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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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Minimum Wage: Let’s cut our coat according to our clothes, Tinubu tells labour

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Last Updated on July 12, 2024 by Fellow Press

President Bola Tinubu says a new minimum wage will be fixed after reviewing the “structure” of the wage bill.

Tinubu spoke on Thursday while addressing the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) during a meeting at the State House, Abuja.

Tinubu told the labour leaders that his administration prioritises the welfare of workers, adding that “society depends on the productivity of happy workers”.

“You have to cut your coat according to the available cloth. Before we can finalise the minimum wage process, we have to look at the structure,” Ajuri Ngelale, presidential spokesperson, quoted Tinubu as saying in a statement.

“Why must we adjust wages every five years? Why not two? Why not three years? What is a problem today can be eased up tomorrow.

“There is much dynamism to this process if we are not myopic in our approaches.

“We can take a surgical approach that is based on pragmatism and a deep understanding of all factors.”

On his part, Joe Ajaero, NLC president, said things are difficult for Nigerian workers, adding that there must be a balance between the living wage and the minimum wage.

Festus Osifo, TUC president, said the rising inflation in the country has eroded the value of the naira.

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Tinubu appoints Jega on Livestock Reform committee

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Last Updated on July 10, 2024 by Fellow Press

President Bola Tinubu has offered a fresh appointment to former Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega.

The appointment was announced when Tinubu inaugurated the Presidential Committee on Implementation of Livestock Reforms at the presidential villa in Abuja, on Tuesday/

He named Jega as co-Chairman of the Committee established to address obstacles to agricultural productivity and open up new opportunities which benefit farmers, herders, processors, and distributors in the livestock-farming value chain.

President Tinubu emphasized that the implementation of the reforms will require the collective efforts of members of the committee, drawn from the public and private sectors, state governors, and all Nigerians.

“From here, I will appeal to everyone to remove every iota of partisan politics from this. I will assume the chairmanship of the committee as President and appoint Professor Attahiru Jega as my deputy or co-chair.

“This is not about politics; this is about opportunity. This is about our nation. While I may be absent, Jega will preside and continue to promote our objectives,’’ the President said.

Inaugurating the committee in the Council Chamber at the State House, the President thanked the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje for his efforts in assembling experienced and reputable experts to ensure the activation of opportunities in the livestock sector.

“When we have great opportunities in our states, why should Nigerians continue to experience conflicts?

“With the calibre of people that are here, this presents a unique opportunity also to delineate and establish a centric ministry called the Ministry of Livestock Development. It will give us the opportunity so that our veterinary doctors can have the necessary access to research and cross-breed. We can stop the wanton killings,’’ President Tinubu stated.

The President noted that the traditional method of livestock farming will need to be reviewed and repositioned with the support of stakeholders, which include state governments, in order to open up new opportunities for growth and prosperity.

President Tinubu said the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN), will ensure the removal of all legal obstacles to the implementation of the reforms, while the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani will provide support with automation.

“Modern technology is available to us. We are ready to work. I said at the beginning, with you, all of you, the solution is here, and we must run with it. Any law that might inhibit the promotion and actualization of our objectives, the Attorney-General is here, please give it a priority; and the Minister of Budget and Economic Planning is here; create a budget for it to grow, and the Minister of Finance is here as well to work out the money,’’ the President stated.

The President also said the reforms will be comprehensive and collective, urging the support of all stakeholders.

“We need to provide the incentive to enable Nigeria to finally take advantage of livestock farming; dairy products and cold-chain logistics collectively offer substantial commercial and economic advantages. We have seen solutions and opportunities. With these adversities that have plagued us over the years, I believe that prosperity is here – in your hands.”

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