The rising inflation rate will force Nigerian households to spend the largest amounts of their earnings on food in the next six months, a recent survey by the Central Bank of Nigeria (CBN) has shown. This is as the most recent report by the National Bureau of Statistics (NBS) puts the inflation rate at 33.40 […]
The Federal Competition and Consumer Protection Commission has given a one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods. The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja. According […]
Over 31.8m Nigerians are suffering from acute food insecurity compounded with malnutrition among women and children in the country. According to statistics provided by the 2024 Cadre Harmonise report, the surge in food commodity prices which is a result of the removal of fuel subsidy in addition to security challenges, has placed millions of Nigerians […]
The National Bureau of Statistics (NBS) says the price of 12.5 kilograms (kg) of liquefied petroleum gas (LPG), better known as cooking gas, has increased by 55.66 percent year-on-year. The NBS said Nigerians paid an average price of N14,261.57 for refilling a 12.5kg cylinder of cooking gas in July 2024 compared to N9,162.11 in July […]
The world’s richest 1 per cent have amassed $42 trillion in new wealth over the past decade. This is nearly 34 times more than the entire bottom 50 per cent of the world’s population, according to a new analysis released by Oxfam. Oxfam is a British-founded confederation of 21 independent non-governmental organisations, focusing on […]
President Bola Ahmed Tinubu on Wednesday transmitted a letter to the Senate asking the lawmakers to approve 2024 supplementary appropriation to the tune of N6.2 trillion. The letter was read by Senate President Godswill Akpabio. This increases the 2024 budget to N34.9 trillion from an initial N28. 7 trillion budget President Tinubu had earlier […]
The Federal Government has donated 20 trucks of rice to the 36 state governors and the Federal Capital Territory (FCT) for distribution to vulnerable Nigerians. The Minister of Information and National Orientation, Mohammed Idris, on Monday, stated that this gesture reflects the Tinubu administration’s commitment to ensuring food security for all Nigerians. He also […]
Nigeria’s annual inflation rate increased for the fifth consecutive month to 34.19 per cent as residents of Africa’s most populous country grapple with a cost of living crisis, Premium Times is reporting. According to the National Bureau of Statistics (NBS), released on Monday, the June figure is 0.24 per cent higher than the 33.95 […]
President Bola Tinubu has decried Nigeria’s power generation capacity, saying that the capacity of 4.5 gigawatts is shameful. Tinubu called for the collaboration of the Presidential Economic Coordination Council (PECC) members to increase Nigeria’s on-grid electricity capacity. This was disclosed in a statement by the presidential spokesman, Ajuri Ngeglale, who said the President spoke […]
Nigeria’s year-on-year inflation rose to 33.95% in May, according to the National Bureau of Statistics (NBS) figures released on Saturday. This means that inflation rate has risen for 18 consecutive months. It was 33.69% in April. The NBS highlights major concerns with food inflation in particular. The Bola Tinubu presidency continues to struggle with […]
