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Naira Depreciation, Subsidy Removal Push Inflation To 22.79%

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Nigeria’s inflation rate rose further to 22.79 per cent Year-on-Year (YoY) in June 2023 from 22.41 per cent previous month of May.

But analysts appear surprised that the increase was moderate, beating their projections at the backdrop of the reforms in the petroleum and foreign exchange sectors which pushed up prices in June.

However, the National Bureau of Statistics, NBS, said the food inflation rate quickened YoY to 25.25 per cent in June from 24.82 per cent in May.

The Bureau stated: “On a YoY basis, the Headline inflation rate was 4.19 percent points higher compared to the rate recorded in June 2022, which was 18.6 percent.

READ ALSO: Fuel Subsidy: Tinubu Given 14 Days Ultimatum To Publish Details Of Savings

“This shows that the headline inflation rate (YoY basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).

“On a year-on-year basis, the Urban inflation rate in June 2023 was 24.33 percent, this was 5.23 percent points higher compared to the 19.09 percent recorded in June 2022.

“The Rural inflation rate in June 2023 was 21.37 percent on a YoY basis; this was 3.25 percentage points higher compared to the 18.13 percent recorded in June 2022.”

On food inflation, it said: “The food inflation rate in June 2023 was 25.25 percent on a YoY basis; this was 4.65 percentage points higher relative to the rate recorded in June 2022 (20.6 percent).

READ ALSO: Subsidy: 12m Families To Receive N8,000 For Six Months – Tinubu

“The rise in Food inflation on a YoY basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.”

 

Commenting on the development, analysts at CardinalStone Research said: “The outturn defied expectations and printed materially lower than our projection of 25.0%, with deviations stemming from a positive surprise in the core inflation basket.

“We had anticipated that the 175.2% jump in average PMS prices (following subsidy removal) would have resulted in a 300-400bases points (bps) surge in Month-on-Month (MoM) headline inflation.

“However, the latest report revealed that while all its subcomponents increased by an average of 13bps MoM, core inflation surprisingly moderated by 7bps.”

READ ALSO: Tinubu Arrives Abuja From Guinea-Bissau

However, the analysts added, “Despite the shock numbers, we see latitude for more inflationary pressures in the coming months partly due to the lagged impact of subsidy removal and its pass-through to broader prices. In addition, the recent uptick in parallel market rates (possibly stoked by seasonal demand) will likely add another layer of pressure on prices.”

Commenting as well, analysts at Cordros Research said: “We expect pressures on food inflation to remain intact in July, as higher transport costs will likely continue to filter into food prices. In addition, we understand that Russia is considering terminating the Black Sea grain deal (which expires on 17 July) as part of the agreement concerning the country is yet to be fulfilled. Accordingly, we expect the preceding to pose further risk to imported food prices in the near term”.

“Finally, July marks the beginning of the lean season in the north amid high flooding in the southern region. Thus, the food demand-supply gap is likely to remain wide. Therefore, we expect food prices to rise by 2.10% in July.”
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GMOs: HOMEF Trains Gelegele Farmers, Urges Them To Embrace Agroecology

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Health of Mother Earth Foundation (HOMEF) has advised farmers in Gelegele and Nigeria at large to embrace agroecology in their farming activities, saying it is the viable solution to Nigeria’s food crisis.

This is just as the ecological think thank and advocacy organisation urged government at levels to support farmers to embrace agroecology rather than GMOs – Genetically Modified Organisms.

INFO DAILY reports that agroecology is a system of farming that focuses on restoring soil health, improving nutritional diversity and ensuring food sovereignty, while GMO are plants, animals or microorganisms that have had their gentic material manipulated either by introducing genes from a related or unrelated species or by editing the organism within itself.

Speaking at a one-training on agroecology for farmers at Gelegele community in Ovia North East Local Government Area of Edo State, Programmes Director, HOMEF, Joyce Brown, emphasised the need for the farmers to embrace agroecology, saying the use of GMOs poses threat to the environment and human health.

READ ALSO: HOMEF Trains Women On Climate Change Adaptation

She said: “The use of chemical pesticides poses risks to the environment, human health, and the economy. More than 50 per cent of registered pesticides in Nigeria are Highly Hazardous Pesticides (HHPS). Over 40% of the registered active pesticides in Nigeria are already banned in the EU and other countries of the World.

Practical session if the training at Gelegele community on April, 29,2024.

“Many of these HHPs registered and used in Nigeria have been proven to be linked to chronic health diseases such as cancer, kidney diseases, reproductive complications, endocrine disruption – hormonal challenges, skin diseases, organ failures, etc., as well as biodiversity and environmental destruction.”

According to her, most farmers, consumers, extension workers are not aware of the various hazards associated with the pesticide-active ingredients in the products they use, adding that this is the more reason HOMEF decided to take the responsibility of training and enlightening farmers.

