed as Wole Soyinka Way. “The renaming of the Murtala Mohammed Expressway Way has never been contemplated by this administration. “For the record, on June 4, 2024, President Bola Tinubu inaugurated a new road in the FCT codenamed Arterial Road N20 (from Katampe to Jahi), which links the existing Outer Northern Expressway (also known as Murtala Mohammed Expressway) to the Northern Parkway (also called Ahmadu Bello Way). “During the inauguration of the N20 (which is a new road), FCT Minister, Barrister Nyesom Wike, proposed to the President that the road be named after Prof Wole Soyinka, and the President agreed. “Therefore, it is the Arterial Road N20 that is named after Prof Soyinka. The Murtala Mohammed Expressway remains unchanged and continues to bear the name of our esteemed former Head of State, General Murtala Ramat Mohammed. “We urge all citizens to disregard any misinformation regarding the renaming of the Murtala Mohammed Expressway. The report is entirely false and only exists in the imagination of its purveyors.” https://www.vanguardngr.com/2024/06/fg-denies-renaming-murtala-mohammed-way-abuja-after-soyinka/ |
Politics › Re: Food Inflation Soars By 61% In One Year-NBS Report by ogododo(op): 6:06pm On Jun 17, 2024 |
Melagros: COMRADES are speechless, everyday, news about this government of tinubu is negative Security negative Football negative Food negative Naira negative
Tinubu is too incompetent to govern abeg Naso we see am. |
Politics › Re: Sallah: Olusegun Obasanjo Visits Oluremi Tinubu In Lagos (Photo) by ogododo: 6:05pm On Jun 17, 2024 |
[quote author=Slytiger post=130523543][/quote]No be small, hope Obidots dey learn politics. |
Politics › Re: Terrorists Attack Nigerian Security Corps, NSCDC Headquarters In Nasarawa by ogododo(op): 5:59pm On Jun 17, 2024 |
Nawa , Nlfpmod. |
Politics › Terrorists Attack Nigerian Security Corps, NSCDC Headquarters In Nasarawa by ogododo(op): 5:18pm On Jun 17, 2024 |
The NSCDC Public Relations Officer, Jerry Victor, who confirmed the attack said that the terrorists attacked the Command’s headquarters with sophisticated weapons leading to a gun battle with the operatives of the Command, who eventually repelled them. Suspected terrorists in large numbers in the early hours of Monday attacked the headquarters of the Nigeria Security and Civil Defence Corps (NSCDC), Command in Nasarawa State. The NSCDC Public Relations Officer, Jerry Victor, who confirmed the attack said that the terrorists attacked the Command’s headquarters with sophisticated weapons leading to a gun battle with the operatives of the Command, who eventually repelled them. Victor said that the gunmen attempted to break some part of the fence to gain entry into the offices while some of them took different positions around the building. The NSCDC spokesperson said, “The operatives of the NSCDC swiftly responded by opening fire on the hoodlums whose mission was to release some high-profile suspected criminals, including informants of kidnappers in the custody of the Command.” https://saharareporters.com/2024/06/17/terrorists-attack-nigerian-security-corps-nscdc-headquarters-nasarawa |
Politics › Re: Food Inflation Soars By 61% In One Year-NBS Report by ogododo(op): 2:24pm On Jun 17, 2024 |
Ebinkpawan oo. |
Politics › Re: Food Inflation Soars By 61% In One Year-NBS Report by ogododo(op): 1:31pm On Jun 17, 2024 |
helinues: Ordinary the food wey we go consume by ourselves oo, make we produce am, some regions dey claim Literacy as if foods dey amongst things you fit do yangan to.
Even if those who are living in town are not interested in returning back to the village to do some farming, why can't all this senators, house of representatives members, state assembly members empowered those who are currently in the village, their constituency with faming tools and machineries.
Are those above not the most closest to us, so which excuse do we have as a country not to be able to produce what we are going to consume?
