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Nigeria’s Inflation Rate Rises To 26.72% As Food Prices Soar

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Nigeria’s inflation rate rose to 26.72% in September 2023 amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May.

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This was according to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Monday.

 

The CPI, which measures the changes in the prices of goods and services, rose from 25.80% in August 2023 with an increase of 0.92% points.

 

“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate which was 25.80%,” the report partly read.

 

“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.

 

“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.”

 

Furthermore, the report said the 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 (23.34%).

 

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

 

On a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%). The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish,”the report added.

 

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Corruption: EFCC Boss Exposes Public Officers ” They Assume Office With Empty Account But Own Millions Of Dollars In 3 Years”

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The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, says Nigerian politicians steal public funds every minute.

 

He spoke in Abuja at the 80th birthday celebration of former Attorney-General, Kanu Agabi.

Olukoyede said the anti-graft agency receives over 20,000 corruption petitions every year, adding that most of the cases are shocking.

“I receive over 20,000 petitions in a year in respect to public corruption, all terrible. What is going on? Like every minute, public officers take money, and if you go through some of our case files you will weep.

“The way people take national resources and Nigerians are victims of these fraudulent activities. And we must come together for once in our lifetime and say no to the activities of some of our leaders,” Olukoyede said.

The EFCC boss said some public officers resume office with less than N100,000 in their account, but after three years, EFCC will trace millions of dollars to them.

He said some of them build hundreds of houses while still in office, noting that corruption is killing Nigeria.

Olukoyede said public officers must explain what they did in office, stressing that accountability and transparency must guide public service.

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Ogun: Fleeing Father Arrested For Killing Neighbour Who Hugged His Son

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The Ogun State Police Command says, it has arrested 43-year-old Edebiri Temitope, who allegedly beat his neighbour to death with a bamboo stick for hugging his son in Bluestone Treasure Estate, Mowe-Ofada area of Ogun State.

 

The deceased, 38 years old Micheal Oje, a Guidance and Counselling graduate of Benue State University, was accused of hugging and playing rough with the 3-year-old child .

According to Peter Adum, a younger cousin to the deceased, Micheal had just returned from work and the child who lived with them on the same street, ran towards him and hugged him.

He stated that Michael hugged the boy and threw him playfully in the air and caught him, before going into his room to sleep.

Adum said, “While he was sleeping, Adebiri, the father of the boy, came outside and knocked on his door. When Mike came out, the man accused him of playing roughly with his child. Mike explained that he had only hugged the boy and lifted him into the air.

“That was how the man then started slapping Mike. He picked up a bamboo stick from the ground and hit him about three times. Mike fell and died on the spot.”

The suspect was reported to have gone into hiding with his family.

However, the Police Public Relations Officer, DSP Oluseyi Babaseyi on Friday, said the suspect had been arrested and transferred to the State CID, Eleweran, Abeokuta, for further investigation.

“Edebiri Temitope, ‘M’, aged 43 years, who was earlier reported to be at large, has been arrested in connection with the death of Oje Michael Eje, ‘M’.

 

“The suspect has been transferred to the State CID, Eleweran, Abeokuta, for further investigation,” Babaseyi stated.

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Jimoh Ibrahim Defends Tinubu’s Absence At UNGA

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Jimoh Ibrahim, Nigeria’s permanent representative to the United Nations, has defended President Bola Tinubu’s absence at the 81st session of the United Nations General Assembly (UNGA).

 

Ibrahim spoke on a Television program, on Thursday, noting that Tinubu cannot attend the event just to deliver a 15-minute speech.

Mohammed Idris, minister of information and national orientation, had said Tinubu would not attend the 81st UNGA because he is currently on annual leave.

Idris said Tinubu had mandated Vice-President Kashim Shettima to lead Nigeria’s delegation to the high-level session in New York, United States.

The minister’s comment followed criticism from former Vice-President Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), who faulted the president’s absence at the gathering.

Atiku had questioned Tinubu’s decision to stay away from the general debate for the third consecutive year, saying the president’s “persistent avoidance” of the United States raises questions.

The former vice-president also questioned why Tinubu did not show up after Ibrahim reportedly said arrangements had been made for the president to sit close to US President Donald Trump at the general assembly.

Atiku further linked Tinubu’s absence to his past legal history in the US and asked: “Is Tinubu afraid that he could become Donald Trump’s next Nicolás Maduro?”

However, Ibrahim said Tinubu’s absence should not be taken as a big deal because many presidents of other countries did not attend the gathering in person.

“What do you think President Tinubu is coming to do?” he queried.

“The presidents are allowed in the UN under UNGA for 15 minutes. Is that the reason why he should board the flight and be here for 15 minutes?”

He said Shettima had, in Tinubu’s absence, attended high-level meetings and met with Nigerians in the diaspora, describing the engagement as ideal.

“This is the kind of engagement we want, not that the president will just be inside the plane and be coming to UNGA for a 15-minute speech. What is the meaning of that? We don’t want that,” Ibrahim said.

Ibrahim, who was appointed chairman of the budget and administration committee for UNGA’s Fifth Committee in June, said 60 percent of those on the speaking list at the gathering were foreign affairs ministers and vice-presidents.

“As permanent representative of Nigeria to the United Nations, if I’m to do a memo to the president at the last minute of boarding the plane to go to UNGA, do you think I will recommend the president to be on his way when 60 percent of the speaking list of 193 countries are ministers and vice-presidents representing their countries?” he queried.

“There are exigencies. If the speaking list is 90 presidents, maybe of course, the president can come. I don’t think the president should come and be where his equivalent is a minister of foreign affairs of another country.”

The envoy also said the country occupied a prominent position at UNGA, arguing that Tinubu’s physical presence was not necessary.

“I promise that Nigeria will be on the front-row seat at UNGA. Are we not on the front-row seat? Nigeria is sitting at number eight seat in the UN under UNGA and America is at number 26th seat at the back of Nigeria’s seat,” he said.

“And you know, Donald Trump didn’t go to sit on his own seat. He came in to give a lecture at the UNGA and went back from there.
“Are you saying that Nigeria is making the impact it is supposed to make globally? Must we have President Tinubu here before we can make the impact?”

Speaking on what the composition of the speaking list implied, Ibrahim said reforms were being planned to increase the impact of the organisation on member-states.

“That is the reform we are taking on effective from October 1st. When I chair the budget and administrative committee, 90 percent of UN resources is spent at the headquarters, while 10 percent goes to member-states,” he said.

“So legitimacy is reduced because member-states are not seeing impacts of the United Nations. We are going to reverse that.”

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