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Inflation Rate Hits 12.2% — Highest In Almost 2 Years

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The consumer price index, which measures inflation, hit a 21-month high in February.

According to the CPI/Inflation report released by the National Bureau of Statistics on Tuesday, inflation increased to 12.20% in February, an increase of 0.07 percentage points from the 12.13% recorded in January.

The last time the inflation rate was in this region was in May 2018. At the time, it was 11.61%.

“On a month-on-month basis, the headline index increased by 0.79% in February 2020. This is 0.08% rate lower than the rate recorded in January 2020 (0.87%),” the report read.

“The urban inflation rate increased by 12.85% (year-on-year) in February 2020 from 12.78% recorded in January 2020, while the rural inflation rate increased by 11.61% in February 2020 from 11.54% in January 2020.

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“On a month-on-month basis, the urban index rose by 0.82% in February 2020, up by 0.10 from 0.92% recorded in January 2020, while the rural index also rose by 0.76% in February 2020, down by 0.07 from the rate recorded in January 2020 (0.83%).”

According to the report, food inflation increased to 14.90% in February while core inflation, which excludes the price of volatile agricultural items, increased to 9.43%.

“All items inflation on year on year basis was highest in Bauchi (14.47%), Niger (14.06%) and Plateau (13.98%), while Borno (10.46%), Abuja (9.68%) and Kwara (9.59%) recorded the slowest rise in headline year-on-year inflation,”

“Food inflation on a year on year basis was highest in Sokoto (17.12%), Plateau (16.99%) and Gombe (16.96%), while Nasarawa (13.50%), Bauchi /Katsina (13.04%) and Bayelsa (11.89%) recorded the slowest rise.”

The consumer price index measures the average change over time in prices of goods and services consumed by people for day-to-day living.

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Basketmouth slams filmmakers for failing to showcase Nigeria’s culture in movies

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Basketmouth

Popular comedian and filmmaker, Bright Okpocha, aka Basketmouth, has accused some of his colleagues of not showcasing Nigeria’s rich culture in their movies.

The movie star alleged that most of the epic movies released recently do not promote the country’s culture.

In an interview with Hip TV, Basketmouth claimed that the filmmakers wasted opportunities to showcase Nigeria’s culture positively.

He said, “I believe that we still have the opportunity to get it right. But we had a great opportunity to showcase our culture and most of the filmmakers blew it up. They just ruined that great chance because I see epic movies and they look like stage plays.

“When I was seeing most of the epic movies, I was disappointed.

“You guys blew up a great opportunity but let’s hope we still have another chance to strike at it.

“I’m sorry, only very few movies have impressed me so far. I believe that we can do more.”

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Gov Abiodun commiserates with Makinde, Soludo, Wike over stampede victims

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Abiodun

The chairman of the Southern Governors’ Forum, SGF, and Governor of Ogun State, Dapo Abiodun, has sympathised with the governments and people of Oyo, Anambra, and the Federal Capital Territory, FCT, over the tragic loss of lives resulting from recent stampedes at food palliative distribution venues in the affected areas.

The stampedes reportedly claimed the lives of approximately 65 Nigerians, while others sustained varying degrees of injury.

Abiodun expressed his sorrow in sympathy notes to Governor Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and Nyesom Wike of the Federal Capital Territory, saying that the deaths of the victims were especially tragic because they were pursuing necessities for survival.

The SGF Chairman noted that the administration of President Bola Ahmed Tinubu, together with other levels of government, is still working to improve the living standards of the populace, despite the current economic difficulties they confront.

To prevent further tragedy, Abiodun urged all Nigerians to exercise caution and follow security procedures when attending palliative distribution events.

He said: “Deaths such as these diminish us as a people. These disasters occurred at a time when families around the world are in a festive and joyous mood. It is indeed tragic.

“I, on behalf of my family and the good people of Ogun State, commiserate with my brother governors, Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and the FCT Minister, Nyesom Wike, the families of the victims, and all Nigerians on these unfortunate incidents.

“May the souls of the departed rest in peace.”

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Nigerian Govt lifts ban on mining in Zamfara after five years

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The Federal Government has suspended the ban on mining activities in Zamfara State five years after the sanction was imposed.

The Minister of Solid Minerals Development, Dele Alake, made this known in a statement on Sunday in Abuja.

“The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state.

“Nigeria has a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, Lithium, and copper belts,” the statement read.

According to the minister, the previous ban, which was well intentioned, inadvertently created a vacuum exploited by illegal miners to fleece the nation of its resources.

Alake also emphasized that the state’s potential for contributing to national revenue is enormous.

“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity, and with the ban on exploration lifted, Zamfara’s mining sector can gradually begin contributing to the nation’s revenue pool.

“Since the beginning of the Tinubu administration, however, intelligence-driven, coordinated security operations have resulted in the neutralization of key bandit commanders, significantly reducing incidents of insecurity.

“A recent success was the capture of one of the most wanted bandit commanders, Halilu Sububu, in a covert operation in Zamfara,” he added.

The minister further stated that the lifting of the ban would also facilitate better regulation of mining activities in the state.

He said this would enable more effective intelligence gathering to combat illegal mining and ensure the country benefits from the state’s rich mineral resources.

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