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Economy

Cost of Living: Kogi, Lagos and Rivers Dwarf Other States in NBS Report

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By Elizabeth Okwe

The Nigeria Bureau of Statistics (NBS) has revealed that Kogi, Lagos, and Rivers are the most expensive states to live in, based on inflation rates for August 2023.

In its latest Consumer Price Index data released on Friday, the NBS said on a year-on-year basis, Kogi led the way with the highest all-items inflation rate at 31.50 per cent, followed closely by Lagos at 29.17 per cent and Rivers at 29.06 per cent.

In contrast, Sokoto recorded 20.91 per cent, Borno 21.77 per cent, and Nasarawa 22.25 per cent, recorded the slowest rise in headline inflation on a year-on-year basis.
When examined on a month-on-month basis, the trend continued, with August 2023 seeing the highest increases in Kwara at 6.07 per cent, Osun at 4.36 per cent, and Kogi at 4.35 per cent.

While Sokoto recorded 1.38 per cent, Borno at 1.73 per cent, and Ogun at 1.89 per cent recorded the slowest rise in month-on-month inflation.
Specifically for food inflation, the figures for August 2023 showed a similar pattern, with Kogi again taking the lead with the highest year-on-year basis food inflation rate at 38.84 per cent. Lagos followed closely at 36.04 per cent, and Kwara at 35.33 per cent.
On the other hand, Sokoto 20.09 per cent, Nasarawa 24.35 per cent, and Jigawa 24.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.

On a month-on-month basis for the same period, Rivers at 7.12 per cent, Kwara at 5.89 per cent, and Kogi at 5.80per cent recorded the highest increases, while Sokoto recorded 0.50 per cent, Abuja at 1.30 per cent, and Niger at 1.40 per cent experienced the slowest rise in food inflation.
The report noted that the surge in food inflation can be attributed to the significant price hikes in various essential food items, including oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, vegetables, milk, cheese, and eggs.

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Economy

Currency Speculators in Trouble as Naira’s Resurgence Continues

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Currency speculators are in trouble as the Naira has continued to gather strength in the market in recent times.

It would be recalled that the US Dollar exchanged for nearly N2,000 in February this year, same with the Pounds, Euro and other foreign currencies.

However, the Naira has continued to gather strength and is currently hovering around N1,480 and N1,520 for a Dollar.

To that end, the Presidency has warned forex speculators to discard their Dollars, saying that the Naira will soon appreciate more and may depreciate their savings.

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, made this call in a statement via his X handle on Thursday.

The presidential aide urged speculators to quickly dump their dollars to avoid “tears.”

He stated, “With backlog FX settled, Naira is set to appreciate further, faster. Currency speculators should quickly dump their stock of dollars to avoid sorrows and tears.”

Onanuga was reacting to the Central Bank of Nigeria, CBN, disclosure that it had cleared the $7 billion foreign exchange backlog inherited by Governor Yemi Cardoso.

Yemi Cardoso, CBN Governor

In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims.

Ali said the apex bank employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.

“Any invalid transactions were referred to the relevant authorities for further investigation,” she stated.

The CBN’s commitment to tackling the FX backlog appears to be paying off, with the external reserves seeing a significant rise, reaching $34.11 billion as of March 7, 2024, the highest level in eight months.

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Economy

CBN Uncovers $2.4b Invalid FOREX Claims

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CBN Governor Yemi Cardoso

Central Bank of Nigeria (CBN) Governor Yemi Cardoso said the apex bank has discovered $2.4 billion invalid forex outstanding claims pressuring the naira and causing anxiety in the currency market.

Cardoso disclosed this in an interview with Arise Television on Monday.

According to Cardoso, this was uncovered during an audit by the consultant the CBN hired, which exposed a number of dubious transactions.

The CBN Governor stated that the apex bank commissioned Deloitte to look into the FX allegations to provide a true picture of the situation.

Cardoso said, according to the Deloitte assessment, up to $2.4 billion of the backlog consists of fictitious claims, with claimants in certain cases being unable to provide import documentation.

“We had had reasons to believe we needed to take a harder look at these obligations. So we contracted Deloitte management consultants to do a forensics of all these obligations and to actually tell us what was valid and what was not,” Mr Cardoso said.

“The result that came out of this was startling in a great respect. It was startling. We discovered that of the roughly $7 billion, about $2.4 billion had issues, which we believe had no business being there and the infractions on that ranged from so many things, for example not having valid import documents and in some cases entities that do not exist,” he said.

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Economy

We are Determined to Stabilise Forex and Boost Economic Growth. -FG

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By Christopher Sunday

Minister of Information and National Orientation, Mohammed Idris, has said the Tinubu administration is committed to implementing macroeconomic reforms.
aimed at curbing inflation, easing the cost of living, and stabilising the foreign exchange as part of the broader objective of boosting economic growth.

The Minister stated this on Saturday in Minna, Niger State, at the 2024 Press Week of the Niger State Chapter of the Nigeria Union of Journalists (NUJ).

Represented by the Director General of the Voice of Nigeria, Mallam Jibrin Baba Ndace, the Minister said the year 2024 holds a lot of prospects for Nigerians as some of the promising initiatives of the administration begin to bear fruit.

“Permit me, distinguished invited guests, as chief spokesperson of the Federal
Government of Nigeria, to use this hallowed platform to tell Nigerians, at this early and auspicious time of the year, that 2024 would be a great year for Nigeria as thepolicies of President Bola Ahmed Tinubu under the Renewed Hope Agenda takefirmer roots for the growth of our nation’s economic development, our invaluablehuman assets, and national security.

“The Tinubu administration will continue to implement macroeconomic reforms.
to achieve broad economic objectives of sustained economic growth aimed at
bringing down inflation, easing the cost of living, and stabilising foreign exchange
and job creation, among others,” he said.

Idris said, against the backdrop of the withdrawal of fuel subsidies, liberalising the foreign exchange regime, and the fight against corruption, the Tinubu government is showing fidelity to the rule of law and the independence of institutions, as demonstrated in the recent judgements of the courts.

The Minister explained that the recent Federal Government decision to relocate certain departments of the Central Bank of Nigeria (CBN) and the headquarters of the Federal Airports Authority of Nigeria (FAAN) to Lagos is part of a broader strategy to enhance operational efficiency, streamline processes, ensure a responsive financial system for Nigeria, and cut operations costs. He emphasised that the government’s directive aligns with global best practices and has no political motivation, however wrongly propagated.

The minister assured that no policy of the present administration would put any part of the country in a disadvantageous position. “President Bola Ahmed Tinubu’s commitment to fairness and equitable development, as outlined in his oath of office, ensures that no policy under his administration will disadvantage any region. His dedication to fostering national unity and inclusivity is reflected in policies guided by principles of fairness and equality,” he said.

The Minister, who also used the occasion to enlist the support of the media in the fight against fake news, said the hydra-headed menace of fake news is ravaging the media space. “My dear colleagues, we need to rise against the elements of fake news that are deliberately designed to misinform Nigerians,” he said.

Idris also announced to the gathering that the Federal Government would soon unveil comprehensive details of the National Values Charter, which are aimed at inculcating values in the citizenry.

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