Make una continue with grammar literacy there How many pipu fit enter bush, insecurity no be am, Nlfpmod sabi. |
Politics › Food Inflation Soars By 61% In One Year-NBS Report by ogododo(op): 10:45am On Jun 17, 2024*. Modified: 11:33am On Jun 17, 2024 |
Nigerians are finding it more difficult to feed themselves, as food inflation rose to 40.66 per cent in May, The PUNCH reports. This was as the cost of food rose by 61 per cent from 25.25 per cent in June 2023 to 40.66 per cent in May 2024, highlighting a steady rise in the cost of living. This is according to an analysis of the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics. The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living. So This Happened (225) Reviews Tinubu's S'Court Victory, UNIPORT Student's Murder,... On Saturday, the NBS disclosed that headline inflation moved by 0.26 per cent to 33.95 per cent from 33.69 per cent recorded in April. The report noted that the inflation rate climbed to a 28-year high since March 1996 on higher food and transport prices. It said, “In May 2024, the headline inflation rate increased to 33.95 per cent relative to the April 2024 headline inflation rate which was 33.69 per cent.” The statistics agency also reported major contributing items to headline inflation in May 2024 including food & non-alcoholic beverages (contributing 17.59 per cent), housing, water, and electricity, gas & other fuel (contributing 5.68 per cent), and clothing & footwear (contributing 2.60 per cent). A breakdown of the data showed that the price of food commodities increased steadily from 25.25 per cent in June, to 26.98 per cent in July, 29.34 per cent, 30.64 per cent in August, 31.52 per cent in September, 31.52 per cent October, 32.84 per cent in November and 33.93 per cent as the end of December 2023. The rate further increased to 35.41 per cent in January, 37.92 per cent in February, crossed the 40 per cent mark in March, 40.53 per cent in April and 40.66 per cent in May. NBS said the rate rose to 40.66 per cent in May, compared to the 24.82 per cent reported in the same month last year — indicating an increase of 15.84 per cent points. The bureau said semovita, oatflake, yam flour prepackage, garri, bean, etc (which are under bread and cereals class), Irish potatoes, yam, water yam, etc (under potatoes, yam and other tubers class), contributed to the year-on-year increase in the food inflation rate. Other contributors are palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish, etc (under fish class), beef head, chicken-live, pork head, and bush meat (under meat class). “The food inflation rate in May 2024 was 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 per cent). “The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06 per cent, which was 10.41 per cent points increase from the average annual rate of change recorded in May 2023 (23.65 per cent),” the report said. Similarly, Bauchi, Kogi, and Oyo are Nigeria’s three most expensive states on a year-on-year basis after recording the highest All-Items Inflation in May 2024. The report said in May 2024, the All-Items inflation rate on a Year-on-Year basis was highest in Bauchi 42.30 per cent, Kogi (39.38 per cent Oyo (37.73 per cent). On the flip side, Borno (25.97 per cent), Benue (27.74 per cent) and Delta (28.67 per cent) recorded the slowest rise in Headline inflation on a Year-on-Year basis. 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. The upward trend in the prices of these staples and other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals. At the March Monetary Policy Committee meeting, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the huge purchase of foodstuffs by the government as palliatives is contributing to the galloping food inflation in the country. The CBN governor noted that inflationary pressure had failed to abate despite the hike in the interest rate in February. He said, “Staff reports show that the principal drivers of acceleration in inflation are hikes in food and energy prices which are associated with structural factors. Further, new dimensions of inflationary pressure are emerging. First, ‘seller inflation’ arising from the oligopolistic structure of commodity markets such as noticed in the prices of local commodities is gaining significance. In addition, huge purchases by the government for distribution as palliatives to vulnerable citizenry is adding another dimension to the food price inflation, with seasonal factors of food price increases during religious fasting and festive periods, adding price cyclicality.” Commenting, an economist with Lotus Beta Analytics, Shadrach Israel, expressed concern about the alarming rise in inflation rates, stating, “The surge in annual inflation rate from 21 per cent to over 30 per cent in just a year, and the persistent 60 per cent food inflation rate, are clear indicators of underlying structural issues in the economy.” Israel urged the government to take immediate action, implementing a multi-pronged approach, including monetary policy tightening, supply-side reforms, social protection programmes, and structural reforms to address the underlying issues driving inflation. “The government must take immediate action to restore the purchasing power of its citizens and promote economic growth and stability. “The fact that food prices have increased by 50 per cent compared to last year is particularly concerning, as food is a significant component of household expenditure in Nigeria,” Israel added. “The government must address the underlying structural issues, such as the heavy reliance on oil exports, and promote economic diversification.” A development economist Jonathan Thomas, also stated, “The impact of inflation on the Sallah celebration is a clear example of how economic instability can affect the welfare of citizens. “The significant decrease in purchasing power has made it challenging for Nigerians to afford necessities, dampening the spirit of the celebration.” Thomas described the high insecurity which has displaced many farmers from the farm belts in the country is a significant structural issue that needs to be addressed. “Nigeria must fight insecurity to a standstill to help farmers return to their farms that way, food inflation can be tackled while the government should also diversify its economy to reduce its vulnerability to external shocks and promote sustainable economic growth. “The government must prioritise economic reforms and diversification including tackling insecurity to ensure a more prosperous and stable future for Nigerians,” he said. https://punchng.com/food-inflation-soars-by-61-in-one-year-nbs-report/ |
Politics › Re: Bandits Kill 10, Kidnap Many In Dudun Doki, Sokoto On Sallah Day by ogododo(op): 12:36pm On Jun 16, 2024 |
Nlfpmod, dem no dey do Eidr for dem camp. |