Connect with us

Featured

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

Published

on

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.

Featured

I Won’t Allow Spoils Of Office To Change Me – Fubara …As Rivers People Mark Gov’s 50th Birthday With Prayers

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has declared that he will not be drunk with power or allow the associated advantages and benefits that come with holding a lofty position in government to change him.

 

Rather, the governor assured that he will remain committed to his vows made to Rivers people when he got their mandate, to completely put things in place that will transform the State to become what they dreamt it to become.

 

Governor Fubara made the remark when some leaders, elders and critical stakeholders of the State paid him a birthday visit to celebrate him as he attains 50 years at Government House in Port Harcourt on Tuesday morning.

 

The governor, according to a statement by his Chief Press Secretary, Nelson Chukwudi, explained that he had never subscribed to celebrating  birthdays but seeing leaders of the State gather to celebrate him pulled out tears of joy from his eyes.

 

Governor Fubara said: “I want to say that I will still be the Fubara that you know; power will not change me. I will still make sure that what I hold dear in life remains, which is God and my respect for people. I will continue to maintain it.

 

“Power will come, power will go, but I will still remain the Fubara that you know. With your support, that Rivers State that we all yearn for, we will definitely, even if we don’t get it completely, we will put those things in place that will channel and drive us to that Rivers State with your support.”

 

Governor Fubara emphasised: “That is the only thing that I know I can assure you. I will not do anything, act in any manner that will bring disgrace to myself or to everyone of you that have decided and ready to sacrifice everything for us.

 

“This morning is a birthday morning. It is not a morning to discuss politics. It is a morning to say I am happy, I am 50 years, according to you. But the most important thing is: I am celebrating my Golden Jubilee. It means that I have joined the league of the old men from today.”

 

Fubara, on behalf of his wife, Lady Valerie and family, expressed gratitude to God for divine grace, and thanked all the leaders who made sacrifices to be in attendance so early to wish him well.

 

In his remark, former Governor of Rivers State, Sir Celestine Omehia, thanked God for installing Governor Fubara, who has become a deliverer of the State and its people from the hands of those bent on destroying Rivers State.

 

He said, it is, therefore, worthwhile to celebrate such a patient and meticulous leader, loved by all Nigerians on his 50th birthday because he has continued to prioritise the interest of the State and protect it.

 

The former Governor recounted the strength of faith in God that Governor Fubara has demonstrated, enjoyed divine direction in governance, and pledged the continued support of  Rivers people to ensure the success of his administration.

 

In his speech, former National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, said regardless of who a kingmaker is, as soon as the king is crowned, such person must give way to the king to perform his duties but regretted that

the immediate past Governor, who styled himself as kingmaker had continued to do things to distract the king.

 

But Prince Secondus, noted that amidst the brewing crisis, Rivers people, and indeed, Nigerians have come to admire and love the character of steel, fear and total trust in God that Governor Fubara has demonstrated, including forging unity, and inclusivity, which are evidence of his mandate as divine.

 

Highlights of the event were prayers by the clergy for the Governor, his administration and the State; a toast; the cutting of the 50th Birthday cake by the Governor, who was supported by his wife; presentation of gifts to the Governor; rendition of special birthday songs; and a special birthday party organised by the elders and stakeholders to celebrate the Liberator of Rivers people at 50.

 

Later in the morning, members of the State Executive Council; Local Government Council chairmen; Permanent Secretaries; Government House staff; Service Commanders; and many others visited the Governor to wish him a glorious birthday, and presented gifts to celebrate his Golden Jubilee birthday.

 

Continue Reading

Featured

Tinubu Seeks Multifaceted Response To Terrorism, Other Security Threats

Published

on

President Bola Tinubu, on Wednesday called for a multifaceted response to terrorism, insurgency and other forms of security threats in the Lake Chad Basin region.

Tinubu, represented by the Vice-President Kashim Shettima, made the call when he declare open the 5th meeting of the Lake Chad Basin Governors’ Forum in Maiduguri, the Borno capital.

The Tide source reports that the meeting, which was hosted by the Yobe State Government brings together eight Governors from Nigeria, Cameroon, Chad, and the Republic of the Niger.

The event also brings humanitarian organisations, and local and international communities to address pressing security challenges and explore solutions for stability in the region.

The president said the chain of events that disrupted the stability of the region over the past 15 years demands that power must be wielded responsibly to guarantee the safety and prosperity of the people.

The Nigerian leader noted that while military power was necessary to contain the security threats, it must be accompanied by strategies that address their root causes.

This, according to him, in include poverty, inequality, and lack of job opportunities for the region’s young population.

“Your Excellencies, distinguished ladies and gentlemen, our response to these threats must be multifaceted.

“While military solutions are indispensable, they must be complemented by strategies that address the root causes of insecurity – poverty, inequality, and the lack of opportunities for our youth.

“It is a tragic irony that Africa, a continent with the youngest population in the world, sees its youth become cannon fodder for destructive ideologies and the drivers of conflict.

“This is the challenge before us: to transform this demographic dividend into a force for good. Power’s true essence lies not in its possession but in its application.

“Hard power may secure borders, but it is soft power—through diplomacy, culture, and shared values—that builds bridges and binds us together,” he said.

Tinubu said every part of the world was entangled in its own unique security challenges, resulting in the global military gulping “a historic 2.4 trillion dollars in 2023, with no signs of slowing.”

