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Inflation Increases By 15.70%, NBS Confirms …Merchandise Trade Deficit Rises 171% To N1.93trn

The National Bureau of Statistics (NBS)has said that the Consumer Price Index (CPI) increased by 15.70percentYear-on-Year in the month of February.
This is 1.63percent lower than 17.33percent recorded in the previous month.
The Statistician General of the Federation, Dr. Simon Harry, disclosed this, yesterday, during the monthly press briefing at the bureau’s headquarters, in Abujaon its ‘Consumer Price Index February 2022’ report.
On the month by month basis, the inflation he said also increased by 1.63percent, which is 0.16percent higher recorded in the month of January.
According to the NBS, the highest increases were recorded in prices of gas, liquid fuel, wine, tobacco, spirit, narcotics, solid fuels, among others.
It said, “In February, 2022, the CPI which measures inflation increased to 15.70per cent on year-on-year basis. This is 1.63per cent points lower compared to the rate recorded in February, 2021 (17.33)per cent. This means that the headline inflation rate slowed down in February when compared to the same month in the previous year.
“Increases were recorded in all classification of individual consumption by purpose divisions that yielded the headline index. On month-on-month basis, the headline index increased to 1.63per cent in February, 2022, this is 0.16per cent rate higher than the rate recorded in January, 2022 (1.47)per cent.”
According to the NBS report, the percentage change in the average composite CPI for the 12 months period ending February, 2022 over the average of the CPI for the previous 12 months period was 16.73per cent, showing 0.14per cent point from 16.87per cent recorded in January, 2022.
The urban inflation rate increased to 16.25per cent (year-on-year) in February, 2022 from 17.92per cent recorded in February, 2021, while the rural inflation rate increased to 15.18per cent in February, 2022 from 16.77per cent in February, 2021.
Similarly, the National Bureau of Statistics said the country’s merchandise trade deficit rose year-on-year (YoY) by 171per cent to N1.93trillion last year from N711.24billion in 2020.
NBS also said that total merchandise trade stood at N39.7trillion in 2021, rising YoY by 57.5per cent from N25.2trillion in 2020.
The bureau disclosed this in its Foreign Trade in Goods Statistics report for the fourth quarter of 2021 (Q4’21).
According to the report, the value of imports rose YoY by 64per cent to N20.84trillion in 2021 from N12.68trillion in 2020.
The value of exports in 2021 rose by 51per cent to N18.9trillion from N12.5trillion in 2020.
The report stated: “In Q4’21, Nigeria’s total merchandise trade stood at ¦ 11.7trillion, representing 11.79per cent over the level recorded in Q3’21 but was 74.71per cent higher when compared to the value recorded in Q4’20.
“Export trade in the quarter under review stood at ¦ 5.76trillion indicating an increase of 12.27per cent over the preceding quarter and the value in 2021 also grew by 80.5per cent over the corresponding period of the previous year.
“Furthermore, the share of exports in total trade stood at 49.26per cent in Q4’21.
“On the other hand, total imports stood at ¦ 5.94trillion in Q4’21 indicating an increase of 11.33per cent over the preceding quarter and 69.41per cent over the corresponding period of 2020.
“Imports value in the fourth quarter of 2021 accounted for 50.74per cent of total trade.
“The balance of trade in the period under review stood at (¦ 173.96billion), this shows a deficit trade with an improvement of 12.72per cent over the preceding quarter.
“In 2021, the value of total trade stood at ¦ 39.75trillion which is 57.6per cent higher than the value recorded in 2020.
“The value of total imports in 2021 stood at ¦ 20.84trillion which is 64.11per cent higher than the value recorded in 2020, while total export was valued at ¦ 18.9trillion showing an increase of 50.9per cent than the value recorded in 2020.
“Overall in 2021, merchandise trade recorded a deficit ¦ 1.93trillion.”
On trade by Custom Ports and Post, NBS said: “In Q4’21, the bulk of exports transactions were carried through Apapa Port with goods valued at ¦ 5.16trillion or 89.54per cent of total exports. This was followed by Port Harcourt which recorded ¦ 398.14billion or 4.6per cent of total export.
“In terms of imports, Apapa Port also recorded the highest transactions valued at ¦ 3.53trillion or 59.5per cent of total imports. This was followed by Tin Can Island which accounted for goods valued at ¦ 774.18billion or 13.03per cent while Port Harcourt (3) handled ¦ 457.07billion or 7.69per cent of total imports.”
