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Nigeria’s Inflation Rate Hits 21.47%

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The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate increased to 21.47per cent on a year-on-year basis in November 2022.
Nigeria’s headline inflation rate stood at 21.09per cent on a year-on-year basis in October 2022.
The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for November released, yesterday.
It stated that the figure is 6.07per cent points higher compared to 15.40per cent recorded in November 2021.
According to the report, factors responsible for the increase in annual inflation rate include an increase in the cost of importation due to the continual currency depreciation and a general increase in the cost of production due to a surge in energy cost.
The NBS said on a month-on-month basis, the headline inflation rate in November 2022 was 1.39per cent, which was 0.15per cent higher than the rate recorded in October 2022 at 1.24per cent.
It attributed the increase in the monthly inflation rate (month-on-month basis) to higher demand, usually experience during the festive season.
“The percentage change in the average CPI for the 12 months ending November 2022 over the average of the CPI for the previous 12 months period was 18.37per cent, showing a 1.39per cent increase compared to the 16.98per cent recorded in November 2021.
“The components that made up the food sub-index in November 2022 2022 was 24.13per cent on a year-on-year basis; which was 6.92per cent higher compared to the rate recorded in November 2021 (17.21per cent). The rise in the food sub-index was caused by the increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products n.e.c, and fish.
“Whereas the month-on-month food inflation rate in November was 1.40per cent, this was 0.17per cent higher compared to the rate recorded in October 2022 (1.23per cent). The increase was attributed to an increase in prices of some food items like oil and fat, fruits, fish, and tubers,” the NBS added.
It noted that the average annual rate of food inflation for the twelve-month ending November 2022 was 20.41per cent, saying this was 0.21per cent points decline from the annual rate of change recorded in November 2021 (20.62per cent).
It stated that that core inflation rate, that is all-items index less farm produce, which excludes the prices of volatile agricultural produce stood at 18.24per cent in November 2022 on a year-on-year basis; showing a rise of 4.39per cent when compared to 13.85per cent recorded in November 2021.
The NBS said on a month-on-month basis, the core inflation rate was 1.67per cent in November 2022, while the rate was 0.93per cent in October 2022.
“This shows a rise of 0.74per cent. The highest increases were recorded in prices of gas, liquid fuel, and passenger transport by air, vehicle spare parts, and solid fuel,” it noted.
According to the report, the percentage change in the average CPI for the 12 months ending November 2022 was 15.69per cent, which was 2.73per cent points higher than the previous 12 months period which recorded 12.96per cent in November 2021.
It stated that the urban consumers’ inflation rate for November 2022, on a year-on-year basis, stood at 22.09per cent, noting that this was 6.17per cent higher compared to the 15.92per cent recorded in November 2021.
The NBS disclosed that on a month-on-month basis, the urban inflation rate was 1.50per cent in November 2022, saying this was 0.16per cent higher compared to October 2022 (1.33per cent).
It said the corresponding 12-month average for the urban inflation rate was 18.90per cent in November 2022.
“This was 1.35percent higher compared to the 17.55per cent reported in November 2021,” it added.
The report noted that the inflation rate for rural consumers in November 2022 was 20.88per cent on a year-on-year basis, saying this was 5.99per cent higher compared to 14.89per cent recorded in November 2021.
“On a month-on-month basis, the rural inflation rate in November 2022 was 1.30percent, indicating a rise of 0.14per cent compared to October 2022 (1.16per cent).
“While the corresponding twelve-month average for the rural inflation rate in November 2022 was 17.88per cent. This was 1.46per cent higher compared to the 16.42per cent recorded in November 2021.
“In comparing the states’ profiles, all-item inflation rates for November 2022 on a year-on-year basis were highest in Ebonyi (26.11per cent), Kogi (25.84per cent), Rivers (24.45per cent), while Kaduna (18.87per cent), Sokoto (19.02per cent) and Cross river (19.17per cent) recorded the slowest rise in inflation.
“On a month-on-month basis, however, November 2022 recorded the highest increases in Ebonyi (3.16per cent), Niger (2.70per cent), Plateau (2.44per cent), while Ogun (-0.17per cent), Abuja (-0.12per cent), and Sokoto (0.25per cent) recorded the slowest rise on month-on-month inflation,” the NBS added.

