Nigeria’s inflation rate rose to 33.20 percent in Mach 2024 — up from 31.70 percent in February.

The National Bureau of Statistics (NBS) disclosed this in its consumer price index (CPI) report, which measures the rate of change in prices of goods and services, on Monday.

According to the bureau, food inflation also surged to 40.01 percent in the month under review.

NBS said the March headline inflation rate showed an increase of “1.50% points when compared to the February 2024 headline inflation rate”.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%,” he said.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

“This means that in the month of March 2024, the rate of increase in the average price level is less than
the rate of increase in the average price level in February 2024.”

FOOD PRICES IS MAJOR CONTRIBUTOR TO INFLATION RATE

The NBS report further showed that the food inflation rate in March 2024 was 40.01 percent on a year-on-year basis – an increase of 15.56 percent points higher compared to the 24.45 percent rate recorded in March 2023.

NBS said the rise in food inflation on a year-on-year basis was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits.

“On a month-on-month basis, the Food inflation rate in March 2024 was 3.62% which shows a 0.17% decrease compared to the rate recorded in February 2024 (3.79%),” the bureau said.

“The fall in food inflation on a month-on-month basis was caused by a fall in the rate of increase
in the average prices of Guinea corn flour, Plantain Flour, etc (under Bread and Cereals
class), Yam, Irish Potatoe, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus
fish, Mudfish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea, and Cocoa class).

“The average annual rate of Food inflation for the twelve months ending March 2024 over
the previous twelve-month average was 31.40%, which was 8.69% points increase from
the average annual rate of change recorded in March 2023 (22.72%).”

The report also said Kogi, Kwara, and Akwa Ibom states spent more on food in March.

Homes and businesses were left without power supply for several hours yesterday after the nation’s national grid collapsed twice in less than one month.

The latest collapse came barely a week after the controversial review of Band A power consumers increased tariffs by the Nigerian Electricity Regulatory Commission, NERC.

The last collapse occurred on Thursday, March 28, 2024, making it the second time in less than one month.

Data supplied by the National System Operator, a semi-autonomous unit in the Transmission Company of Nigeria, TCN, showed that the grid collapsed around 3 a.m.

The Transmission Company of Nigeria, TCN, was still battling to restore the grid as supply rose to 250 MW, with Abuja and Lagos Disco having the highest load of 80 MW, Ibadan Disco with 50 MW, and Benin Disco with 40 MW.

The generation trend with plants on the grid had only Ibom Power and Okpai Gas with 59.50 MW and 117.00 MW, respectively.

Efforts to reach the General Manager, Public Affairs, TCN, Mr. Ndidi Mbah, to speak on the latest development proved abortive, as calls and text messages were not replied.

NIPCO Gas Limited says it has completed four compressed natural gas (CNG) stations in Lagos

Speaking at a press conference in on Sunday, Nagendra Verma, managing director of NIPCO said the facilities will be inaugurated in May.

CNG is a fuel that can be used in place of petrol, diesel, and liquefied petroleum gas (LPG).

It is used in traditional petrol and internal combustion engine automobiles or specifically manufactured vehicles.

Verma, speaking to journalists, said CNG is a viable alternative fuel, commending the federal government for supporting the initiative.

He also said NIPCO is in partnership with the Nigerian National Petroleum Company (NNPC) Limited to construct 35 auto CNG stations in phases.

“The completion of these CNG stations in Lagos marks a significant milestone, offering motorists an alternative to petrol amidst long queues at filling stations,” he said.

“The facilities would be opened for commercial operations within April and May to become the first of its kind in the state which is now contending with long queues at filling stations.”

Verma underscored the competitive rates of CNG compared to traditional fuels.

He said for cars, taxis, and tricycles, CNG is sold at N200 per standard cubic feet (SCF) or standard cubic meter (SCM) against the petrol price of N610 per litre, in Lagos and N230 per SCM against the PMS price of N670 per litre in Abuja.

For heavy commercial vehicles, the Verma said CNG is being sold at N260 per SCM against the AGO price of N1,250 per litre in Lagos and N290 per SCM against the AGO price of N1,300 per litre in Abuja.

He expressed confidence in CNG being the preferred fuel, especially with government support and media advocacy.

The managing director said the company has identified 19 CNG station locations and has received stage-wise approval from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other statutory authorities.

“NIPCO Gas is sure that with the continuous focus and push by the current government, AutoCNG will become the fuel of choice for Nigeria, which has the potential to reduce the pressure on importation as well as on forex,” he added.

“AutoCNG is a project for masses and of national cause and importance. We are sure once expanded across Nigeria; it will surely and definitely relieve the masses and motorists from high fuel cost.

“We continuously seek blessing and support of the government and media to make AutoCNG a reliever, cleaner and greener fuel of Nigeria.”

On the company’s strategy, Verma said the company initially started with Benin city and expanded the CNG network to Ibafo in Ogun and later to Kogi.

He said with the initiatives and clear mandate by the current government, the CNG network also expanded to Abuja, Ibadan and Akwa Ibom.

He said NIPCO gas presently operates 15 auto CNG stations across Nigeria and CNG vehicles from Lagos can travel up to Abuja and Kaduna.