Also, the Nigerian Mining Cadastre Office (NMCO) revenue generation increased to 86.7per cent to N4.3billion in December 31, 2021 from N2.303billion in the corresponding period of 2020.
A statement from the NMCO signed by the Director-General, Engr. Obadiah Nkom, yesterday, said that the figure was highest ever generated to the federation’s account by the agency over the years.
He stated: “From January to May, 2021, the MCO was able to rake in N2.016billion while by December 31, 2021, the revenue generated rose to N4.3billion, which was the highest revenue generated ever by the office.”
Highlighting some of its achievements, he said offices have been established in the six geo-political zones of the country which are working and collaborating more closely with other departments and agencies of the Federal Government in the Ministry of Solid Minerals.
He said, “With about 44 minerals, there is a need to invest in accurate data gathering in order to attract the right investors to the solid minerals sector. The concern of the MCO is to be able to imbibe transparency, security of tenure and non-subjectivity, all towards attracting the needed investments in the sector”.
He also emphasised the need to generate the needed revenue for the country, especially with the support of government and other stakeholders, even as he said the Federal Government should rethink and concentrate on solid minerals to diversify the economy thereby increasing its revenue base as prices of oil dwindle daily.
“Budgetary constraints as regards running costs of the headquarters; budgetary constraints as regards running costs of the zonal offices (vehicle maintenance, fuelling, communication, water and other bills, among others) and the need for continuous capacity building of staff are major challenges,” he said.
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Bring Your Wealth Of Experience To Governance, Ibas Tasks New SSG

The Sole Administrator of Rivers State, Vice Admiral Ibok Ete Ekwe Ibas (rtd), has charged the new Secretary to the State Government (SSG), Prof Ibibia Lucky Worika to bring his wealth of experience to bear in governance of the State.
Vice Admiral Ibas (rtd) gave the charge shortly after swearing in the new SSG at the executive chambers of Government House on Wednesday night.
The Administrator who congratulated Prof Worika on his appointment said the choice was not merely an administrative decision but a statement of intent.
Vice Admiral Ibas (rtd) explained that the new SSG has an unparallel expertise in law, policy and international governance, which align perfectly with the mission to restore law, order, integrity and public trust in Rivers State.
He said: “To our new SSG, the task ahead is onerous, but your track record leaves no doubt in our minds that you will prove your mettle. Rivers State needs your intellect, grit and unweaving dedication. Together, we will write a new chapter of progress for this great state.
“Prof Worika’s role will be critical in driving this vision, ensuring that every policy, every decision and every action is in consonance with this administration’s mandate to restore law and order, stabilize the polity and to create the necessary conditions for the restoration of democratic institutions and representations.”
Vice Admiral Ibas (rtd) pointed to his maiden address to Rivers people wherein he emphasised that his administration will be committed to delivering an effective governance that is anchored on transparency, accountability and service.
He therefore, enjoined the new SSG to brace up to the demands of his office, and offer his best service as required while also working cooperatively with civil servants.
Vice Admiral Ibas (rtd) said: “You have no time to settle down. You must roll up your sleeves and get to work with the team.
“Our civil servants with whom we will work closely to run this administration are critical stakeholders and we must work with them to ensure that the state continues to function effectively during this administration.
“To the Permanent Secretaries and civil servants as a whole, once more I will ask your kind cooperation and support as we work to achieve our objectives at this time,” he added.
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I Am One Of You, Sole Administrator Tells Rivers People …Warns Against Violence, Crude Oil Sabotage

The Sole Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas (rtd), has assured residents that he is not in the State as a partisan actor or political competitor but as a stabilising force to restore governance and order.
In a state broadcast yesterday, Ibas, who assumed duty at Government House, Port Harcourt, emphasised his commitment to protecting civil liberties and ensuring the safety of all citizens.
However, he issued a stern warning against crude oil sabotage and violence, urging residents to resist any temptation to return to past hostilities.
“For decades, I have dedicated my life to the service of our great nation—first as the 20th indigenous Chief of Naval Staff and later as Nigeria’s High Commissioner to Ghana. I answered this call out of the need for peace in Nigeria, and most importantly, in Rivers State,” Ibas stated.
Describing the prolonged political impasse as a major setback to governance and democracy, he acknowledged the hardships faced by families and businesses due to the prevailing uncertainty.
“As a son of the Niger Delta, I am one of you. I feel the weight of this crisis on families, businesses, and the future of our people,” he said.
