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Economy

UK inflation slows to 10.7% in November

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UK inflation raises to 41-year peak

British inflation slowed in November from October’s 41-year peak, data showed Wednesday, but remains elevated as a cost-of-living crisis sparks strikes across the economy.

The Consumer Prices Index eased to 10.7 percent last month, the Office for National Statistics (ONS) said in a statement.

That compared with 11.1 percent in October, which was the highest level since 1981. Market expectations had been for a November reading of 10.9 percent.

The modest slowdown followed falls in the price of motor fuel, but inflation remains high owing to soaring domestic energy and food bills.

The data was published on the eve of an interest rate decision from the Bank of England, which is widely expected to deliver the ninth hike in a row as policymakers try to tackle rampant prices.

It also comes as strikes spread across the economy, with workers protesting over salaries that have failed to keep pace with runaway inflation.

“Although still at historically high levels, annual inflation eased slightly in November,” noted ONS chief economist Grant Fitzner.

“Prices are still rising, but by less than this time last year, with the most notable example of this being motor fuels.”

Finance minister Jeremy Hunt blames Russian President Vladimir Putin’s war in Ukraine for fuelling sky-high energy prices, as well as the reopening from Covid restrictions.

“The aftershocks of Covid-19 and Putin’s weaponisation of gas mean high inflation is plaguing economies across Europe, and I know families and businesses are struggling here in the UK,” Hunt said.

“Getting inflation down so people’s wages go further is my top priority.”

“I know it is tough for many right now, but it is vital that we take the tough decisions needed to tackle inflation — the number one enemy that makes everyone poorer.”

Economists meanwhile expect the BoE will lift its key lending rate from 3.0 percent to 3.5 percent on Thursday, further squeezing consumers with rising loan costs.

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Economy

Bago inaugurates empowerment programme for 716 youths in Niger

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Bago

Gov. Umaru Bago of Niger State has inaugurated an empowerment programme for 716 youths sponsored by a state lawmaker, Alhaji Sani Umar (APC-Kontagora 1), in Kontagora Local Government Area of the state.

While inaugurating the programme that involved disbursement of funds on Sunday in Kontagora, he said it would enable youths to acquire skills for self-reliance.

Bago, represented by his deputy, Mr Yakubu Garba, commended the lawmaker for the empowerment programme, which he described as people-centred.

He urged the beneficiaries to make good use of the support given to them, saying that the programme was designed to have a positive impact on their lives.

He said that the state government would continue to come up with policies th positive impact on the lives of the people, especially women and youths.

Bago said that youth empowerment was crucial to fighting unemployment, restiveness and hardship.

He commended the state legislators for their support and collaboration, attributing the government’s successes to their continued assistance and foresight.

The governor reiterated his resolve to foster cohesion between the executive and legislature, ensuring the delivery of democracy dividends to the electorate.

In his remarks, Alhaji Abdulmalik Sarkindaji, Speaker of the House of Assembly, commended the lawmaker for the initiative aimed at empowering the youths to become self-reliant.

He lauded the governor for not interfering with legislative engagements, and for promoting democratic principles in governance and the polity.

Earlier in his address, Umar, the sponsor of the programme, said the empowerment was aimed at reducing unemployment and restiveness among youths in his constituency.

He thanked the governor for his support and encouragement for the programme.

Also speaking, Alhaji Aminu Bobi, Chairman of the All Progressives Congress (APC) in Niger, thanked the governor for his support and administrative prowess, which he said had brought significant changes to the state.

One of the beneficiaries, Aisha Mohammed, thanked the lawmaker for the gesture and promised to make judicious use of the funds to better her life.

The News Agency of Nigeria (NAN) reports that the event was attended by top government officials, traditional rulers, and other stakeholders in the stat

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Economy

Benue at 49: Governor Alia’s Vision for Economic Prosperity and Infrastructure Growth

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Benue at 49: Governor Alia's Vision for Economic Prosperity and Infrastructure Growth

As Benue State celebrates its 49th anniversary, Governor Hyacinth Alia has emphasized his commitment to driving the state to unprecedented levels of economic prosperity and infrastructural development.