Mrs Brown, while noting that agroecology will help Nigeria achieve food sovereignty if embraced, added: “Food sovereignty refers to a situation where all people at all times have access to healthy and nutritious food. Food sovereignty ensures that beyond food security – food is safe, food producers have the right to what they produce and how.”

READ ALSO: NABDA, NACGRAB Merger Dangerous For Nigeria’s Biosafety, HOMEF Warns

On his part, one of the trainers of the farmers and farm manager, Be The Help Foundation, Abuja, Chukwu Agozirim, said agroecology is a modern system farming which, according to him, help to eradicate poverty by increase in food production and making the environment safe for humans

He said Gelegele was selected due to the fact that the soil is contaminated as an oil producing community, adding “so the main purpose is to train and enlighten them on how they can go about their normal food production in spite of the contamination of their soil.”

He added: “We are bringing farming back to the olden days how our great-grandfathers were farming.”

Responding on behalf of other farmers, Mr Emmanuel Obi, while describing the training as an eye opener, promised to adapt the new method of farming.

The programme climaxed with a practical session of the training where the farmers were showed how they can use locally sourced materials to grow their farm produce.

 

 

 

 

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[JUST IN] Akpata: UNIBEN Suspends Students’ Union

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By Joseph Ebi Kanjo

The management of the University of Benin, UNIBEN, has suspended Students’ Union of the institution.

INFO DAILY reports that the suspension of the Students’ Union may not be unconnected with the incident that happened at the University’s Senior
Staff Club on Friday 12h April, 2024.

In the said incident, students of the university led by the Students’ Union president were said to have invaded an interactive session by staff of the university with the Edo State governorship candidate of Labour Party, LP, Olumide Akpata and in the process demanded a halt of the event, claiming that they (Students’ Union) were not informed of the event.

READ ALSO: Students Attack LP Guber Candidate At UNIBEN, Akpata Fingers Govt Official

The students were said to have behaved unruly at the event and in the process rough handled many of the stuff including a member of the Academic Staff of the Universities (ASUU), who was reportedly beaten merciless and eventually landed in the hospital.

Following the incident, management of the university was said to have set a panel to investigate the incident with a view to unraveling the truth.

Consequently, in a statement signed by A.A. Bobola, Registrar of the university and made available to newsman in Benin on Monday April 29, 2024, said, “after due consideration of the Report by the Management, the Vice Chancellor has approved the suspension of the University’s Students Union.”

READ ALSO: UNIBEN ASUU Threatens To Boycott Resumption Date Over Violent Attack On Member

The statement partly reads: “The suspension which is indefinite, takes immediate effect, that is, from today, Monday 29h April, 2024.

“Accordingly, all Officers of the Students’ Union are to handover all properties of the Union in their possession to the Dean, Students’ Affairs not later 4.00pm on Tuesday 30 April, 2024.

“In the interim, a Caretaker Committee composed of representatives of Faculties, Schools and Institutes has been approved to coordinate students’ activities during the period of
suspension.

“The above directive of the Vice Chancellor is hereby communicated for the attention of
the University Community and compliance of the erstwhile Union Officers as appropriate.”

 

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Ooni: Suspended Benin Palace Functionaries Banished

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Photo: file copy

Six Oba of Benin palace functionaries have been ostracized.

The palace functionaries were said to have engaged themselves in a sacrilegious show of shame and falsehood against the Benin Custom and tradition.

The banished palace functionaries are Johnbull Igbinosun, Iduhonre (Ihogbe), S.E. Aigbiremwen, Efesoghoba (Ogbelaka) and two other Ogbelaka functionaries — Ogbeide Osagie and Osamudiame.

READ ALSO: Oba Of Benin Suspends Six Officials For Posing As Palace Emissaries To Ooni Of Ife

They had falsely claimed to be emissaries of the Omo N’ Oba N’ Edo Uku Akpolokpolo, His Royal Majesty, Ewuare Il, Oba of Benin in the palace of the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi; (Ọjájá II), where they rendered a “disjointed account of the link between the Benin Royal Dynasty and the Ooni-ship of Ife at Ooni of Ife’s Palace in Osun State recently.”

A statement signed by Mr. Osaigbovo Iguobaro, Chief Press Secretary to the Oba of Benin on Monday April 29, 2024, said they admitted before a committee led by Chief Ekhoerovbiye Oviasogie, the Uwangue of Benin that they erred against Benin Customs.

READ ALSO: Tragedy In Ekiti As Man Stabs Wife To Death Over Infidelity

The Uwangue of Benin, who described their action as a deliberate attempt to rubbish Benin Kingdom, pronounced the suspension of the Palace functionaries.

Consequently, they were also stripped off of Benin Royal beads, recognition as palace functionaries and their traditional titles, which were handed over to the ancestors.

The suspended palace functionaries were also barred from parading themselves as Benin palace functionaries and stopped from participating in any traditional rites in Benin.

They were thereafter escorted out of the Palace by Chiefs, including Ewaise (traditional seers) with occipital horns invoked ancestral spirits to bear witness.

 

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