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APC Governors Accuse Oil Marketers Of Causing Hardship

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Last Updated on July 18, 2023 by Fellow Press

The Progressive Governors Forum (PGF), a group of governors elected on the platform of the All Progressives Congress (APC), has accused oil marketers of causing hardship in the country.

Hope Uzodinma, governor of Imo and PGF’s chairperson, spoke on Friday after he led his colleagues to visit President Bola Tinubu at the Aso Rock villa.

On Monday, Tinubu, in his inauguration speech, said the subsidy regime was over, noting that it was not provided for in the 2023 appropriation act.

The president’s pronouncement sparked panic-buying of petrol by Nigerians across the country.

On Wednesday, the Nigerian National Petroleum Corporation (NNPC) Limited said it would adjust its pump prices to reflect market realities. The commodity now sells for as high as N550 per litre.

Uzodinma expressed dismay that the marketers were quick to increase prices when the product they had was already subsidised.

“For instance, from May 29 till today, I’m not aware that any petroleum marketer has imported any product.

All the products in their storage facilities are those already imported, subsidised by the government,” he said.

“Why the rush to increase the prices? It is man’s inhumanity to man. I think that what we should do is be our brother’s keepers and learn how to save the firewood we got during the dry season, so we can use it during the rainy season.

“But I also think that as we work towards improving the economy of this country with the intention of creating prosperity, the government will be reasonable enough to look at the reality on the ground and address them as appropriate.

“I have no doubt in my mind that the man who has raised his pump price from N300 plus to N500 plus is creating panic.”

Uzodinma said he expected market forces of demand and supply to fix an appropriate price for citizens.

“By next month, July, the Dangote refinery will be on stream and it’s a very big refinery that will make products available,” he said.

“You are aware that the federal government awarded turnaround maintenance contracts for Port Harcourt, Kaduna and Warri refineries, so if within the period, these refineries are working, products will be available and the market forces will come into play.”

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Food inflation soars by 61 per cent in one year– NBS

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Last Updated on June 18, 2024 by Fellow Press

Nigerians are finding it more difficult to feed themselves, as food inflation rose to 40.66 per cent in May.

This was as the cost of food rose by 61 per cent from 25.25 per cent in June 2023 to 40.66 per cent in May 2024, highlighting a steady rise in the cost of living.

This is according to an analysis of the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics.

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

On Saturday, the NBS disclosed that headline inflation moved by 0.26 per cent to 33.95 per cent from 33.69 per cent recorded in April.

The report noted that the inflation rate climbed to a 28-year high since March 1996 on higher food and transport prices.

It said, “In May 2024, the headline inflation rate increased to 33.95 per cent relative to the April 2024 headline inflation rate which was 33.69 per cent.”

The statistics agency also reported major contributing items to headline inflation in May 2024 including food & non-alcoholic beverages (contributing 17.59 per cent), housing, water, and electricity, gas & other fuel (contributing 5.68 per cent), and clothing & footwear (contributing 2.60 per cent).

A breakdown of the data showed that the price of food commodities increased steadily from 25.25 per cent in June, to 26.98 per cent in July, 29.34 per cent, 30.64 per cent in August, 31.52 per cent in September, 31.52 per cent October, 32.84 per cent in November and 33.93 per cent as the end of December 2023.

The rate further increased to 35.41 per cent in January, 37.92 per cent in February, crossed the 40 per cent mark in March, 40.53 per cent in April and 40.66 per cent in May.

NBS said the rate rose to 40.66 per cent in May, compared to the 24.82 per cent reported in the same month last year — indicating an increase of 15.84 per cent points.

The bureau said semovita, oatflake, yam flour prepackage, garri, bean, etc (which are under bread and cereals class), Irish potatoes, yam, water yam, etc (under potatoes, yam and other tubers class), contributed to the year-on-year increase in the food inflation rate.

Other contributors are palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish, etc (under fish class), beef head, chicken-live, pork head, and bush meat (under meat class).

“The food inflation rate in May 2024 was 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 per cent).

“The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06 per cent, which was 10.41 per cent points increase from the average annual rate of change recorded in May 2023 (23.65 per cent),” the report said.

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Omokri tackles Peter Obi over his criticism of ‘new’ presidential jet for Tinubu

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Peter Obi

Last Updated on June 18, 2024 by Fellow Press

Former aide to ex-President Goodluck Jonathan, Reno Omokri, on Monday accused the 2023 Labour Party presidential candidate, Peter Obi, of lying over the reported purchase of a presidential jet for President Bola Tinubu.

Omokri said, contrary to Obi’s claim, the Nigerian government has no plans to buy a new private jet for Tinubu.

He clarified that the idea to change Tinubu’s presidential jet did not emanate from the presidency.

On Friday, the House of Representatives Committee on National Security and Intelligence asked the FG to purchase new aircraft for Tinubu and Shettima.

Reacting, Obi said: “It’s on record that our presidential jets have an average age of 12 years, purchased when most Nigerians could afford basic necessities. Now, as our country faces significant challenges, including a high debt profile, our citizens are in even greater need.”

However, Omokri faulted Obi’s comment, which he described as “another Gbajue lie.”

Posting on X, Omokri wrote: “The statement by Peter Obi condemning the Federal Government’s plan to buy new presidential jet for President Tinubu is another Gbajue lie from a man who has elevated lying to an art.

“The reason for this is because there is no such plan. It was the National Assembly that mooted the idea, as is their right. The Executive did not make such plans and has not budgeted any money for such a purpose.

“It is the same way he lied and blamed the Tinubu administration for spending N21 billion on the new residence of the Vice President. What he failed to tell his gullible supporters is that that project was initiated and funded by previous administrations, dating to when our party, the Peoples Democratic Party, was in office. Please note that Peter Obi was then our card-carrying member, but he did not attack the project.

“Mr. Peter Obi counts on your gullibility and refusal to research what you read before believing him. That is why he tells such fibs.”

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