News
Breaking:Inflation in Nigeria Hits 20-Year High at 28.2% in November.
Nigeria’s headline inflation has risen to a 20-year high of 28.2 percent in November, the National Bureau of Statistics NBS, has disclosed.
The NBS in a report released on Friday said the headline inflation rate increased to 28.20 percent relative to October 2023 headline inflation rate which was 27.33 percent.
Reports indicate that the figure is the highest record from data obtained on the website of the Central Bank of Nigeria, CBN.
The bank’s data started from 2023.
The NBS said Food inflation rate also increased to 32.84 percent on a year-on-year basis, which was 8.72 percent points higher compared to the rate recorded in November 2022 (24.13 percent).
“The rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and coffee, tea and cocoa,” it said.
On a month-on-month basis, the food inflation rate in November 2023 was 2.42 percent, 0.51 percent higher compared to the rate recorded in October 2023 (1.91 percent).
said the rise was caused by the increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes, yam & other tubers.
Also, the “all items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produces and energy stood at 22.38 percent on a year-on year basis.
“This is up by 4.39 percent when compared to the 17.99 percent recorded in November 2022. The highest increases were recorded in prices of passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing, pharmaceutical products, accommodation service etc,” the report added.
Daily Trust
News
Stampede at Catholic Church in Maitama Claims Ten Lives During Food Distribution
Ten people have been confirmed dead in a stampede at the Holy Trinity Catholic Church, Maitama, on Saturday, 21st December 2024, during the distribution of food items to vulnerable and elderly individuals.
The unfortunate incident, which occurred around 6:30 am, resulted in the loss of ten lives, including four children, and left eight others injured with varying degrees of severity. Four of the injured have been treated and discharged, while the remaining victims are still receiving medical attention.
The FCT Police Command, in a statement issued by its spokesperson, SP Josephine Adeh, confirmed the tragedy, extended condolences to the families of the deceased, and wished the injured a swift recovery.
News
Port-Harcourt Refinery Fully Operational- Says NNPC
The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.
Preparation for the day’s loading operation is currently ongoing.
Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.
News
Port Harcourt Refinery Halts Production Less Than a Month After Resumption
Less than a month after the porthacourt appeared to have resumed production, the facility has stopped working.
It was gathered that the lifting of petrol actually stopped last Friday, December 13, as the 18-arm loading bay of the new Port Harcourt refinery was empty.
While about 18 trucks littered the stretch of the busy road leading to the refinery itself, nine trucks were spotted inside the parking yard, while the loading bay was empty.
Journalists who visited the refinery on Thursday, December 19, 2024, observed that the lifting of Premium Motor Spirit (petrol) had stopped completely.
The depot, which is usually a beehive of activities where tankers scramble for space at the parking yard, was a shadow of itself with literally no vehicular or human activity relating to operations.
This was after $1.5bn was approved in March 2021 and spent on the rehabilitation of the facility.
The inauguration of the 60,000 barrel per day production capacity plant by the Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday, November 26, 2024, was met with celebration and fanfare.
During the re-opening of the facility, there was lifting of petrol to the excitement of the cheering crowd.
However, less than 10 trucks of petrol were lifted that day as against widespread claims that about 200 trucks carried petrol out of the bay.
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