Ibas commended President Bola Tinubu’s decisive action in declaring a state of emergency in Rivers State, stressing that it was a necessary move to restore stability and revive economic activities.
“My mandate is clear: restore law and order, ensure stability, and create an enabling environment for economic growth. But this mission requires collective support from all stakeholders, regardless of political affiliation or ethnicity,” he stated.
He discouraged attacks on oil infrastructure, reminding residents of the devastating environmental and economic consequences of such actions.
“The Niger Delta has moved beyond the destruction of oil facilities. We must resist the temptation to return to those ugly days,” he cautioned.
While pledging to uphold civil liberties and the rule of law, the Sole Administrator warned that lawlessness and violence would not be tolerated.
“We will not act arbitrarily, but we will not hesitate to deal decisively with anyone who threatens the peace and stability of Rivers State,” he declared.
Ibas revealed that he had concluded a State Security Council meeting where strategic measures were outlined to de-escalate tensions and prevent further conflict.
Expressing gratitude to President Tinubu for entrusting him with the responsibility, he also acknowledged the National Assembly for approving the emergency declaration.
“I will work closely with the national leadership under the guidance of the President. I am optimistic that Rivers State will emerge stronger and greater,” he concluded.
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Abuja Truck Explosion Death Toll Rises To 10 …As Another Truck Crashes On Same Spot

The Federal Capital Territory Emergency Management Department has confirmed that 10 persons have died in the truck explosion that occurred near Karu bridge, along the Abuja-Keffi Expressway, on Wednesday.
The FEMD’s Head of Public Affairs, Nkechi Isa, confirmed the numbers in a statement, yesterday.
The Acting Director General of the Emergency Department, Abdulrahman Mohammed, had earlier confirmed that eight persons had died as of yesterday morning, with five confirmed dead on the scene, and four others burnt beyond recognition.
““Five people were taken dead from the scene yesterday (Wednesday). Out of the people that were injured, one died, making six. Then this morning (yesterday), when I asked my people to go round, they discovered that two had already died again, making eight. Four of them from yesterday were burnt beyond recognition.”, he explained.
However, in her statement, Isa said the Head, Forecasting Response and Mitigation of FEMD, Mr Mark Nyam, said eight bodies were deposited at the Karu Hospital Morgue, one body at the Asokoro Distinct Hospital Morgue while another body was deposited at the National Hospital.
He added that some victims had been referred to the Gwagwalada Teaching Hospital, Federal Medical Centre, Keffi, and Cedercrest Hospital Abuja for proper care.
Part of the statement reads, “The FCT Emergency Management Department FEMD can confirm that 10 persons lost their lives to the truck explosion that occurred at Karu bridge along Abuja / Keffi expressway.
“The Head Forecasting Response and Mitigation of FEMD, Mr Mark Nyam said eight bodies were deposited at the Karu Hospital Morgue, one body at the Asokoro Distinct Hospital Morgue while another body was deposited at the National Hospital.”
He informed that over 30 persons suffered various degrees of burns.
“Some of the victims have been referred to Gwagwalada Teaching Hospital, Federal Medical Centre,Keffi and Cedercrest Hospital Abuja for proper care,” he said.
Isa also stated that no fewer than 10 vehicles were burnt during the incident, adding that the FEMD boss after a visit to the incident scene, appealed to motorists to observe traffic rules and regulations.
He also cautioned against reckless driving, dangerous overtaking and poor maintenance of vehicles, while urging FCT residents to always use the 112 emergency toll free number in the event of an emergency.
Meanwhile, barely 24 hours after the incident, another fertiliser-laden truck has collapsed on the same spot.
The Tide learnt that the incidence occurred at about 3:54pm yesterday.
The Head of Public Affairs of the FCT Emergency Management Department, Nkechi Isa, confirmed the accident in a statement, stating that the truck collided with a Hijet and a dump truck, adding that no life was lost.
She cautioned road users to drive with caution as the Federal Road Safety Corps was making efforts to tow away the affected vehicles, to avoid traffic built up.
“Another accident has occurred under Karu bridge along the Abuja-Keffi Expressway. Thankfully, no life was lost to the incident. Our Search and Rescue say the accident occurred when a truck laden with fertilizer ran into a Hijet and a dump truck also known as tipper.
“Motorists are advised to drive with caution as the Federal Road Safety Corps is taking steps to tow away the affected vehicles in order to avoid traffic built up,” the statement read.
Meanwhile, several videos showed some persons trying to clear the fertiliser bags from the fallen truck to ease traffic.
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