Economy

All is now set for President Muhammadu Buhari Thursday visit to Maiduguri. The News Agency of Nigeria (NAN) reports that the visit is the third working visit by the president to Maiduguri in one year after that of June 17 and December 23 in 2021. While in Maiduguri, Buhari is expected to unveiled humanitarian support to vulnerable persons, commissioned teachers quarter in Bukumkutu ward and 500 resettlement houses in Molai executed by the state government. He is also expected to pay homage on the Shehu of Borno. Members of the public on transit have been advised to move out as early as possible to avoid road blockade occasioned by such visits.

Published

3 years ago

August 18, 2022

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 19.64 per cent on a year-on-year basis in July.
Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS) said this in the Consumer Price Index (CPI) for July 2022 released by the bureau in Abuja on Monday.
Giving a breakdown of the report in a statement, Adeniran said that the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
According to him, it is a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy.
Adeniran said the report showed that in July 2022, on a year–on–year basis, the headline inflation rate was 19.64 per cent.
“This is 2.27 per cent points higher compared to the rate recorded in July 2021, which was 17.38 per cent.
“This shows that the headline inflation rate increased in July 2022 when compared to the same month in the previous year of July 2021.
“This means that in July 2022, the general price level was 2.26 per cent higher than in July 2021.’’
He said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
Adeniran said the increase in inflation was caused by an increase in food index attributed to the disruption in the supply of food products.
The statistician-general also said the increase in inflation was caused by an increase in the cost of transportation arising from the higher cost of energy.
According to him, the increase in the inflation rate was also due to an increase in import costs as a result of currency depreciation, as well as a general increase in the cost of production.
He said on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 per cent, which was higher than the rate recorded in June 2022 at 1.816 per cent.
“The percentage change in the average CPI for the twelve months ending July 2022 over the average of the CPI for the previous twelve months period was 16.75 per cent.
“This is showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.’’
Adeniran said the composite food index on a year-on-year basis was 22.02 per cent in July 2022, showing a rise compared to 21.03 per cent in July 2021.
He said the rise in the food index was caused by increases in prices of Bread and cereals, Food products, potatoes, yam, and other tubers, meat, fish, oil, and fat.
The statistician-general said on a month-on-month basis, the food sub-index in July 2022 was 2.04 per cent lower than the 2.05 per cent recorded in June 2022.
“The index for all items less farm produce (Core inflation), which excludes the prices of volatile agricultural produce stood at 16.26 per cent in July 2022 on a year-on-year basis.
“This was higher when compared to 13.72 per cent recorded in July 2021. On a month-on-month basis, the core sub-index was 1.75 per cent in July 2022 higher when compared to 1.56 per cent recorded in June 2022.
He said the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.
Adeniran said on a year-on-year basis, in July 2022, the urban inflation rate was 20.09 per cent, 2.08 per cent higher compared to 18.01 per cent recorded in July 2021.
He said on a month-on-month basis the urban inflation rate was 1.82 per cent in July 2022, showing a decline compared to June 2022 at 1.82 per cent.
Adeniran said the rural inflation rate in July 2022 was 19.22 per cent on a year-on-year basis, which were 2.47 per cent higher compared to the 16.75 per cent recorded in July 2021.
“On a month-on-month basis, the rural inflation rate in July 2022 was 1.811 per cent, which was higher compared to June 2022 at 1.809 per cent.’’
Adeniran said all Items Inflation for the states in July 2022 on a year-on-year basis was highest in Akwa Ibom with 22.88 per cent, followed by Ebonyi with 22.51 per cent, and Kogi with 22.08 per cent.
The statistician-general said the slowest rise was recorded in Jigawa with 16.62 per cent, followed by Kaduna State with 17.04 per cent and Borno with 18.04 per cent.
Adeniran said on a month-on-month basis, July 2022 recorded the highest increase in Adamawa with 2.87 per cent, followed by Abuja with 2.84 per cent, and Oyo State with 2.77 per cent.
“While Bauchi recorded the slowest rise on month-on-month inflation with 0.82 per cent, followed by Kano State with 0.83 per cent and Niger State with 1.03 per cent.’’
He said Food Sub-index Inflation for the states in July 2022 on a year-on-year basis was highest in Kwara with 29.28 per cent, followed by Akwa Ibom with 27.22 per cent, and Kogi with 26.08 per cent.
The statistician-general said Kaduna State recorded the slowest rise in food inflation year-on-year with 17.16 per cent, followed by Jigawa with 17.46 per cent and Anambra with 19.25 per cent.
Adeniran said on a month-on-month basis, the food inflation sub-index was highest in Kwara with 3.90 per cent, followed by Delta with 3.61 per cent, and Benue with 2.94 per cent.
While he said Taraba, Gombe, and Niger recorded the slowest rise on a month-on-month inflation with 0.14 per cent, 0.94 per cent, and 1.13 per cent respectively.

Economy

Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

Published

20 hours ago

October 7, 2025

Our Reporter

By: Fabian Apechihin

Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.

Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.

Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.

Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.

“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.

IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.

Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.

The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.

Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.

Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”

In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.

Economy

Tourism wearing a new face in Kwara: Commissioner

Published

1 week ago

September 28, 2025

Our Reporter

Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin

Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.

The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.

The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).

According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.

“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.

The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.

She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.

She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.

“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.

The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.

In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.

Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.

She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.

Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.

End

Economy

FAAN Rolls Out Cashless Payment System at Lagos, Abuja Airports

Published

2 weeks ago

September 26, 2025

Our Reporter

By: Fabian Apechihin

The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.

In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.

According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.

FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.

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