The National Bureau of Statistics (NBS) has said Nigeria’s headline inflation rate increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for December, which was released in Abuja...
inflation
President Bola Tinubu recently declared that he should be included in the Guinness Book of Records for having the guts to remove fuel subsidy on his first day in office—something that no other Nigerian president has ever done. Yes, he does deserve a spot like that, but sadly,...
The Nigeria Labour Congress (NLC) has said that if the ongoing inflation continues unabated, organised labour might push for a new minimum wage of up to N1 Million for Nigerian workers. The NLC President, Mr. Joe Ajaero, who stated this in an interview with Arise TV, said the...
By CALLISTUS OFFOR, Abuja – Former presidential aide and social critic, Mr. Reno Omokri, has revealed how former President Muhammadu Buhari destroyed the country’s economy under his 8-years tenure. NATIONAL ACCORD recalled that between 2016 and 2022, the Buhari led government raised total revenues of N26.67tn and expended...
By CALLISTUS OFFOR, Abuja -. Against the backdrop of the rising naira to dollar exchange rate, Social Media influencer, Reno Omokri, has called on Nigerians to patronize made-in-Nigerian products as it is the only way the country can sustain its drive towards achieving industrialisation. Mr Omokri, who stated...
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024. Cardoso said this in Abuja on Tuesday when he addressed the House of Representatives. According to him, the projected decline...
The Registrar, Chattered Institute of Treasury Management (CITM), Mr Olumide Adedoyin, has urged the Federal Government to phase out higher denomination notes, such as the N1000 and N500 Naira notes, to strengthen the Naira. He said N1000 and N500 notes were more susceptible to counterfeiting, and illicit financial...
The Senate, through its committee on Banking, Insurance and other Financial Institutions has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before it on Tuesday. He is to explain the state of the economy and free flow of Naira at the forex market...
Beatrice Samuel just like most Nigerians laments every time she goes to the market because of the incessant increase in prices of food items. This is coupled with the fact that she still has other utility bills to pick such as water, electricity, cooking gas, and fuel, which...
A Lagos-based constitutional lawyer and public affairs analyst, Mr Jide Ologun, says President Bola Tinubu-led federal government’s utmost priority in 2024 should be that of reversing the inflationary trend. Ologun, a former Chairman, Nigerian Institute of Public Relations (NIPR), Ikeja Branch, made this remark in an interview on...
Nigeria’s headline inflation rate increased to 28.2 per cent in November showing a 0.87 per cent points increase over the 27.33 per cent recorded in October, the National Bureau of Statistics (NBS) says. It stated in its Consumer Price Index (CPI) and Inflation Report for November released in...
Central Bank of Nigeria (CBN) has said the rising inflation and exchange rates will decline in 2024. The News Agency of Nigeria (NAN) reports that the apex bank also projected less revenue from oil exports in the coming year. CBN Governor, Mr Olayemi Cardoso, stated these on Thursday...
The President of the ECOWAS Commission, Dr Omar Touray, on Thursday said debt, currency depreciation, inflation and other indices have slowed down the economies of countries in the sub region. This was contained in the 2023 Annual State of the Community Report he presented to the ECOWAS Parliament...
Nigerians have been told when the ailing naira may bounce back to reduce hyper inflation and pains on the citizenry. The indication was revealed at the 7th annual conference of the Guild of Corporate Online Publishers (GOCOP) by a professor of capital market, Uche Uwaleke. ...
The National Bureau of Statistics (NBS) says prices of food items such as beef, tomatoes, beans, and yams witnessed increases in July. It made the declaration in its Selected Food Prices Watch Report for July 2023 issued in Abuja on Friday. The report stated that the average price of...
The National Bureau of Statistics (NBS), says prices of food items such as tomatoes, beans and yams witnessed increases in April. It made the declaration in its Selected Food Prices Watch Report for April issued in Abuja on Saturday. The report also stated that the average price of 1kg...
The Nigeria Employers’ Consultative Association (NECA) has said that increase in pump price of fuel would further accelerate inflation, which would distort and destabilise economic activities. Its Director General, Mr Adewale-Smatt Oyerinde, made the assertion in a statement on Wednesday in Lagos. Oyerinde said also, that the increase would...
Some Economists have urged the Central Bank of Nigeria (CBN) to focus more on supply side or cost push factors and structural issues fueling inflation in the country. The experts told the News Agency of Nigeria (NAN) on Friday in Lagos that the repeated interest rate hikes had done...
Against projections by some experts, the Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) has increased the monetary policy rate by 100 basis points to 17.5 per cent. This is contained in a communiqué issued at the end of the first MPC meeting in 2023, in Abuja...
Many Nigerians did not pay much attention to the 2022 Global Report on Food Crises (GRFC 2022) released in May, which stated that Nigeria was one of 10 countries with the highest number of people in food crisis. The report, which covered 21 states and the Federal Capital Territory,...