He, however, observed that: “hard power, detached from the moral imperatives of justice and diplomacy, only widens the very divide it seeks to bridge.”

Tinubu told the Lake Chad Basin Governors’ Forum that it was only by sticking to the vision for which the forum was created that pursuing and adopting partnerships that benefit the people could be achieved.

Such partnerships, he said, include the collective commitment to the African Continental Free Trade Area (AfCFTA) and advancing the United Nations’ Sustainable Development Goals.

He noted that the choices made “today will echo through generations, shaping the future of this region.”

He recalled the successes recorded so far in repelling threats to the region’s borders and sovereignty by elements of terror.

The President attributed past victories by member countries to the joint missions they had embarked on.

Tinubu cautioned the governors and other stakeholders against allowing “the geopolitical tensions across the world to sow discord” in the region, and submitting themselves “to become tools in any proxy agenda.

“The salvation of the Lake Chad region is neither in Europe nor in the Americas. It lies in the hands of all those gathered here today.

“You, distinguished representatives of this forum, embody not only our collective will to protect the region but also the transformative potential that stability brings.

“The true enemy remains the non-state actors—those who exploit weak borders, poor governance, and fragile economies to challenge our claim to civilization.

” However, the worst threat we may face is not the insurgents or terrorists at odds with our humanity.

” It is the absence of cooperation, sincerity, and fidelity to our shared pact as brothers’ keepers.

“We undermine this pact when we renege on agreements to secure our borders when misinformation and falsehoods breed mistrust, and when we jeopardize the freedom and choices of our people.”

Earlier, Gov. Mai Mala Buni of Yobe, had said that the forum was an opportunity for states around the Lake Chad Basin region across Nigeria, Niger, Chad, and Cameroon Republics to discuss and reflect on the journey so far.

He noted that as partners in progress, the Yobe Government provided the platform for participants to strengthen contact and collaboration towards ensuring stabilisation, recovery, and resilience across the Lake Chad Basin in the months and years ahead.

Also, Gov. Babagana Zulum of Borno, commended the strategic partners of the forum, saying their contributions have enabled governments of the forum to tackle some of their challenges to strengthen and rebuild the region.

He said the platform was a rallying point for political cohesion, fostering regional interaction, sustaining the socio-economic development of the region, and regional integration.

On his part, Gov. Umaru Fintri of Adamawa, noted that the Basin had passed through the worst environmental moment, leading to the shrinking of the Lake Chad

“The United Nations Environmental Programme has recently revealed that Lake Chad has shrunk 90 per cent in six years and blamed the situation on climate change, irrigation and construction of dams and population increase.”

The Executive Secretary of Lake Chad Basin Commission, Amb. Mamman Nuhu, said the forum’s meeting “serves as a critical platform for fostering dialogue and enhanced collaboration.”

He also said that the meeting reaffirmed the collective commitment to addressing the multifaceted challenges facing the lake chad basin.

He noted that the theme of the meeting reflects the immense progress achieved so far and the equally immense work that needs to be done.

Ms Cynthia Rowe, Development Director for the British High Commission, Nigeria, and Representative of International Support Group, commended the governors of the region.

Rowe stressed that the region had recorded marked improvement in the face of daunting challenges.

She, however, pledged the support of the funding partners to continue in their efforts towards assisting the forum achieve its objectives.

 

Continue Reading

Featured

FG Suspends Max Air Operations For Three Months Over Kano Incident 

Published

on

The Federal Government, through the Nigeria Civil Aviation Authority, has suspended Max Air’s domestic flight operations following a tyre burst incident involving one of its aircraft in Kano on Tuesday night.

The affected Boeing 737-400 aircraft, with registration number 5N-MBD, suffered a tyre burst while landing at Mallam Aminu Kano International Airport at about 10:51 p.m. on 28 January 2025.

Although all 53 passengers on board were evacuated safely, the aircraft was temporarily grounded before the Federal Airports Authority of Nigeria reopened the runway around 8:00 a.m. on Wednesday.

The Nigerian Safety Investigation Bureau has since launched an investigation into the incident — the third involving Max Air in three months.

Confirming the suspension, NCAA’s Director of Public Affairs and Consumer Protection, Michael Achimugu, in a statement released yesterday, stated that the regulatory body would support NSIB’s probe while also conducting its own assessment of the airline.

“It must be stated that the specific cause(s) of this incident can only be established after the NSIB has conducted its investigation,” Achimugu said.

He noted that the NCAA had already been carrying out an organisational risk assessment for all scheduled airlines, including Max Air, before the latest incident.

However, as a result of this incident, Max Air is suspending its domestic flight operations for three months, effective from midnight on 31 January 2025, to allow for an internal review of its operations,” he stated.

During the suspension period, the NCAA will conduct a comprehensive safety and economic audit of the airline.

“The safety audit will involve a re-inspection of Max Air’s organisation, procedures, personnel, and aircraft, as specified by the Nigeria Civil Aviation Regulations,” Achimugu explained.

He added that the economic audit would assess the airline’s financial health to ensure it can sustain safe flight operations.

“The resumption of Max Air’s domestic flights will depend on the satisfactory completion of this audit,” he added.

While acknowledging the potential disruption to passengers, the NCAA reassured the public that safety remained its top priority.

“The NCAA is aware of the inconvenience this action may cause Max Air’s intending passengers. However, the safety and well-being of passengers is paramount. We appeal for patience and understanding while we ensure the protection of passenger rights,” the statement added.

Continue Reading

Trending