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We’re Working To Improve Quality Of Life Of Rivers People -Fubara …As Taraba Gov Inaugurates 6.55km Okania-Ogbogoro-Mgbaraja Roads Project

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Rivers State Governor, Sir Siminalayi Fubara, has reiterated the commitment of his administration to render quality service that will improve the quality of life of residents, and strengthen the platform to promote unity.
Governor Fubara gave the assurance at the Okania-Ogbogoro Road junction, venue of the inauguration of the 6.55km Okania-Ogbogoro-Mgbaraja (and Mgbuoba) Roads project in Obio/Akpor Local Government Area, yesterday.
The road cuts across Okania community through Ogbogoro, and connects Port Harcourt Ring Road project under construction, and was inaugurated by the Taraba State Governor, Dr Agbu Kefas.
Governor Fubara said that during the campaigns, he saw the roads in terrible condition, made a promise to fix them, and noted that that promise has been kept.
He emphasised that his administration will never be reckoned with abandoning of projects that it started, which is why he is particularly excited that the road has been fixed to ease the inconveniences suffered by the people.
The Governor said, “What we are doing here today is very simple: Promise made, promise fulfilled. I told you that whatever we are going to start, we are not going to leave it halfway. So, we have come here this afternoon to fulfill that promise.
“I am so excited, and I am so happy. I am leaving here with so much joy that we have done something that has so much impact, and importance in the lives of our people. So, I feel very fulfilled. Government is about the people. Government is knowing, understanding and seeing what you can do to make life easy for your people.
“We understand the situation of this road. Fortunately, I have a few friends who also live around here. So, there is nothing you will say that I don’t know. As a government, we will continue to do those things we know will make life easy for you.”
The Governor thanked members of the communities in the area for their support to his administration, and also for cooperating with the contractor to ensure completion of the project.
He assured the people that their request for the rehabilitation of the Community Secondary School and Health Centre, will be looked at and addressed immediately, saying, “Our government is a government that takes the interest of our people very seriously.
“There is no government without the people. It is only the people that keep the government going. So, what we will continue to do is to make sure that the problems and interest of our people are top on our list,” he assured.
Performing the inauguration, Taraba State Governor, Dr Agbu Kefas, said roads are not just physical infrastructure but represent a commitment to facilitate ease of transportation, boost local commercial activities and improve quality of lives for the people of Rivers State.
Dr Kefas noted that Governor Fubara has provided the people good roads, and like other good roads, it will serve as an artery of development, further connecting communities, enhancing access to essential services while unlocking economic potentials.
He said, “By completing this project, Your Excellency has, once again, demonstrated the transformative impact of visionary leadership. When I was coming in with the Governor on a ride, I saw the joy, the happiness of the voiceless people who were abandoned and neglected in this area, coming out to wave and welcome us.
“It wasn’t a hired crowd. Everybody, those who couldn’t make it to this place, in front of their homes, they were waving at us, and I was telling the Governor: this is all about good governance. He listened to the people, and solved their problems. So, it shows that he is doing the right thing, and I want to thank you, my brother, for what you are doing for the good people, especially the poor people even in difficult times.”
Governor Kefas further said: “As we celebrate this milestone, I am reminded of the importance of collaboration and shared vision among us as Governors. Together, we can inspire our people, improve their lives, and create lasting legacies in our respective states.”
Providing the project description, the State Commissioner for Works, Barrister Elloka Tasie-Amadi, recalled that when it was flagged-off in May, 2024, the project was for a 5km stretch but was extended in October, to include Mgbaraja axis, increasing the length to 6.55km, explaining that the 10.3 meter wide, and 5km of drains road, has now linked Apara Kingdom to Nkpor Kingdom.
In his address, Chairman of Obio/Akpor Local Government Area, Amb Chijioke Ihunwo, described the road as a very significant route that was abandoned for years until Governor Fubara intervened and fixed it, promising that Obio/Akpor people will not take the gestures of the State Government under Governor Fubara for granted.
Speaking on behalf of China Civil Engineering Construction Corporation (CCECC), the firm that handled the project, Eric Shen, said they are happy to be part of the infrastructure development strides of Governor Fubara, stating that though the rains posed significant challenge, they have delivered quality road network to serve the connectivity needs of the people.

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We’ll Implement Judicial Commission’s Report On Arson, Killings -Fubara …Says Such Violence Must Stop In Rivers

