News
Naira Depreciation, Subsidy Removal Push Inflation To 22.79%

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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News
Migration Agency Warns Migrants Against Irregular Travel Routes

The International Organisation for Migration (IOM), in collaboration with Giving is Healing Foundation, has sensitised residents of Ayobo in Alimosho Local Government Area of Lagos State on the dangers of irregular migration and the need to embrace legal travel procedures.
Speaking during a sensitisation programme held at Megida Ifelodu Community Development Association in Ayobo, the founder of Giving is Healing Foundation, Mr. Gbolahan Ayediran, warned intending migrants against using illegal travel routes.
Ayediran said many Nigerians desire to migrate abroad in search of better opportunities but often ignore proper procedures, thereby exposing themselves to several dangers.
“Lots of people want to migrate and most of them do it in the wrong direction. The reason for the programme is for us to advise people on how they can migrate in the right way. As much as migration is their right, they should do it correctly,” he said.
READ ALSO:How Wike Rescued Me From Political Oblivion — Oshiomhole
He advised intending travellers to obtain the necessary travel documents before embarking on any journey, noting that such documents include international passports, visas, flight tickets and yellow cards, depending on the destination country.
According to him, migrants should also gather adequate information about their destination countries to enable them make informed decisions before travelling.
Ayediran further highlighted some of the dangers associated with irregular migration, including abuse, exploitation, discrimination and forced labour.
Also speaking, the Chairman of Megida Ifelodu Community Development Association, Elder Mathews Amusan, commended the organisers for enlightening members of the community on safe migration practices.
READ ALSO: He Can’t Fix His Party Let Alone Nigeria – Oshiomhole Blasts Atiku
He urged residents planning to travel abroad to always follow legal migration procedures to avoid falling victim to human trafficking and other migration-related challenges.
One of the participants, Mr. Kolawole Adenoko, said the programme enlightened him on the dangers of irregular migration and the importance of travelling through the proper channels.
He added that he would also educate his relatives and friends on the risks associated with illegal migration.
News
Shatta Wale Bailed Burna Boy From Ghana Prison After Arrest For Smoking Weed – Captan

Ghanian singer, Captan, has claimed that his former record label boss, Shatta Wale, once bailed Nigerian singer Burna Boy out of prison in Ghana after he was allegedly arrested for smoking weed.
Speaking in a recent podcast interview, Captan claimed that Shatta Wale sent him and others to free Burna Boy from police custody.
He also claimed that Shatta Wale and his group once accommodated Burna Boy when he was being hunted by some dangerous men.
READ ALSO: Wale Edun Opens Up After Sack
Captan said, “I once bailed Burna Boy out of prison in Ghana when he was arrested for smoking weed. Shatta Wale sent me and some guys to go and free him from police custody.
“There was a time we also accommodated him when some people were after his life. We helped him settle the case.”
He added that he and Burna Boy are no longer in good terms after the Nigerian artist’s fallout with his mentor, Shatta Wale.
He, however, said he and Shatta Wale are open to reconciling with Burna Boy if he asks for it.
Watch the video here
News
Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.
The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.
A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”
Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.
READ ALSO:Children’s Day: Edo Commits To Child Protection
It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.
Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.
The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.
Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.
READ ALSO: Egor LG Chair, Ogbemudia, Vice, Osawe Impeached
Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.
He said all the students, except two, that were rushed to the hospital have been discharged.
Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.
“The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.
“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”
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