Business
Nigeria’s Inflation Increases To 22.22 Per Cent
Published
2 years agoon
By
Editor
Nigeria’s April inflation figure on Monday increased to 22.22 per cent from 22.04 per cent last month.
The National Bureau of Statistics Consumer Price Index report released Monday disclosed this.
The data represented a 0.18 per cent increase from April’s inflation figure.
On a month-on-month basis, the All-Items Index in April 2023 was 1.91%, 0.05% points higher than the rate recorded in March 2023 (1.86%). This means that in April 2023, on average, the general price level was 0.05% higher relative to March 2023.
READ ALSO: IMF Warns Global Inflation Could Stay High Until 2025
Nigeria’s inflation rate continues its uptrend despite multiple interest rate hikes by the central bank to tame the rising rate. The CBN has increased the Monetary Policy Rate (MPR) from 11.5% to 18% between May last year and March 2023.
Food inflation
The food inflation rate in April 2023 was 24.61% on a year-on-year basis, which was 6.24% points higher compared to the rate recorded in April 2022 (18.37%) and 24.35% recorded in the previous month.
The rise in food inflation yearly was caused by increased prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, and Spirits.
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce, stood at 20.14% in April 2023 on a year-on-year basis. It shows that it was up by 5.96% compared to the 14.18% recorded in April 2022. It is also higher than the 19.86% recorded in March 2023.”
READ ALSO: Nigeria Inflation Rises To 21.91%
More drivers of inflation
The highest increases were recorded in prices of gas, air transport, liquid fuel, vehicle spare parts, fuels, and lubricants for personal transport equipment, medical services, and road transport.
The contributions of items on the divisional level to the increase in the headline index are; food and non-alcoholic beverages (11.51%), housing water, electricity, gas and other fuel (3.72%), clothing and footwear (1.7%), and transport (1.45%).
State inflation
During the month under review, all items’ inflation rate (on a year-on-year basis) was highest in Bayelsa (26.14%), Kogi (25.57%), and Rivers (24.95%). On the flip side, Borno (19.06%), Taraba (19.64%) and Sokoto (19.90%) recorded the slowest rise in headline inflation on a year-on-year basis.
On a month-on-month basis, however, April 2023 recorded the highest increases in Cross River (3.05%), Bayelsa (2.92%), Rivers (2.62%), while Katsina (0.52%), Jigawa (0.74%) and Osun (0.96%) recorded the slowest rise on.
READ ALSO: Manufactured Foods Fall 36% To N2.87tn, Inflation Looms
In terms of food inflation on a year-on-year basis, it was highest in Kogi (29.50%), Kwara (29.48%), and Bayelsa (29.38%), while Sokoto (19.55%), Taraba (20.20%) and Jigawa (20.68%) recorded the slowest rise.
Implication
The continued surge in inflation means the measures by the Central Bank of Nigeria have yet to yield results.
It means that Nigeria would continue to pay more for the prices of goods, thereby leading to a drop in purchasing power by Nigerians.
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Business
‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
Published
10 hours agoon
September 13, 2025By
Editor
The decision of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn Nigerians against accepting Dangote Refinery’s recent fuel price reduction has drawn heavy backlash on social media, with many citizens mocking the union and embracing what they described as “much-needed relief.”
Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to reduce logistics costs.
But NUPENG dismissed the offer as a “Greek gift,” alleging that the refinery was undermining workers’ rights, sidelining the union, and pushing drivers into a rival association.
However, netizens have lambasted the union, querying that during hard times, NUPENG has never supported the masses.
On X (formerly Twitter), Nigerians quickly turned NUPENG’s warning into a trending topic, using humour and sarcasm to lampoon the union.
READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable
Oloye Somorin Osifeso (@OloyeSomorin) wrote: “We like Greek gifts in my garage.”
Just Jude (@JustJude) asked bluntly: “Is it your deception?”
Oladele (@Oladele) quipped: “As Dangote Refinery dey offer Nigerians Greek gift, why can’t NUPENG too offer Nigerians French gift?”
Agbalaka (@Agbalaka) queried: “Can they tell Nigerians what exactly they are fighting about?”
CBN Gov Akinsola (@Akinsola) joked: “Then give us Trojan gift now 😆. Man do man. Man no go vex.”
Omobalaji (@Omobalaji) teased: “NUPENG, oya surprise us with Arabian gifts.”
READ ALSO:Union Gloves vs Corporate Fists: The Dangote–NUPENG Showdown
Habdulakeem Bahdmus (@BahdmusHabdulakeem) added: “If Dangote is showering Nigerians with Greek gift, NUPENG can also set up a Roman gift now.”
Femi Yekinni (@FemiYekinni) steered it back to reality: “We thank them for their advice. Now, @DangoteGroup pls how do we schedule deliveries to Badagry?”
Curtis Abbi (@CurtisAbbi) slammed the union: “Nigerians will manage the Greek gift. @officialNUPENG9, what gift have you given Nigerians in your entire years of existence? NUPENG should offer Nigerians their own Somalian gift 🤣.”
