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

FGN Poised To Dismantle Kidnap Economy – General Laka

Published

2 weeks ago

July 30, 2025

Our Reporter

From Lateef Taiwo

The Coordinator, National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has reaffirmed the commitment of the Federal Government of Nigeria (FGN) to ending kidnap economy in the country.

General Laka stated this while briefing newsmen on the activities of the Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the United Kingdom – National Crime Agency on Tuesday in Abuja.

He said the centre had officially launched the State Expansion Programme of the Multi-Agency Anti-Kidnap Fusion Cell, bridging a critical gap between national security coordination and state-level tactical response.

The National Coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.

According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

The national coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

General Laka noted the cell had played key roles in supporting rescue operations, disrupting kidnapping networks, and improving interagency coordination.

According to him, experience has shown that while national coordination is crucial, state-level engagement is also indispensable.

“Too often, real-time intelligence, local knowledge, and operational readiness reside with field commands, while national coordination can only succeed when it is informed by ground realities.

“This is the primary purpose of this programme – to close the gap between national-level coordination and state-level response. Essentially, to build direct operational linkages between the Cell and state commands across the country,” Laka said.

Economy

Food Security: Sanwo-olu Commended Over Launch of ₦500bn ‘Produce for Lagos’

Published

2 weeks ago

July 26, 2025

Our Reporter

The Good Governance Campaign Forum (GGCF) has praised the Lagos State Government for launching the “Produce for Lagos” programme, describing this initiative and its ₦500 billion Offtake Guarantee Fund as a brilliant solution to the food insecurity challenges the nation faces.

The Forum issued this commendation in a statement signed by its Coordinator, Rahman Suleiman, on Wednesday, following the official unveiling ceremony of the program earlier in the week.

The program aims to transform Lagos’ food system and reduce the state’s dependency on external food sources, receiving positive recognition both within and outside the state for the Sanwo-Olu-led government’s efforts.

According to Suleiman, the initiative is timely and represents a pioneering collaboration between the Lagos State Government, the private sector, the Lagos Food Systems Infrastructure Company (LAFSINCO), Ekolog, and the Lagos Bulk Trading Company. He noted that this model is designed not only to enhance food production and logistics across the state but could also serve as a scalable framework for improving livelihoods and national resilience.

Suleiman shared insights from the Forum’s sampling of public opinion in Lagos and other states, indicating that people are pleased with the Lagos State Government’s strategic programs aimed at tackling hunger and starvation. He emphasized that a key component of the “Produce for Lagos” program is its data-driven approach, which will help address agricultural inefficiencies and strengthen value chains.

“Food security is a collective responsibility that we cannot afford to neglect as a nation,” Suleiman stated. “We are grateful to God for providing us with a leader like Sanwo-Olu, who is visionary, forward-thinking, and compassionate toward ordinary people.”

He commended Governor Sanwo-Olu for consistently setting benchmarks and leading by example in subnational governance. These achievements underscore the economic growth, infrastructural development, and urban planning efforts of the Lagos government.

“Governor Sanwo-Olu is a trailblazer; he has done exceptionally well, and we fully support his programs and policies. His work over the past six years speaks for itself,” he added.

Suleiman noted that this initiative, a partnership between the state government and the private sector, is expected to significantly boost agricultural production.

During the launch, Governor Sanwo-Olu also announced the deployment of a fleet of 150 cold and dry trucks—the largest of its kind—in partnership with the private sector.

Business mogul Tony Elumelu, who supported the project with ₦25 billion, stated that food security is crucial and expressed satisfaction with the collaboration between Lagos and other participating states.

Other prominent individuals at the event included Amir Kamel, Vice President of Afreximbank, and Michel Deleen, the Consul General of the Kingdom of the Netherlands, among other dignitaries.

Economy

Constitution Amendment: Group Urges NASS, FG To Prioritise Restructuring, Regionalism

Published

3 weeks ago

July 24, 2025

Our Reporter

… rejects the creation of new states

A prominent youth organization, the Youth Bureau, has urged the National Assembly to prioritize genuine restructuring of Nigeria, emphasizing regional autonomy and the establishment of State Police without further delay. This call comes as the legislature reviews the nation’s constitution.

The demand was articulated in the group’s Position Paper presented to the National Assembly Committee on Constitutional Amendment for the South-West Zone, which convened recently in Lagos.

In a statement signed by its Southern Coordinator, AbdulRahman AbdulRazaq, on Thursday in Lagos, the Youth Bureau also rejected calls for the creation of new states. The group warned that the Supreme Court’s judgment on local government contradicts their position, asserting that its implementation should be set aside. They believe only the State Government should have the authority to create local governments.

AbdulRazaq urged President Bola Ahmed Tinubu to prioritize comprehensive restructuring, as it is fundamental to effective governance and development. He encouraged the National Assembly Committee on Constitutional Amendment to make bold decisions that will have a positive impact on the populace.

He pointed out that the regional governments established in the late 1960s in Nigeria facilitated healthy governance and development, particularly under the Action Group government led by Chief Obafemi Awolowo in the Western Region. During that period, significant advancements were made in free education initiatives, healthcare infrastructure, industrialization, and overall infrastructure growth.

AbdulRazaq noted that the abolition of regional autonomy by the late General Aguyi Ironsi led to a unitary system of government, which resulted in excessive concentration of power in the central government, a lack of adherence to the rule of law, and restricted resource control and financial autonomy for the regions.

The Youth Bureau’s position paper includes the following demands and recommendations for the National Assembly Committee on Constitutional Amendment:

Our Demands

We urge the National Assembly Committee to consider the following:

Genuine restructuring of the country based on regional autonomy.
No need for the creation of additional states.
The formation of State Police without further delay.
Recognition that local government is a component of state government; the Supreme Court’s judgment on local government contradicts this principle, and its implementation should be set aside. Only the State Government should have the authority to create local governments.

Conclusion

We believe that a decentralized governance system founded on devolution and decentralization will ensure political and fiscal autonomy for its component units and promote equity among them. We urge President Bola Ahmed Tinubu to prioritize comprehensive restructuring and encourage the National Assembly Committee to make bold decisions that positively affect the citizenry.

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