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BREAKING: Inflation Drops To 32.15%
Published
10 months agoon
By
Editor
The National Bureau of Statistics, NBS, says the headline inflation rate eased to 32.15% in August 2024, relative to the July 2024 headline inflation rate of 33.40%.
Looking at the movement, it indicates that the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate.
However, on a year-on-year basis, the bureau disclosed that the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%), which shows an increase in August 2024, when compared to the same month in the preceding
year.
On a month -on -month basis, NBS said the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in the previous month (2.28%). This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.
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“The percentage change in the average CPI for the twelve months period ending August 2024 over the average of the CPI for the previous twelve months period was 31.26%, showing 8.88% increase compared to 22.38% recorded in August 2023.”
Urban Inflation.
On a year-on-year basis, August 2024 Urban inflation rate was 34.58%, this was 6.89% points higher compared to the 27.69% recorded in August 2023.
On a month-on-month basis, the urban inflation rate was 2.39% in August 2024, this was 0.07% points lower compared to July 2024 (2.46%).
The corresponding twelve-month average for the Urban inflation rate was 33.44% in August 2024. This was 9.98% points higher compared to the 23.46% reported in August 2023.
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Rural Inflation
The Rural inflation rate in August 2024 was 29.95% on a year-on-year basis; this was 5.85% higher compared to the 24.10% recorded in August 2023.
On a month-on-month basis, the Rural inflation rate in August 2024 was 2.06%, down by 0.04% points compared to July 2024 (2.10%).
The corresponding twelve-months average for the Rural inflation rate in August 2024 was 29.32%.
This was 7.93% higher compared to the 21.39% recorded in August 2023.
The Food inflation rate in August 2024 was 37.52% on a year-on-year basis, which was 8.18% points higher compared to the rate recorded in August 2023 (29.34%).
The rise in Food inflation on a year on year basis was caused by increases in prices of the following items, Bread, Maize Grains, Guinea Corn, etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, Cassava Tuber, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable, etc (Oil & Fats Class) and Ovaltine, Milo, Lipton, etc (Coffee, Tea & Cocoa Class).
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On a month-on-month basis, the Food inflation rate in August 2024 was 2.37% which shows a 0.10% decrease compared to the rate recorded in July 2024 (2.47%).
The fall was attributed to the decline in the rate of increase in the average prices of Tobacco, Tea, Coco, Coffee,
Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, Vegetable etc.
The average annual rate of Food inflation for the twelve months ending August 2024 over the previous twelve-month average was 36.99%, which was 11.98% points increase from the aver
age annual rate of change recorded in August 2023 (25.01%).
Meanwhile, on state by state basis, all Items inflation rate in August on a Year-on-Year basis was highest in Bauchi (46.46%), Kebbi (37.51%) and Jigawa (37.43%), while Benue (25.13%), Delta (26.86%) and Imo (28.05%) recorded the slowest rise in Headline inflation on Year-on-Year basis.
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News
Expert Tasks NGOs On Int’l Standard Procurement Procedure
Published
7 hours agoon
July 24, 2025By
Editor
A procurement expert, Mr Ogunnupe Olushiga, has urged Non-Governmental Organisations (NGOs) to fine-tune their policies and procurement activities to fit national and international standards.
Olushiga gave the advice at a two-day capacity building workshop for 15 NGOs on International Standard Practice on Procurement Processes.
The workshop was organised by Efficiency Management Consulting Firm in Bauchi and supported by Young Leaders Network, CARD, JO Ogun and Sons Enterprise.
Olushiga, the Convener and Lead Facilitator of the training, said the workshop was to help organisations mirror their activities in line with the Nigeria Procurement Act.
He noted the training would help organisations adjust their policies and procurement activities to fit global benchmarks.
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He said it would also help procurement, administration, finance, compliance and programme officers align their procurement practices with national laws and global donor policies.
Olushiga added that it would equally build a fraud resistant-audit ready and value driven procurement system.
“The training is to increase the capacity of the not-for-profit sector partners or workers and all those organisations that work under the not-for-profit to bring them up to international standards in procurement practice.
“It is also to help them to mirror their activities with the Nigerian Procurement Act which is not mandatory for them but compels them to have their policies and procurement activities in tune with national policy and international standard.
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“This standard fits into the World Bank and other donor agencies that come into partnership with them,” he said.
He pointed out that the new global, national, state laws and frameworks on procurement aligned with the need to safeguard the environment in rendering services by being eco-friendly and energy efficient in all procurement processes and services.
Patricia James, a Legal Procurement Consultant, listed some of the existing laws that guide organisations in procurement matters to include the Public Procurement Act, 2007, and the Bauchi State Public Procurement Law, 2020.
Others she said are the World Bank Procurement Regulations (2023), Transparency International (2021), Corruption Risks in Public Procurement, Chartered Institute of Procurement & Supply CIPS (2020) and Ethical Procurement.
