Friday 14 April 2017
Economy: Inflation Rate reduces, Now to 17.26%
For the second consecutive month, the inflation rate maintained its decline, falling by 0.52 per cent to 17.26 in March from 17.78 per cent in February, having peaked at 18.72 per cent in January.
Although on a headline basis, the Consumer Price Index (CPI), which measures inflation increased by 17.26 per cent (year-on-year), it happened at a slower pace in March, the National Bureau of Statistics (NBS) said on Thursday in its CPI report for the month under review.
According to the NBS, the decline was indicative of the effects of stabilising prices in an already high food and non-food prices environment, as well as favourable base effects over 2016 prices.
“It is also indicative of early effects of a strengthened naira in the foreign exchange market.
“Price increases were recorded in all COICOP divisions that yield the headline index.
“Price increases were recorded in all COICOP divisions that yield the headline index.
“However, the major divisions responsible for accelerating the pace of the increase in the headline index were housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and footwear, and transportation services,” the NBS said.
On a month-on-month basis, the headline index increased by 1.72 per cent in March 2017, 0.23 percentage points higher than the rate recorded in February.
The food index increased by 18.44 per cent (year-on-year) in March, slightly down by 0.09 percentage points from 18.52 per cent recorded in February.
This was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine, while the slowest increase in food prices year-on-year were recorded by soft drinks, fruits, coffee, tea and cocoa.
The headline index is made up of the core index and farm produce items.
The headline index is made up of the core index and farm produce items.
Processed foods are included in both the core and food sub-indices. This implies that these sub-indices are not mutually exclusive, the NBS emphasised.
However, price movements recorded by all items less farm produce or core sub-index rose by 15.40 per cent (year-on-year) in March, down by 0.60 percentage points from 16 per cent in February.
During the month under review, the highest increases were seen in miscellaneous services relating to dwelling, electricity, solid fuels, clothing materials and other articles of clothing, liquid fuel, spirits as well as fuels and lubricants for personal transport equipment.
NBS said the urban index rose by 18.27 percent (year-on-year) in March from 18.57 per cent recorded in February while the rural index increased by 16.47 per cent in March from 16.98 per cent in February.
On a month-on-month basis, the urban index rose by 1.76 per cent in March from 1.52 per cent recorded in February, while the rural index rose by 1.69 per cent in March from 1.47 per cent in February
Thursday 13 April 2017
Fayose is the main problem of PDD - Sheriff
The National Chairman of the Peoples
Democratic Party (PDP), Senator Ali-Modu Sheriff, has singled out the Ekiti State Governor, Ayodele Fayose, as the main cause of the crisis currently rocking the party.
Democratic Party (PDP), Senator Ali-Modu Sheriff, has singled out the Ekiti State Governor, Ayodele Fayose, as the main cause of the crisis currently rocking the party.
Sheriff, who was on a working visit to the Cross River State chapter of the party, said among the 12 PDP governors, Fayose was working seriously at ensuring that the party remained in fragments.
Sheriff, who stated this on Wednesday evening, told journalists in Calabar at the state secretariat of the PDP, after meeting with the state party leaders that he enjoyed the support of 29 state chapters of the party, including Ekiti State, out of the 36 state chapters in the country.
Commending the South-west party chairmen and their members for rallying behind his leadership, Sheriff declared that Fayose was free to leave the PDP.
He described the Ekiti State governor as a “loner” whom he accused of acting a script of his benefactor to wreck PDP.
Details later…
NNPC Staff Involved in N11bn Petrol Theft confirm sacked
By Chineme Okafor in Abuja
Following its conclusion of investigations into the sale without appropriate authorisation of 82 million litres of petrol valued at N11 billion by Capital Oil and Gas, the Nigerian National Petroleum Corporation (NNPC) on Thursday confirmed the sack of some of its staff found culpable in the act.
The corporation said in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, in Abuja, that sack and deployment were in line with the ongoing reforms it initiated to cleanse it of corrupt practices.
Ughamadu explained that the affected staff were Mrs. Esther Nnamdi-Ogbue, who was the Managing Director, NNPC Retail Ltd, before her dismissal from the corporation’s services; Mr. Alpha Mamza, who was Executive Director, Operations at NNPC Retail Ltd; and Mr. Oluwa Kayode Erinoso, who was also Manager of Distribution at NNPC Retail Ltd.
He noted the trio of Mr. Adeyemi Adetunji, Lawal Bello, and Mrs. Affiong Akpasubi, have also been appointed to replace the sacked staff as Managing Director of NNPC Retail Ltd, Executive Director of Operations NNPC Retail Ltd and Executive Director of Services NNPC Retail Ltd respectively.
Details later...
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