₦airaland Forum

Nigeria's inflation rate rose for the second straight month in October, advancing to 33.88% in annual terms from 32.70% in September mainly due to higher food prices, official data showed on Friday.

Inflation quickened sharply in the second half of last year after President Bola Tinubu devalued the country's naira currency and cut subsidies to try to lift economic growth and shore up public finances.

It started to ease in July this year as the impact of the naira devaluation began to fade, but a series of petrol price increases and severe flooding that has wiped out crops again spurred price pressures, exacerbating the worst cost-of-living crisis in decades in Africa's most populous nation.

A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77% the previous month, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.

Torrential rain and floods in 29 of Nigeria's 36 states this year have destroyed more than 1.5 million hectares of cropland, making millions go hungry and causing mass displacement.

The central bank has hiked interest rates five times this year to try to get inflation under control. It is due to announce its final rate decision of the year on Nov. 26.

helinues:
Toh

helinues:
Toh

Glimpsetv:
A large crowd of Lagosians was filmed in a long queue struggling to collect a loaf of bread. To maintain order, several military personnel were on the ground to control the crowd. This has triggered a lot of reactions online.

Watch the video, share your thoughts in the comments.


https://www.youtube.com/watch?v=zYltMapDyIo?si=0-hO0Vt5C9uBxVd1

Arobaga:
I even want it to get to 99%

So that Peter Obi will be taught a bitter lesson

jameshankss:
Anambra State Governor, Professor Chukwuma Soludo, has said he is sure the candidate of Labour Party (LP), Mr Peter Obi, would lose the 2023 presidential election. Soludo said he would not submit to the bullying of Obi’s supporters, who recently descended on him for addressing issues in the state.

The governor made the comments in a lengthy write-up personally authored, with the title, “History Beckons, and I Will Not Be Silent (Part 1).”

Soludo said Obi was inadvertently making the pathway to victory much easier for the presidential candidate of All Progressives Congress (APC), Bola Tinubu, and at the same time, toying with the destiny of millions of Ndigbo.

But the chief spokesperson for the Labour Party Presidential Campaign, Yunusa Tanko, accused Soludo of being sponsored by some unknown persons to weaken the base of the party in the South-east.

The former CBN governor had been under intense attack for close to a week for dismissing Obi’s investment in the state as amounting to nothing, during a television interview.

Soludo said in the write-up, “My attention has been drawn to some of the tirades on social media following my frank response during an interview on Channels TV regarding the ‘investments’ Mr. Peter Obi claimed to have made with Anambra State revenues.

“Sadly, several of the comments left the issue of the interview to probe or suggest motives, inferred from my response on ‘investment’ that I am opposed to Peter Obi’s ambition and, therefore, committed a ‘crime’ for which the punishment is internecine abuse and harassment, even to my family.

“Everyone knows that I don’t follow the winds or one to succumb to bullies, or shy away from a good fight especially, when weighty matters of principles and future of the people are involved.”

Soludo said he had urged Obi to return to his former party, the All Progressives Grand Alliance (APGA), to actualise his presidential bid. He added that he had always told the LP candidate to his face that he was not capable of winning the 2023 presidential election, especially, under LP, which had neither a councillor nor a local government chairman.

Soludo said Obi was not just his friend, but also his brother, but despite that, they have their political differences.

He stated, “For full disclosure, let me state that Peter Obi and I are not just friends, we call ourselves ‘brothers’. But we have political differences: he left APGA for PDP after his tenure as governor, while I have remained in APGA since 2013.

“During the last two governorship elections in Anambra in 2017 and 2021, he led the PDP campaigns but APGA won landslide in both elections. By the way, in 2016, he visited and proposed that I defect to PDP and contest the 2017 election against the incumbent Willie Obiano, but I declined.

“After my victory in November 2021, he called to congratulate me, as I did to him in 2010. That is the Anambra way: we fight fiercely during campaigns but share drinks at the next social events. After all, it was the Great Zik of Africa, who taught us that in politics, there are no permanent friends or permanent enemies but only permanent interests.”

Arguing that Obi’s presidential bid would only work in favour of Tinubu, Soludo said, “Indeed, if I were Asiwaju Tinubu, I would even give Peter Obi money as someone heading one of the departments of his campaign, because Obi is making Tinubu’s pathway to victory much easier by indirectly pulling down PDP.”

Obi, according to Soludo, would only deplete the votes of the Peoples Democratic Party (PDP) and pave the path for an APC victory.

He stated, “The current fleeting frenzy, if not checked, will cost Ndigbo dearly for years. The South-east has the lowest number of votes of any region, but it is also the only region where the presidential race might be a four-way race (it is a two-way race in the other five regions) thereby, ensuring that our votes won’t count in the making of the next president of Nigeria.

https://www.thisdaylive.com/index.php/2022/11/15/soludo-i-wont-succumb-to-bullies-obi-knows-he-cant-win/

malali:
https://money.usnews.com/investing/news/articles/2024-11-15/nigeria-inflation-rises-for-second-month-in-october

malali:
https://money.usnews.com/investing/news/articles/2024-11-15/nigeria-inflation-rises-for-second-month-in-october

Arobaga:
Agbado muncher




Dumbfounded?




When is he replicating the good works he did in Lagos to Nigeria abi him brain don freeze




I like as e dey touch south west pass any other region




Una go cry blood

free2ryhme:
It has never come down before. Always rising

LandMann:
Inflation is over 150% year on year yet this useless propaganda government keeps reporting false statistics to mislead the public

anonimi:
Are we supposed to forget that Pandora Bitter Obi facilitated this ebilokan shege