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Nigeria’s inflation rate hits 27.33% in October– NBS
Nigeria’s inflation rate hits 27.33% in October– NBS
The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 27.33 per cent in October 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October, which was released in Abuja on Wednesday.
According to the report, the figure, which is 0.61 per cent points higher compared to 26.72 per cent recorded in September 2023.
It said on a year-on-year basis, the headline inflation rate in October was 6.24 per cent higher than the rate recorded in October 2022 at 21.09 per cent.
The report said the increase in the headline index for October 2023 on a year-on-year basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages at 14.16 per cent and housing, water, electricity, gas, and other fuel at 4.57 per cent.
Others were clothing and footwear at 2.09 per cent; transport at 1.78 per cent; furnishings, household equipment and maintenance at 1.37 per cent, education at 1.08 per cent, and health at 0.82 per cent.
It added, “Miscellaneous goods and services at 0.45 per cent; restaurant and hotels at 0.33 per cent; alcoholic beverage, tobacco and kola at 0.30 per cent; recreation and culture at 0.19 per cent, and communication at 0.19 per cent.”
In addition, the report said, on a month-on-month basis, the headline inflation rate in October 2023 was 1.73 per cent, which was 0.37 per cent lower than the rate recorded in September 2023 at 2.10 per cent.
This means that in October 2023, the rate of increase in the average price level is less than the rate of increase in the average price level in September 2023.
It said the percentage change in the average CPI for the 12 months ending October 2023 over the average of the CPI for the previous corresponding 12-month period was 23.44 per cent.
“This indicates a 5.57 per cent increase compared to 17.86 per cent recorded in October 2022.”
The report said the food inflation rate in October increased to 31.52 per cent on a year-on-year basis, which was 7.80 per cent higher compared to the rate recorded in October 2022 at 23.72 per cent.
It added, “The rise in food inflation on a year-on-year basis is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs.”
Nigeria’s inflation rate hits 27.33% in October– NBS
The Nigerian Air Force (NAF), says a comprehensive investigation is in progress to ascertain the veracity of reports of loss of civilian lives in the course of recent airstrikes in Zamfara.
The Director, Public Relations and Information of NAF, AVM Olusola Akinboyewa, made this known in a statement on Monday in Abuja.
Akinboyewa said that the NAF dealt a decisive blow to bandits terrorising villages in the area in recent airstrikes at Tungar Kara in Zurmi Local Government Area of the state.
“The operation successfully eliminated several bandits and led to the recovery of some kidnap victims, the NAF viewed with grave concern reports of the loss of civilian lives in the course of the operation.
“As a responsible and professional custodian of airpower for the security of the nation, the NAF believes in the absolute value of the life of every Nigerian.
“Accordingly, a comprehensive investigation is in progress, to ascertain the veracity of the reports, the outcome of which will be duly communicated to inform and re-assure the public.
“Please rest assured that, while our mission in the North West remains to combat banditry and restore peace, the safety and well-being of all Nigerians are of utmost importance.
“We will therefore work closely with all relevant authorities to unravel the facts and take appropriate steps, as part of our unwavering commitment to prevent, minimise and mitigate any harm to civilians and civilian infrastructure in the course of our operations,” he said.
The Federal Government has approved four airlines as official air carriers to transport intending pilgrims for the 2025 hajj pilgrimage in the Kingdom of Saudi Arabia.
The Executive Chairman, National Hajj Commission of Nigeria (NAHCON), Prof. Abdullahi Usman, made this known in a statement by the commission’s Assistant Director, Information and Publication, Mrs Fatima Usara, on Sunday in Abuja.
Usman explained that the four airlines were selected out of the 11 companies that submitted applications to transport Nigerian pilgrims to Saudi Arabia for Muslims pilgrimage.
According to Usman, the four approved airlines are Air Peace Ltd., Fly-Nas, a Saudi Arabia designated airline, Max Air, and UMZA Aviation Services Ltd.
The NAHCON boss stated that the airlines were screened and shortlisted by a team of 32 members that were inaugurated by the NAHCON on Nov. 26, 2024.
He said that the composition of the Aviation Screening Committee included representatives from State Pilgrims’ Welfare Boards, three members from Nigerian Civil Aviation Authority (NCAA) and one member each from the Federal Airports Authority of Nigeria (FAAN).
He also said that some members of the committee were drawn from the Nigerian Airspace Management Agency (NAMA), Nigerian Meteorological Agency (NIMET), and Nigerian Safety Investigation Bureau (NSIB).
Similarly, Prof. Usman said that one member each was drawn from Nigerian Customs’ Service (NCS) and Independent Corrupt Practices Commission (ICPC).
Others, he listed, were NAHCON Board members representing each geo-political zone of the country, NAHCON Heads of Aviation, Procurement, Legal, Internal Audit, and Special Duties as well as Board Member representing the Aviation industry.
The NAHCON boss also disclosed that three excess cargo carriers were selected for the hajj operations.
He named them to include; Aglow Aviation Support Services Ltd, Cargozeal Technology Ltd and Qualla Investment Ltd.,
The Chairman, who congratulated the successful companies, urged them to fulfil their responsibilities as promised during the screening.
Meanwhile, Prof. Usman signed the 2025 Hajj Memorandum of Understanding (MoU) with the Saudi Ministry of Hajj and Umrah on behalf of the Nigerian Government.
Kingdom of Saudi Arabia was represented by the Deputy Minister of Hajj and Umrah, Dr Abdulfatah Masahat, at the signing ceremony.
The event was held in Jeddah, Saudi Arabia to formalise this year’s Hajj engagements.
Some health stakeholders have said that Nigeria’s Primary Healthcare Centres (PHCs), which serve as the backbone of the country’s healthcare system, are in dire need of revitalisation.
The stakeholder said this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja, (more…)
NAF investigates reports of vigilante losses in Zamfara airstrikes–official
FG approves 4 airlines for 2025 hajj operation – NAHCON Chair
Nigeria’s primary healthcare centres in need of urgent revitalisation – Stakeholders
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