Business
Nigeria’s inflation rate rises to 33.95% as food prices continue to surge
The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.95 percent in May, as prices of food and non-alcoholic beverages continued to surge.
NBS made this known in its consumer price index (CPI) report on Saturday.
In April, the inflation rate stood at 33.69 percent.
“Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate,” NBS said.
“On a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%.”
The report also shows that on a month-on-month basis, the headline inflation rate in May 2024 was
2.14 percent, which was 0.15 percent lower than the 2.29 percent rate reported in April 2024.
This means that in the month of May, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.
An analysis of the top five headline inflation drivers showed food and non-alcoholic beverages led with 17.59 percent.
Following closely are housing, water, electricity, gas and other fuels with 5.68 percent.
Others are clothing and footwear at 2.60 percent, transport at 2.21 percent, with furnishings, household equipment and maintenance completing the list at 1.71 percent.
NBS said on a year-on-year basis, the urban inflation rate rose to 36.34 percent in May, “which was 12.61% points higher compared to the 23.74% recorded in May 2023”.
“On a month-on-month basis, the Urban inflation rate was 2.35% in May 2024, this was 0.32% points lower compared to April 2024 (2.67%),” NBS said.
“The Rural inflation rate in May 2024 was 31.82% on a year-on-year basis; this was 10.63% higher compared to the 21.19% recorded in May 2023.”
‘YAM, SEMOVITA, GARRI DRIVE FOOD INFLATION RATE UP TO 44.66%’
NBS said food inflation rose to 40.66 percent in May, compared to the 24.82 percent reported in the same month last year — indicating an increase of 15.84 percent points.
The bureau said semovita, oatflake, yam flour prepackage, garri, bean, etc (which are under bread
and cereals class), Irish potatoes, yam, water yam, etc (under potatoes, yam and other tubers class), contributed to the year-on-year increase in the food inflation rate.
Other contributors are palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish,
etc (under fish class), beef head, chicken-live, pork head, and bush meat (under meat class).
NBS also said the month-on-month food inflation rate in May was 2.28 percent, showing a decrease of 0.22 percent compared to the 2.50 percent recorded in April.
Business
Governor Nwifiru gifts civil servants N150,000 Christmas bonus
The Ebonyi State Governor, Francis Nwifuru, has announced a Christmas Bonus of 150,000 for each civil servant in the state.
The Chief Press Secretary to the Governor, Monday Uzor, made this known in a Facebook post on Thursday night.
Uzor disclosed that the state workers would receive the bonus before 1 pm on Tuesday, December 17, 2024.
“Every Worker in Ebonyi State service will receive ₦150,000 as a Christmas Bonus before 1 pm on Tuesday… Gov. Rt. Hon. Francis Ogbonna Nwifuru,” the post read.
On October 27, the governor approved the payment of N75,000 minimum wage to civil servants in the state.
According to a statement by his spokesman, Nwifuru said that implementation of the new minimum wage had commenced, and the decision followed a careful review of the current economic situation in the country, especially as it affects the workers.
“According to the Governor, the least paid Civil Servant on grade level 2 will enjoy a full minimum wage of N75, 000 while from grade level 3 and above will get incremental of N40, 000 across board,” the statement read.
Business
US embassy issues fresh directive for Nigerian visa applicants
The United States Embassy has urged visa applicants with interviews scheduled after January 1, 2025, to make at least two visits to the Consulate General in Lagos as part of their immigration visa process.
The US Embassy announced this directive in a post on its X (formerly Twitter) page on Tuesday.
It reads: “For applicants with interviews scheduled after January 1, 2025, you are required to visit the Consulate General in Lagos at least twice during the immigrant visa process.
“This new process is designed to help you prepare for your visa interview and to prevent significant delays in processing your immigrant visa.”
According to information on the embassy’s website, the first visit will include an “In-Person Document Review” with a consular officer.
“This review ensures that applicants are prepared for their visa interviews. The review allows applicants to retrieve any missing documents ahead of their visa interviews, helping to avoid delays in application processing,” the embassy explained.
“The second interview, on the other hand, is with a Consular Officer. The date for this interview will be scheduled for applicants by the National Visa Center (NVC).
“If you do not complete the In-Person Document Review before your visa interview, you will be required to reschedule your appointment.”
The embassy stated that these changes are intended to improve efficiency and minimize delays caused by incomplete documentation.
Business
NCAA approves Ekiti airport for non-scheduled flights from December 15
The Nigeria Civil Aviation Authority has granted the Ekiti Agro-Allied International Cargo Airport in Ado Ekiti, the state capital, approval to commence non-scheduled flight operations beginning from December 15, 2024.
Ekiti State Governor, Mr. Biodun Oyebanji, described the development as a significant milestone and a testament to the state’s investment in the airport project.
He described the move as pivotal for enhancing the state’s socioeconomic growth by improving accessibility.
“This approval is a welcome development and a justification for the state’s investment in the airport project designed to boost Ekiti State’s socioeconomic development by making the state more readily accessible,” Oyebanji said in a statement released by his Special Adviser on Media, Yinka Oyebode, in Ado Ekiti on Thursday.
According to Oyebode, the NCAA communicated its decision in a letter dated December 11, 2024, addressed to Oyebanji.
“The government of Ekiti State welcomes NCAA’s approval for the non-scheduled flight operation, which allows private jets and other chartered flights to land and take off from the airport between 6 a.m. and 6 p.m. (or sunrise to sunset), preparatory to the final approval for commercial flight operations,” the statement read.
The NCAA Acting Director-General, Capt. Chris Najomo, clarified in the letter that the approval covers non-scheduled operations under Visual Flight Rules for six months, from December 15, 2024, to June 15, 2025.
The temporary permit, Oyebode explained, enables the NCAA to validate pending findings and gives the Ekiti State Government time to address a few outstanding corrective actions highlighted in the agency’s last inspection report.
As part of compliance efforts, the state government has engaged relevant aviation agencies to provide essential services, including Air Traffic Services, Aerodrome Rescue and Fire Fighting Services, Aviation Security, and Meteorological services.
It is worth noting that most new airports are initially granted non-scheduled flight approvals to address compliance issues before receiving full operational permits.
Ekiti State had previously signed Memoranda of Understanding and Service Level Agreements with federal aviation agencies to facilitate the airport’s development.
Oyebanji had earlier assured stakeholders that the airport would be operational before the end of the year.
With this milestone, the state inches closer to realising its goal of leveraging the airport for economic transformation, the statement concluded.
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