Akin Adejola (@AkinAdejola) echoed the sentiment: “LOL. I can bet Nigerians don’t mind the gift. NUPENG should gift Nigerians same ‘Greek gift’ too if they have any goodwill. NUPENG is the enemy of progress in the oil & gas sector.”
READ ALSO:NUPENG Tanker Drivers Announce Strike Over CNG Trucks Dispute
Adeola Akinwande (@adeolarewaju9) criticised union leaders: “Does NUPENG remember Nigerians at hard times? They have all failed Nigerians the same way the @NLCHeadquarters has failed. They are living big on unionism and cashing out big time. Without unionism, some of their excos are nobody. They should stop the crocodile tears.”
Okunwa U. U. Azikiwe (@OkunwaUUazikiwe) argued: “Competition has created jealousy by the previous monopoly in the sale of fuel. They have lost control, and it is paining them that they are no longer in control. SMH!!!”
Solihull Abdulkareem (@SolihullAbdul) chipped in: “NUPENG or whatever, do you want the market to be monopoly? You’ve been doing what you want for many years. It’s time for change, just accept it and move forward.”
Temidayo (@Temidayo) asked: “It’s a lie. What benefits has your union provided for Nigerians? Middlemen syndrome has been room for corruption. Your association should go and buy shares in Dangote and work together to make Nigeria great.”
And LegalTech Sam Akanbi (@SamAkanbi) summed up: “Nigerians no longer want your Nigerian gift, we want the Greek gift. If you have a better offer, we’d abandon Dangote’s Greek gift and take yours. But for now, let the Greek gift go round.”
READ ALSO:NUPENG Mobilises Tanker Drivers, Petrol Attendants, Others For October 3 Strike
Recall that NUPENG earlier alleged that Dangote Refinery was forcing truck drivers to abandon its union for a rival group, the Direct Trucking Company Drivers Association (DTCDA).
The union also accused Dangote of undermining collective bargaining rights and violating a Memorandum of Understanding (MoU) signed under government supervision.
Dangote, however, denies the claims, insisting that union membership remains voluntary and that its delivery scheme is designed to cut costs and ease supply.
The federal government has intervened, with the Ministry of Labour and the Department of State Services mediating between both parties.
Business
Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
Published
1 day agoon
September 12, 2025By
Editor
Dangote Refinery has reduced its premium motor spirit retail price nationwide.
This is as it announced Monday, September 15, 2025, as the new date to begin the direct petrol distribution initiative.
The initiative, which Dangote Group had earlier announced would kick off on August 15, 2025, would see the $20 billion plant distribute petrol and diesel to consumers with its 4,000 compressed natural gas trucks at zero logistics cost.
The 650,000-barrel-per-day refinery said its new gantry price is N820 per litre, the same price announced last month.
READ ALSO:
The company, which is currently in a face-off with the Nigerian Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), disclosed this in a fresh price template released by Dangote Group on its X account.
With the new price template, in Lagos, Oyo, Ogun, Ondo, and Ekiti, Dangote Refinery’s petrol retail price stands at N841 from N860 per litre.
In Abuja, Edo, Delta, Rivers and Kwara states, the largest African refinery’s retail price is N851, down from N885 per litre.
This means that Dangote Refinery will deliver its petrol directly to willing consumers in Lagos and the South-west states at a reduced retail price of N19, while in Abuja, North Central, and the South-South, it will be a N34 reduction.
READ ALSO:
It stressed that the new price template and direct fuel distribution scheme are expected to take effect on Monday, September 15, 2025.
Meanwhile, the Dangote Refinery price template is not binding on petroleum marketers and retailers except MRS and its other distribution partners, according to DAILY POST.
NUPENG on Thursday announced that it may return to strike against Dangote Group, alleging that the company reneged on its recent resolutions.
However, Dangote Group said it respects the voluntary membership of unions by its workers.
Business
FG Gives Criteria For Opening Bank Accounts
Published
1 day agoon
September 12, 2025By
Editor
From January 1, 2026, all Nigerians and non-residents will be required to obtain a Tax Identification Number, Tax ID, to open or operate bank accounts.
The development followed the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu.
Section 8(2) of the Act makes the Tax ID compulsory for banking, insurance, stock broking, and other financial services. It also extends the requirement to contracts with federal and state governments.
READ ALSO:FirstBank’s Digital Banking Channels Suffers Downtime
For non-residents, Section 6(1) mandates registration for tax purposes, requiring them to obtain a Tax ID if they supply taxable goods and services or derive income from Nigeria.
To enforce compliance, Section 7(3) empowers tax authorities to assign a Tax ID to individuals or entities who fail to register. The Act also allows for suspension or deregistration of a Tax ID if a business ceases operations temporarily or permanently, provided tax authorities are notified within 30 days.
The legislation is aimed at expanding Nigeria’s tax net and boosting revenue collection. Analysts say the policy could significantly improve tax compliance rates nationwide.
Financial institutions are expected to adjust their systems and processes ahead of the January 2026 rollout.
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