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Rivers State Governor, Sir Siminalayi Fubara, has assured of implementing the recommendations of the report submitted to him by the Judicial Commission of Inquiry into the Arson, Killings, and Wanton Destruction of Property at some local government council headquarters on or around Monday, October 7, 2024.
Governor Fubara gave the assurance when the seven-member commission, led by the Chairman, Justice Ibiwengi Roseline Minakiri, submitted four volumes of reports of their investigation and recommendations to him at Government House in Port Harcourt, yesterday.
The Governor declared that his administration will neither tolerate nor allow such level of violence in the State anymore because it is not profitable or productive.
He said, “We are not going to be part of any system that would encourage any destruction in this State. And for that reason, we had to inaugurate this commission, so that this commission should look into the remote and immediate causes of this problem.
“And I believe that the recommendations of this commission, with the help of God and the support of everyone, we will make sure that we implement the recommendations.”
Governor Fubara said: “We are going to take it to the next stage. The report will be presented to the Executive Council, and there, we will surely come out with the White Paper and with the White Paper. I can assure you, we are going to follow it to the end.
“Nobody is above the law, including me. So, provided what we are doing is within the confines of the law, we will do it with the help of every one.”
Governor Fubara recalled how, before 2014, a group of persons had ran wide recklessly in the State, burning down court buildings.
He noted that it is such persons, who had recently surfaced with their destructive tendencies, and have extended the violence to local government councils, killing people and destroying government property.
Governor Fubara wondered why somebody will spend so much money to build a structure intended to last as legacy of the administration but would eventually be part of its destruction in the name of politics.
Governor Fubara clarified that he has never been part of such destructive politics that continue to set the State backwards and frustrate progressive development strides.
Governor Fubara said: “I make bold to say it, I have never been and will never be a party to anything that will bring shame, disgrace, destruction to our dear State.
“It is our State. If it is well with us, it will be well with everybody. As a matter of fact, why should I encourage destruction, when I know that when you finish spoiling things, you still need money to rebuild them.
“I am an accountant, I know the importance of how we can manage money. Rather than spoil, you should use that money to do a new thing for the State.”
Governor Fubara vowed: “So, I am going to ensure that we put a stop to that level of violence or such unreasonable violence. I call it unreasonable violence because it doesn’t mean anything in politics.
“Politics is a business of interest. There is no permanent friend, no permanent enemy. Some persons who were not even in our support, today, they are here following us because their interest is the most important thing.
“Likewise tomorrow, if the interest changes, they will also go their different ways. So, why burn down the house?”
Governor Fubara thanked members of the commission for being bold, focused, and accomplishing their task with determination in the face of physical and legal threats.
In her presentation, Chairman of the seven-member Judicial Commission of Inquiry, Justice Ibiwengi Roseline Minakiri, said they had put their findings into four volumes, including the recommendations.
Justice Minakiri explained: “We have here four volumes of the report. We have the memoranda, which is the memoranda we got after we made our publications.
“We also have the exhibits that came with the memoranda. We have the proceedings and the records. At the end of the day, we came up with the main report.”
Justice Minakiri advised that the recommendations of the report should be studied and implemented so that people can be deterred from such callous acts and the sought-after peace secured for the State.

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We Are Eager To Showcase The Best Of Rivers State -Fubara …Declares Federation Of Public Service Games Open

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The Rivers State Government says it is committed to providing a memorable experience for all delegates participating in the Federation of Public Service Games(FEPSGA) hosted by the State Government.
Governor Siminalayi Fubara stated this during the opening Ceremony of the 43rd Edition, Public Service Games, titled ”Simplified Rivers 2024″, at Sharks Stadium, Port Harcourt, last Sunday.
Speaking through his Deputy, Prof. Ngozi Nma Odu, Governor Fubara said “Our hospitality is renowned and we are eager to showcase the best of Rivers State. From top-notch facilities to a secure environment, we have everything in place to ensure a seamless and enjoyable experience for all participants.”
Governor Fubara said to ensure the success of the games his Administration has put in place comprehensive plans and preparations with four venues approved for the events which include the Sharks Stadium, Alfred Diette -Spiff Civic Centre, Port Harcourt Club and the University of Port Harcourt.
The State Chief Executive urged participants to remember that the true spirit of FEPSGA goes beyond winning medals, stressing that it is about building bridges of friendship, fostering a sense of community and celebrating our diversity.
According to him, we envision a public service that is more productive, more efficient and more effective, a future where public servants are empowered to deliver exceptional results driven by a culture of excellence, innovation and teamwork.
The Governor reiterated that while a healthy mind and body are essential for high productivity, regular physical activity boosts our mood, increases energy levels and enhances our cognitive function. We are eager to showcase the best of Rivers State. From top-notch facilities to a secure environment.
In her address Head of the Civil Service of the Federation Mrs Didi Esther Walson-Jack, who spoke through Dr.(Mrs) Magdalene Ajani, Permanent Secretary in the Federal Ministry of Interior Commended Governor Fubara for hosting this year’s event, and for his dedication to promoting sports and fostering unity in the country.
She noted that the event which serves as a platform for furthering unity, camaraderie and sportsmanship amongst public servants, was a celebration of their shared commitment to excellence, resilience and service to the nation.
Also speaking the National President of the Federation of Public Service Games (FEPSGA), Comrade Amaebi Aloku, said Rivers State got the nod to host the annual event because the Federation was pleased with the vision of Governor Fubara in identifying with the needs of the Civil Servants in the State, in terms of their welfare and being one of the first State to implement the new minimum wage and even taking it above what was approved by the national.
Earlier the Head of Service Rivers State, Dr George Nwaeke had welcomed all participants to the State and expressed gratitude to the Governor for approving and making available the resources to host the games, noting that it was an opportunity to interact with all Civil Servants across the nation.

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