Nigeria's inflation rises to 34.8% due to high December demand – Newstrends
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Nigeria’s inflation rises to 34.8% due to high December demand

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Nigeria’s inflation rises to 34.8% due to high December demand

 

Nigeria’s inflation rate rose to 34.8 per cent in December from 34.6 per cent in November, the fourth consecutive increase.

According to the latest report by the National Bureau of Statistics (NBS), the increase was due to December festive period’s rise in demand for goods and services.

The details are contained in the NBS Consumer Price Index report for December 2024 obtained by newstrends on Wednesday.

The NBS said, “In December 2024, the headline inflation rate was 34.80% relative to the November 2024 headline inflation rate of 34.60%.

“Looking at the movement, the December 2024 headline inflation rate showed a marginal increase of 0.20% compared to the November 2024 Headline inflation rate.

“This was due to December festive period increases in demand for goods and services.

“On a year-on-year basis, the headline inflation rate was 5.87% higher than the rate recorded in December 2023 (28.92%).

“This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e. December 2023).

“On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44%, which was 0.20% lower than the rate recorded in November 2024 (2.64%).

“This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.”

Aviation

Four passengers, two crew members seriously injured in Lagos-US flight emergency landing

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Four passengers, two crew members seriously injured in Lagos-US flight emergency landing

 

Four passengers and two crew members of a United Airlines flight were seriously injured when the flight made an emergency landing on Friday at the Murtala Muhammed International Airport (MMIA), Lagos.

They were part of the 38 persons comprising 31 passengers and seven crew members injured in the Washington-bound flight.

The Boeing 787-800 was said to have returned to the Lagos airport over three hours after departure due to a technical hitch midair.

The Federal Airports Authority of Nigeria (FAAN) confirmed the incident in a statement, adding that the UA613 flight had on board 245 passengers, eight attendants and three pilots.

The Boeing 787-800 flight was en route to Washington Dulles International Airport (IAD), in the United States, from Lagos.

The statement signed by FAAN Director of Public Affairs and Consumer Protection, Obiageli Orah, said all passengers and crew disembarked safely.

Orah, however, said four passengers and two crew members sustained serious injuries while 27 passengers and five crew members had minor injuries.

“The United Airlines Boeing 787-800 departed Murtala Muhammed International Airport (MMIA), Ikeja, at 23.59pm on Thursday, but made air return and landed safely at 3.22am on Friday,” Orah said.
“On board were 245 adults and 11 crew members.
“The team of Aerodrome Rescue and Fire Fighting Services, Aviation Medical and Aviation Security were already at the gate when the aeroplane parked for deboarding at D31 without incident, and the door was opened at 3.37am.
“While all passengers and crew disembarked safely, four passengers and two crew members sustained serious injuries, and additional 27 passengers and five crew members had minor injuries.
“The rescue team responded swiftly and effectively, having been on alert and standby.
“Aviation medical ambulances transported the injured passengers, some to the MMA Clinic and others to the Headquarters Clinic.”
Orah also said passengers with minor injuries received first aid and were discharged, while those with serious injuries were stabilised and transferred to the Duchess Hospital in Ikeja.
The director also said some passengers were taken to a hotel for accommodation, adding that the aircraft did not sustain any major damage.

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Telecoms tariff will be reviewed periodically — Edun

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Nigeria’s Minister of Finance, Mr Wale Edun

Telecoms tariff will be reviewed periodically — Edun

Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, has said that the tariff in the telecommunications sector would be reviewed periodically.

Edun spoke to Arise TV, yesterday at the ongoing 2025 World Economic Forum, WEF, in Davos, Switzerland.
Recall that Nigerian Communications Commission, NCC, had on Monday, granted approval to telcos to implement a 50 percent tariff hike.

The move sparked several reactions, including the Nigeria Labour Congress, NLC, criticising the federal government for approving the increase.