In a statement signed by his Chief Press Secretary, Mr. Tersoo Kula, and made available to newsmen on Monday in Makurdi, Alia outlined the significant reforms his administration has set in motion since he assumed office.

“Less than two years into our administration, we have achieved remarkable breakthroughs, unprecedented in the history of the state,” said Alia.

The governor highlighted key achievements, including the rollout of programs aimed at boosting agricultural productivity and agribusiness to ensure food security and improve livelihoods. “We have rehabilitated roads, opened new ones, constructed and fixed public facilities to make Benue more accessible, enhancing economic growth,” he stated.

Alia also underscored the administration’s focus on healthcare, pledging to advance healthcare facilities to ensure quality and accessible services for all citizens. “Our resolve is to take the state where every citizen experiences prosperity, security, and opportunity,” he added.

The governor stressed that achieving these goals requires the collective efforts of all Benue citizens. “This target cannot be achieved alone. It calls for the collaborative determination of all stakeholders, community leaders, traditional rulers, business owners, and our energetic youth. Together, the administration can build a future that mirrors our joint desires,” Alia urged.

As the state marks its 49th anniversary, the governor called on the people to remain steadfast in their commitment to promoting Benue’s growth. “I extend a hand of fellowship to all stakeholders to join hands with us in this noble endeavour,” he concluded.

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Economy

NCS Records Historic ₦6.1 Trillion Revenue in 2024

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NCS

The Nigeria Customs Service (NCS) has achieved a historic milestone, collecting a record ₦6.1 trillion in revenue in 2024, surpassing its ₦5.1 trillion target by ₦1.03 trillion. This represents a 20.2% increase above the target and an impressive 90.4% rise from the ₦3.2 trillion collected in 2023.

Speaking at a press briefing in Abuja on January 14, 2025, the Comptroller-General of Customs, Bashir Adewale Adeniyi, attributed the remarkable performance to strategic reforms, enhanced operational efficiency, and strong alignment with government policy objectives. “This growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times,” he noted.

The record-breaking revenue is segmented into ₦3.66 trillion for the Federation Account, ₦816.9 billion for Non-Federation Account Levies, and ₦1.63 trillion in Value Added Tax (VAT) on imports.

Adeniyi highlighted the Service’s effort to balance revenue collection with trade facilitation, granting concessions worth ₦1.68 trillion to stimulate industrial growth while tightening controls to prevent abuses.

The Service also achieved remarkable progress in trade facilitation, recording a 179.3% increase in total trade value to ₦196.94 trillion in 2024, compared to ₦70.5 trillion in 2023. This growth was driven by a surge in the export trade, which saw a 219.5% increase in value to ₦136.65 trillion.

Significant advancements were made in customs operations, including the introduction of the Advanced Ruling System and the Authorized Economic Operator (AEO) programme. The latter has reduced cargo clearance times to an average of 43 hours for AEO-certified companies. Additionally, the indigenously developed digital clearance platform, “B’Odogwu,” generated ₦31 billion in revenue during its pilot phase.

In 2024, the NCS received international acclaim, advancing 33 places in the Presidential Enabling Business Environment Council (PEBEC) rankings and being recognised among the top five agencies for trade facilitation. Strategic partnerships, such as with the Healthcare Federation of Nigeria, have streamlined the clearance of medical supplies, aligning with the federal government’s health accessibility goals.

The Service’s trade facilitation efforts under the African Continental Free Trade Agreement (AfCFTA) have also bolstered the participation of Nigerian exporters in global markets, with notable representation at the Biashara Afrika forum in Kigali.

Adeniyi attributed these achievements to the support of President Bola Ahmed Tinubu’s administration and the dedication of NCS officers. He reaffirmed the Service’s commitment to leveraging technology, fostering stakeholder collaboration, and enhancing operational efficiency to sustain growth.

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