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In his address, Malam Nura Mohammed, the Director-General, State Agency for Sustainable Microfinance, said the government would henceforth channel all its Micro-credit Revolving Fund facilities through Participating Financial Banks down to the grassroots.
He said this would ensure financial inclusion in underserved communities.
He said the agency was established by the state Governor, Bala Mohammed, to act as an intermediary between the government, financial institutions, and businesses towards providing access to credit, business development services, and policy support.
The director-general who said procurement was critical to the operations of every organisation, commended the facilitator for his commitment.
He urged the participants to practicalise the knowledge gained to ensure procurement credibility and integrity in their organisations.
News
Pick Up Corps Members Or Refund Their Transport Fee – NYSC urges Corps Employers
Published
7 hours agoon
July 24, 2025By
Editor
The National Youth Service Corps (NYSC) has called on corps members’ employers to always complement the scheme by going to the camp and picking up corps members or refund their transport fee when they fail to do so.
The Director General of NYSC, Brig:-General Olakunle Nafiu made the call in Bauchi on Thursday during the
2025 NYSC/Corps Employers’ Workshop organised by the scheme in the state.
According to him, provision of comfortable accommodation for corps members by their employers or payment in lieu of accommodation would go a long way in compelling the corps members to provide adequate and effective service delivery.
Represented by Mrs Agatha Banki, Director, Northeast Area Office 1, Bauchi, the DG explained that the workshop is an annual event that brought operators of the NYSC Scheme and corps employers in a strategic meeting that presented them the avenue for exchange of ideas that enhance their operations.
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“From addressing gray areas to enhancing healthy relationships between our various organisations, the workshops always produce ideas and recommendations that are factored into the operations of the Scheme.
“I am convinced that the 2025 workshop would not be any different,” said the DG
He further highlighted the roles of corps employers to include the provision of accommodation, payment of transportation allowance, Healthcare provision as is available to regular staff, and provision of a healthy working environment.
Nafiu added that at the end of the workshop, participants must recommend steps to help build a proactive and enduring partnership between the NYSC Scheme and corps employers.
“You must hammer out more effective formats of communication among our organisations and come up with implementable solutions to the numerous problems that challenge corps administration and proffer solutions.
“I call on you to make individual and collective contributions in shaping the nation-building efforts of the corps members,” he said.
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Earlier, the Bauchi state Coordinator of NYSC, Mr Umoren Kufre, said that the NYSC was dedicated to fostering mutual growth and development, adding that it is through meaningful partnerships with corps members employers that the scheme could truly maximise these endeavors.
“Strengthening our partnership is not merely a desirable goal but a necessity for fostering empowerment, innovation, and social responsibility.
“Throughout this workshop, we will engage in critical discussions, share experiences, and explore best practices that will help us strengthen our bonds and enhance the effectiveness of the NYSC in serving both corps members and the labour market”, he said.
The theme of this year’s workshop is ‘strengthening NYSC/Corps employers’ partnership for improved mutual benefit’.
News
FOI: Access To Public Information, Right, Not Privilege, Says Edo Attorney General
Published
8 hours agoon
July 24, 2025By
Editor
Edo State Attorney General and Commissioner for Justice, Dr. Samson Osagie, has said that the right of access to public information should not be taken as a privilege that should be granted at the discretion of the state, rather, should be seen as a right that flows from the sovereignty of the people.
Hon. Osagie spoke at a Strategic Meeting on the Implementation of the Freedom of Information Act (FOI) in Nigeria, held in Benin on Thursday.
The strategic meeting was organized by Africa Network for Environment and Economic Justice (ANEEJ) and its partners under the CASARN project.
Represented by Festus Usiobiafo, Esq., Principal Council, Edo State Ministry of Justice, the Attorney General described the meeting as an opportunity to “deepen synergy, harmonize strategies, and reaffirm our collective resolve to make openness and accountability the defining attributes of governance in Nigeria.
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He disclosed that his ministry has “already exploring digital systems that can ease public access to data and records held by government institutions.”
“I am particularly pleased that this forum is not just timely, but pivotal, given the recent Supreme Court pronouncement clarifying the applicability of the FOI Act to subnational entities.
“In Edo State, the administration of Senator Monday Okpebholo, Governor of Edo State is deeply committed to reforms that promote transparency, public accountability, and citizen participation.”
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The Attorney General, while noting that “access to information must serve the public good not be a tool for sensationalism or abuse,” noted that “FOI Act is not merely a legal instrument, it is a moral compass.”
“I affirm our readiness to engage constructively with civil society and the media towards the robust implementation of the FOI Act.
“However, this must be done within the framework of constitutional safeguards, institutional capacity, and responsible journalism,” he said.
Osagie continued: “It tells the story of a government that is not afraid of being questioned, a society that thrives on facts, and a people who are empowered to hold leaders accountable.”
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