NLC asked Nigerians to prepare for a possible nationwide boycott of telecommunication services while describing the decision as a “clear assault” on Nigerian workers’ welfare.

Meanwhile, the minister, said the tariff adjustment was essential for sustaining the sector amid rising operational costs and inflation.According to him, the periodical review will ensure the tariff remains balanced and fair for both consumers and operators.

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He also urged telecommunication companies to enhance service delivery in line with the price increase.
He said: “There has been inflation and rising costs and that has to be reflected for the telcos. There has been a high cost of living that has to be reflected.

“I think the 50 percent tariff adjustment is a starting point. It’s about compromise, timing, and sequencing these necessary changes.

“We want telcos operating efficiently, terminating calls seamlessly, and delivering high-quality services. At the same time, we want them to foster innovation, create jobs, and contribute to GDP.
“The 50 percent tariff is a situation that will be looked at on a forward-looking basis. As we go forward there will continue to be review, consultations and discussions in this area.”

He reaffirmed the government’s commitment to fostering a thriving telecommunications sector that supports innovation, economic growth, and job creation.

According to him, the goal of the government is to improve the economy and attract investments across sectors.

 

Telecoms tariff will be reviewed periodically — Edun

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Railway

Opeifa’s appointment better deal for Nigerian railway, says TCAN

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Opeifa’s appointment better deal for Nigerian railway, says TCAN

The appointment of Dr Kayode Opeifa as the managing director of the Nigerian Railway Corporation by President Bola Ahmed Tinubu is a positive development for nation’s railway sector.

Transportation Correspondent Association of Nigeria (TCAN) gave this position in a statement hailing the appointment.

Describing the appointment as a square peg in a square hole, TCAN said it would mark the beginning of better deals not only for the nation’s oldest public corporation but for the burgeoning railway sector.
In the statement signed by the Chairman, Adeyinka Aderibigbe, and General Secretary Fidelis Ugbomeh, TCAN said Opeifa, a one-time Commissioner for Transportation in Lagos State, has all that it takes to sustain the good work of his predecessors in the corporation and continue to push the operation that would see all the nation’s state capitals connected by rail in line with the Renewed Hope Agenda of the Tinubu administration.
TCAN said Opeifa played a pivotal role in transforming Lagos transportation sector, leading to a phenomenal transformation.
“His forward thinking initiatives in public sector transportation were instrumental in the sustenance of the Lagos State’s dynamics of the city’s mobility and traffic management, setting a model for other sister-states,” the statement stated.
TCAN said Opeifa is well prepared for the task ahead as the helmsman of the railway corporation, not only because he was a one-time Commissioner for Transportation under Governor Babatunde Fashola, under whose administration the state’s Strategic Transport Master Plan (STMP) took off, but was also appointed the Vice Chairman of the Lagos Ports Access Road Decongestion, spearheading initiatives that restored discipline on Apapa Ports access roads.

He is credited to have put an end to the decades long gridlock that made the nation’s busiest seaport a nightmare.
After the completion of that assignment. Opeifa, TCAN recalled, was also appointed a member of the Board of the Nigerian Railway Corporation by the former President Muhammadu Buhari after the completion of his term as the Transportation Secretary at the Federal Capital Territory Authority (FCTA).
A former Chairman, Conference of Transportation Commissioners of Nigeria, Opeifa is a Fellow of the Chartered Institute of Transport Administration (CIoTA), with a doctoral degree in Logistics and Transport Planning from the Lagos State University in 2022.

TCAN said his rich profile would help to ensure the delivery of new railway lines in line with the visions of the Tinubu administration, as he works at retooling the sustenance of the Nigeria’s Railway master plan, which runs its full course this year.
TCAN urged the new managing director to continue to partner with all critical stakeholders in order to achieve the mandate of Mr President in repositioning of the Nigerian railway and ensuring that Nigerians get a better deal in public sector transportation where the railway plays a major role.

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