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Economy

Inflation softens but food index rises further

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The National Bureau of Statistics, NBS, said that headline inflation rate softened year-on-year (YoY) by 13 basis points to 21.34 percent in December from 21.47 percent in November 2022.

In its Consumer Price Index (CPI), report for December 2022 the NBS stated: “In December 2022, the headline inflation rate eased to 21.34 percent compared to November 2022 headline inflation rate which was 21.47 percent.

“On a month-on-month (MoM) basis, the percentage change in the All Items Index in December 2022 was 1.71 percent, which was 0.32 percent higher than the rate recorded in November 2022 (1.39 per cent). This means that in the month of December 2022, the general price level was 0.32 percent higher relative to November 2022”.

On food inflation, NBS said: “The food inflation rate in December 2022 was 23.75 percent on a YoY basis; which was 6.38 percent higher compared to the rate recorded in December 2021 (17.37 percent).

“The rise in the food inflation was caused by increases in prices of bread and cereals, oil and fat, Potatoes, yam and other tubers, fish, food products e.t.c.

“On a month-on-month basis, the food inflation rate in December was 1.89 percent, this was 0.49 percent higher compared to the rate recorded in November 2022 (1.4 percent ). This increase was attributed to increase in prices of some food items like Oil and fat, Fish, Potatoes & Tubers, Bread & Cereals, and Fruits etc.

However, analysts in the financial sector have projected that a moderate uptick in December inflation rate will skew the Central Bank of Nigeria’s Monetary Policy Committee’s voting pattern in its January meeting.

In their projections for this week, analysts at Cowry Asset Management Plc said: “Notwithstanding efforts by the monetary authority to fight spiralling inflation that has stayed unabated so far, at the next meeting next week, the apex bank is faced with the dilemma of tightening or holding rates to monitor inflationary movement as it decides on several economic indicators that will help spur growth and recovery.

“We believe that a moderate uptick in the headline numbers will skew the voting pattern of the committee members in favour of maintaining a tightening stance by between 50 basis points and 75 basis points”.

On his part, the President, Association of Capital Market Academics of Nigeria, ACMAN, Prof Uche Uwaleke said: “Although headline inflation came in lower in December compared to November on year-on-year basis, the usual demand pressure associated with the festive season was evident when viewed on month-on-month basis.

“It’s equally not surprising to note that core inflation increased in December 2022 relative to the previous month which may be due in part to the pass-through of higher exchange rates on imported items such as clothing, furniture, and other commodities usually in high demand during the Christmas period”.

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Aviation

NAF airstrikes destroy terrorist food depot, kill scores in Lake Chad

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This is contained in a statement by the Director, Public Relations and Information, Nigerian Air Force (NAF), Air Commodore Olusola Akinboyewa, on Monday in Abuja.

Akinboyewa said the NAF aircraft carried out the operations in Nov. 23 on the strategic location, identified through meticulous intelligence efforts.

He said the location served as a critical food storage site and a sanctuary for terrorist commanders and fighters.

He added that intelligence had previously linked terrorists in the location to recent attacks, including the assault on troops in Kareto on Nov. 16.

According to him, the NAF fighter jets, in response, launched a robust air interdiction mission, destroying identified structures used as storage facilities and neutralising terrorists on-site.

“Mop-up operations using cannons ensured the complete elimination of fleeing hostile elements.

“The operation’s success was made possible by extensive Intelligence, Surveillance, and Reconnaissance (ISR) missions conducted over several days, confirming the presence of active terrorist structures camouflaged under dense vegetation.

“The destruction of the terrorist enclave, including food storage facilities, severely disrupted their logistical operations, while the neutralisation of a significant number of fighters diminished their capacity to launch future attacks,” he said.

Akinboyewa said the mission had demonstrated the NAF’s unwavering commitment to defending our nation and people, acting singly and supporting surface forces in counterterrorism operations.

He reiterated the NAF’s commitment to sustain robust independent and joint operations until all enemies of Nigeria’s prosperity and wellbeing are brought to justice.

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Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

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Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

He said the illicit drugs were seized  in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

Ojo said the seizures had  disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

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Economy

Customs intercepts N30m worth of PMS in Operation Whirlwind

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The Nigerian Customs Service (NCS) on Friday said that it had intercepted 849 kegs of Premium Motor Spirit (PMS), worth over N30 million in retail price from Operation Whirlwind.

The Comptroller of Customs, Hussein Ejibunu, made this known during a news conference in Ikeja.

“Today, we have another seizure of 849 kegs of PMS containing 25 litres each. This translates to 30,225 litres with duty paid value at N30.225 million only at the NNPCL retail price.

“Today marks yet another success recorded by the operatives of Operation Whirlwind, Zone “A” Lagos/Ogun Axis.

“About five weeks ago, same PMS products were displayed before you here on the parade ground of the college where several seizures were made,” Ejibunu said.

“On this note, we wish to thank the National Security Adviser and the Comptroller-General of Customs for their unwavering support,” Ejibunu said.

The coordinator of the Operation Whirlwind said that two vehicles of means of conveyance were intercepted along with the seizures.

Ejibunu said that they evacuated 80 Jerry Cans each from a vehicle.

He assured the public that Operation Whirlwind remains steadfast in its efforts to clamp down on PMS smugglers, ensuring no room for their illegal activities nationwide.

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