Hotel Owners Forum Abuja (HOFA) has blamed the high lodging charges in hotels in the Federal Capital Territory (FCT) on the recent hike in electricity tariff. The President of HOFA, Mrs Funmi Kazeem, told the News Agency of Nigeria (NAN) in Abuja that the recent electricity tariff hike...
inflation
Canteen and restaurant owners have decried the rising cost of beans as they seek Federal Government’s intervention over the staple food. The food vendors said this in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos. NAN reports that in recent times the price...
The Abuja Chamber of Commerce and Industry (ACCI), has expressed deep concern over the persistent rise in commodity prices. The ACCI President, Emeka Obegolu, in a statement, said the daily price increments were adversely affecting small-scale business owners and escalating poverty levels. “The surge in prices of essential...
The National Bureau of Statistics (NBS) has said Nigeria’s headline inflation rate increased to 33.95 per cent in May 2024. The NBS said this in its Consumer Price Index (CPI) and Inflation Report for May, which was released on Saturday in Abuja According to the report, the figure...
The new Senegalese government has unveiled measures to reduce the price of rice, oil, bread, and other basic items to address cost-of-living concerns amid high unemployment and inflation. The country’s budget Minister Cheikh Diba confirmed the development. Recall that President Bassirou Diomaye Faye, who won the March election, vowed...
The National Bureau of Statistics (NBS), says prices of rice, garri, tomato, beans, yam and other food items increased in April 2024. The NBS said this in its Selected Food Prices Watch report for April 2024 released in Abuja on Friday. The report said that the average price...
The National Bureau of Statistics (NBS) says Nigeria’s headline inflationgf rate increased to 33.20 per cent in March 2024. The NBS said this in its Consumer Price Index (CPI) and Inflation Report for March, which was released in Abuja on Monday. According to the report, the figure is...
The International Monetary Fund (IMF) says inflation is easing faster than expected but has not been fully defeated. Managing Director of IMF, Kristalina Georgieva,was quoted in a statement by the Fund on Thursday to have said this at the China Development Forum (CDF) 2024, in Beijing. The event...
Chief Whip of the Senate, Sen. Ali Ndume, has urged the Federal Government to reconsider its position on hike in electricity tariff, saying Nigerians are yet to recover from the removal of fuel subsidy. Ndume, who gave the advice in a statement in Abuja on Saturday, described the...
The Central Bank of Nigeria (CBN) on Tuesday announced further tightening of the monetary policy by raising the Monetary Policy Rate (MPR) by 200 basis points, to 24.75 per cent from 22.75 per. CBN Governor, Yemi Cardoso, made this known while presenting the communique from the 294th...
An Oil and Gas expert, Mr Emmanuel Iheanacho, has said the improvement observed in the value of the naira, would not bring about an automatic reduction of petroleum pump price. Iheanacho, Chairman, Integrated Oil and Gas Ltd, said in an interview with the News Agency of Nigeria (NAN)...
By ARMSTRONG ALLAHMAGANI, Bauchi – Bauchi State Governor, Bala Mohammed, has said that his administration has procured 110,000 bags of grains as Ramadan palliatives for distribution to vulnerable groups across the state worth N2 billion. He disclosed this in his speech while flagging off the distribution of the...
By PATRICK ABANG, Càlabar – A Financial expert, James Etudor, says the use of bitcoin as a hedge unlike traditional currencies has a capped supply making resistance to inflationary pressure. Mr. Etudor, who is the Manager of Ipaybtc, stated this in an exclusive interview with NATIONAL ACCORD in...
The price of cassava flakes, popularly known as ‘garri’, and rice have recorded more than 50 per cent increase in Enugu metropolis. The NAN Correspondent who conducted a market survey on Sunday in Enugu, observed that prices of foodstuffs such as garri and rice have increased by 50...
Ukrainian Government has donated 25,000 tonnes of wheat as emergency food assistance to 1.3 million vulnerable, crisis-affected people in northeast Nigeria amidst rising inflation and food price spikes in the country. This is contained in a statement issued by Atinuke Akande-Alegbe, Senior Communications and Public Diplomacy Officer, British High...
By JOY ADARA, Abuja – The Tinubu Media Support Group (TMSG), has described former vice president Atiku Abubakar’s recommendation of measures introduced by Argentina’s President, Javier Milei, for Nigeria as unrealistic. Abubakar had in a statement on Sunday, said that Nigeria should take a lesson from how the president...
The Central Bank of Nigeria (CBN) has said the on-going reforms will check rising inflationary trend and address distortions in the foreign exchange market The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from the apex bank’s Monetary Policy Committee (MPC) meeting....
The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised the Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent. Governor of the CBN Yemi Cardoso announced this after the first MPC meeting for the year in Abuja on Tuesday. “All...
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso says the Naira is grossly undervalued. Cardoso said this on Tuesday in Abuja, while presenting a communiqué from the 293rd meeting of the apex bank’s Monetary Policy Committee (MPC). He said that the foreign...
The National Bureau of Statistics (NBS) says prices of beef, rice, beans, onion, tomato, and other food items increased in January 2024. It said this in its Selected Food Prices Watch report for January 2024 released in Abuja on Tuesday. The report said that the average price of...