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Nigeria’s inflation rate rises to 32.7% — first increase in three months

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The National Bureau of Statistics (NBS) says the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 32.7 percent in September.

This is the first increase in three months after the country’s inflation rate declined twice (August and July) in 2024.

The latest inflation data is contained in the NBS CPI report for September, released on Tuesday.

The NBS said the CPI increased by 0.55 percent (month-on month) compared to the August headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%),” the report reads.

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

“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%).

“This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”

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Lagos red line rail begins commercial operations, projected to move 500,000 passengers daily

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Babajide Sanwo-Olu, governor of Lagos, has announced the launch of commercial operations on the red line rail.

President Bola Tinubu had inaugurated the red line train project on February 29.

In a statement on Tuesday, Sanwo-Olu said the train service is projected to move about 500,000 Lagosians daily on the corridor.

He said commercial operations will run from Agbado to Oyingbo, adding that the government will continue to ramp up the schedule.

“Today marks the launch of commercial operations of the LMRT Red Line, kicking off passenger services from Agbado to Oyingbo,” he said.

“We’re on a mission to keep Lagos moving, and the Red Line is a key part of our vision to create a seamlessly connected city. It is also our second rail system to become operational in less than two years.

“Spanning 27 kilometers, the Red Line has eight stations at Oyingbo, Yaba, Mushin, Oshodi, Ikeja, Agege, Iju, and Agbado. The train service is projected to move about 500,000 Lagosians daily as we ramp up the schedule and provide a viable means of commuting.

“Daily passenger services will depart from Agbado at 6:00 AM, with the second train leaving Iju Station at 7:30 AM. Make sure you have your Cowry Card ready to board.

“Just as with the Blue Line and any other public infrastructure, remember that this project belongs to all of us. Let’s treat it with the respect it deserves.”

The governor warned that vandalism or disruptions would not be tolerated, saying “together, we can ensure that our trains remain a safe and enjoyable experience for everyone”.

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Ikeja Electric announces another power grid collapse

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Following the national electricity grid collapse experienced on Monday evening, power distribution disco, Ikeja Electric, has announced that it has experienced another system failure which has affected the supply within its power distribution network.

The announcement was made in a statement on the disco’s X.com official account on Tuesday.

According to the statement, efforts to restore the power supply are currently ongoing, in partnership with their critical stakeholders.

It read, “Dear esteemed customer, Please be informed that we experienced another system outage today, 15/10/2024, @09:17hrs, affecting supply within our network.

“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”

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Customs extends verification exercise for import duty on private jets to November 14

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The Nigeria Customs Service (NCS) says the verification exercise for import duty on private jets has been extended to November 14.

In a statement signed by Abdullahi Maiwada, its public relations officer, on Monday, NCS said the extension, which starts today October 14 to November 14, is to further engage operators who have expressed willingness to regularise their import duties.

Earlier today, it was reported that the federal government will ground over 60 private jets owned by very important persons in the country over unpaid import duty running into several billions of naira.

“The Nigeria Customs Service (NCS) wishes to inform the general public, particularly operators of privately-owned aircraft, that the verification exercise for the recovery of import duties on illegally imported private aircraft has been extended by one month, from Monday, 14th October 2024, to Thursday, 14th November 2024,” Maiwada said.

“The Nigeria Customs Service (NCS) wishes to inform the general public, particularly operators of privately-owned aircraft, that the verification exercise for the recovery of import duties on illegally imported private aircraft has been extended by one month, from Monday, 14th October 2024, to Thursday, 14th November 2024,” Maiwada said.

“In light of this extension, the NCS encourages aircraft operators to take full advantage of the extended period to fulfill their obligations, avoiding sanctions that may arise from non-compliance after the deadline.”

Maiwada also said the service under the leadership of Adewale Adeniyi, comptroller general, is dedicated to enforcing the laws governing import duties and maintaining the integrity of Nigeria’s aviation sector.

On March 14, the Nigerian Civil Aviation Authority (NCAA) threatened to revoke the operating licences of private jet owners engaging in commercial flight operations.

Less than two months later, the authority directed that a re-evaluation of all holders of permits for noncommercial flights (PNCF) be carried out on or before April 19 to ascertain compliance with regulatory requirements.

On July 5, the NCAA said 10 private jet operators have been suspended over failure to undergo a recertification process.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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