Inflation rate hit 14.23%, highest in four years – NBS – Newstrends
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Inflation rate hit 14.23%, highest in four years – NBS

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By AbdulAzeez Dare

The National Bureau of Statistics (NBS) has released the consumer price index for October 2020 and it puts the inflation rate at 14.23 per cent.

The figure indicates that the inflation rate jumped by 0.52 percentage points, which is the highest since July 2016 when the inflation rate increased by 0.65 percentage points.

Inflation measures the rate at which the prices of goods and services increase over a period of time.

The October CPI/Inflation report released on Monday showed that food inflation hit 17.38 per cent in October 2020 compared to 16.66 per cent in September 2020.

On a month-on-month basis, the headline index increased by 1.54 per cent in October 2020, this is 0.06 per cent rate higher than the rate recorded in September 2020 (1.48 per cent).

The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 per cent, showing a 0.22 per cent point rise from 12.44 per cent recorded in September 2020.

The urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020, while the rural inflation rate increased by 13.68 per cent in October 2020 from 13.14 per cent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 per cent in October 2020, up by 0.04 from 1.56 per cent recorded in September 2020, while the rural index also rose by 1.48 per cent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 per cent).

The corresponding 12-month year-on-year average percentage change for the urban index is 13.29 per cent in October 2020. This is higher than 13.07 per cent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 per cent compared to 11.86 per cent recorded in September 2020.

This rise in the food index was said to be caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.

On a month-on-month basis, the food sub-index increased by 1.96 per cent in October 2020, up by 0.08 per cent points from 1.88 percent recorded in September 2020.

The average annual rate of change of the food sub-index for the 12-month period ending October 2020 over the previous 12-month average was 15.42 per cent, representing a 0.29 per cent points from the average annual rate of change recorded in September 2020 (15.13) per cent.

The “All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 per cent in October 2020, up by 0.56 per cent when compared with 10.58 per cent recorded in September 2020.

On a month-on-month basis, the core sub-index increased by 1.25 per cent in October 2020. This was up by 0.31 per cent when compared with 0.94 percent recorded in September 2020.

The highest increases were recorded in prices of passenger transport by air, hospital and medical services, passenger transport by road, pharmaceutical products, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, hairdressing salons and personal grooming establishments, miscellaneous services relating to the dwelling, paramedical services and shoes and other footwear.

The average 12-month annual rate of change of the index was 9.96 per cent for the twelve-month period ending October 2020 representing is 0.19 per cent points higher than 9.77 per cent recorded in September 2020.

In October 2020, all items inflation on year on year basis was highest in Zamfara (17.69 per cent), Sokoto (16.99 per cent) and Ebonyi (16.91 per cent), while Lagos (11.96 per cent), Abuja (11.84 per cent) and Cross River (10.50 per cent) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo (2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.

In October 2020, food inflation on a year on year basis was highest in Edo (21.65%), Zamfara (20.88%) and Kogi (20.58%), while Lagos (14.57%), Ogun (14.47%) and Ondo (14.23%) recorded the slowest rise.

On month on month basis however, October 2020 food inflation was highest in Kwara (3.88%), Edo (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the slowest rise on month on month inflation.

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Tinubu reappoints Marwa as NDLEA Chairman for another five years

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NDLEA boss, Buba Marwa

Tinubu Reappoints Marwa as NDLEA Chairman for Another Five Years

President Bola Ahmed Tinubu has renewed the tenure of Brigadier-General Mohammed Buba Marwa (rtd) as Chairman of the National Drug Law Enforcement Agency (NDLEA) for an additional five years.

The announcement was made on Friday in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

Marwa, first appointed in January 2021 by former President Muhammadu Buhari, will now continue to lead the nation’s anti-narcotics campaign until 2031. Before heading the NDLEA, he chaired the Presidential Advisory Committee for the Elimination of Drug Abuse between 2018 and 2020.

A retired military officer with an extensive record of public service, Marwa has previously served as military governor of Lagos and Borno States. He is a graduate of the Nigerian Military School and the Nigerian Defence Academy, where he also served as academic registrar.

Since his commissioning as a second lieutenant in 1973, Marwa has held several strategic postings, including Brigade Major of the 23 Armoured Brigade, Aide-de-Camp to then Chief of Army Staff, Lieutenant-General Theophilus Danjuma, Deputy Defence Adviser at the Nigerian Embassy in Washington, D.C., and Defence Adviser at the Permanent Mission to the United Nations.

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He holds advanced degrees in Public and International Affairs from the University of Pittsburgh and Public Administration from Harvard University.

Marwa’s leadership at the NDLEA has attracted widespread praise, with the agency recording major operational successes. These include the arrest of more than 73,000 drug offenders, including high-profile barons, the seizure of over 15 million kilogrammes of illicit drugs, and the expansion of nationwide drug abuse prevention campaigns.

President Tinubu said Marwa’s reappointment reflects the administration’s confidence in his commitment to tackling drug trafficking and abuse.

“Your reappointment is a vote of confidence in your onerous efforts to rid our country of the menace of drug trafficking and drug abuse. I urge you not to relent in tracking the merchants of hard drugs out to destroy our people, especially the young ones,” the President stated.

Tinubu reappoints Marwa as NDLEA Chairman for another five years

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Amaechi denies claims of Lobbying U.S. to influence 2015 elections

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Former Minister of Transportation and ex-Governor of Rivers State, Rotimi Amaechi

Amaechi denies claims of Lobbying U.S. to influence 2015 elections

Former Rivers State Governor, Rotimi Amaechi, has dismissed claims that opposition leaders met with American officials ahead of the 2015 general elections to lobby for international pressure against the Goodluck Jonathan administration.

Speaking at the National Conference of Editors in Abuja on Thursday, Amaechi—who was a prominent figure in the administration of former President Muhammadu Buhari—insisted that the only meeting held with U.S. officials at the time focused strictly on ensuring a peaceful and credible election.

“There have been talks about some clandestine meetings in America. No, there was no meeting in America like that,” he said. “There was just one meeting, and we were invited. The Americans only asked that there should be no violence during the election.”

The former governor also took a swipe at the Nigerian media, accusing journalists of losing the courage they displayed during the military era.

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“I have friends who are editors. I asked them: are these not the same people that fought with us then? So what has changed?” he queried. “There was a difference between journalists under the military and journalists in a democracy.”

According to him, the perceived silence of journalists on governance issues stems from a “bigger pot” of benefits in the democratic system, compared to the military era when access to power was limited.

He further argued that ethnicity has deepened both politics and journalism, with many unwilling to criticise leaders from their own regions.

“Nigerians don’t hate bad government; they only hate bad government when the president is not from their area,” Amaechi said. “But if he is from their area, he becomes a wonderful man.”

Amaechi stressed the need for citizens to use the ballot to remove non-performing administrations, adding that Nigeria must evolve into a country where everyone can live and thrive anywhere, irrespective of origin.

On insecurity, he blamed rising poverty and lack of economic opportunities.

“If you deny people legitimate means of livelihood, they will create illegitimate means of livelihood,” he warned.

Amaechi denies claims of Lobbying U.S. to influence 2015 elections

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Toyota to wow customers with new innovations at Abuja motor fair

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Toyota to wow customers with new innovations at Abuja motor fair

Nigeria’s automotive powerhouse, Toyota (Nigeria) Limited, is set to make a grand appearance at the 25th Abuja International Motor Fair, promising a blend of innovation, excitement, and exclusive customer rewards.

The company will “storm” the fair, scheduled for November 18-21 at the Eagle Square, Abuja, with its latest vehicles, customer engagement activities, and offerings designed to deepen loyalty to the Toyota brand.

Visitors to the Toyota pavilion will enjoy exclusive discounts on purchases, after-sales services, spare parts, and accessories, while experiencing the Toyota “Kaizen” focus. The lineup includes the Urban Cruiser, Hilux, RAV4, Rush, Landcruiser, Prado, Hiace, and more, showcasing Toyota’s full range.

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Managing Director, Mr. Kunle Ade-Ojo, says the brand’s participation aligns with its Customer First philosophy, adding, “The fair offers a perfect platform for us to engage directly with customers, showcase our product range, and demonstrate our commitment to satisfaction throughout every facet of our customer touch point.”

Representatives of Toyota’s seven accredited dealers will attend to visitors’ needs, providing detailed information and guidance on every Toyota model.

The Abuja International Motor Fair marks a milestone, celebrating its silver jubilee under a fully covered exhibition pavilion, creating a world-class, climate-controlled environment.

The event will highlight the future of transportation, including electric mobility, logistics solutions, and vehicle financing, drawing decision-makers, top fleet managers, government agencies, and auto enthusiasts.

Entertainment, product presentations, and interactive sessions with finance and insurance firms will add to the experience. For Toyota Nigeria, the fair is an opportunity to reaffirm its leadership in Nigeria’s auto market while engaging customers in a dynamic, rewarding experience.

 

Toyota to wow customers with new innovations at Abuja motor fair

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