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Food Price Hike, Others Push Nigeria’s Inflation To 14.23% —— National Bureau Of Statistics

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The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14.23 percent in October 2020.

Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 percent when compared to what was recorded in the preceding month.

The bureau said, “The Consumer Price Index, which measures inflation increased by 14.23 percent (year-on-year) in October 2020.

“This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).”

It was observed that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.54 percent in October 2020, representing 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 percent.

This showed a 0.22 percent point rise from 12.44 percent recorded in September 2020.

The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020.

The rural inflation rate, on the other hand, increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.

On a month-on-month basis, the urban index rose by 1.6 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020.

The rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding 12-month year-on-year average percentage change for the urban index was 13.29 percent in October 2020.

This was higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 was 12.09 percent compared to 11.86 percent recorded in September 2020.

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JUST IN: President Tinubu Departs For 10-Day Working Vacation In France, UK

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President Bola Tinubu has left Abuja to begin a 10-working-day “working vacation” in Europe as part of his 2025 annual leave, the Presidency announced on Thursday.

In a statement by Bayo Onanuga, Special Adviser on Information and Strategy, the president’s itinerary includes trips to France and the United Kingdom, after which he is expected to return to Nigeria .

The statement did not clarify whether Tinubu will transmit a formal leave notice to the National Assembly under Section 145(1) of the 1999 Constitution (as amended), which allows the Vice President to act in his stead. Notably, both chambers are currently on recess .

This marks another foreign excursion shortly after a diplomatic mission to Japan and Brazil in late August, where Tinubu pursued trade, aviation, and security agreements during meetings in Japan and with President Luiz Inácio Lula da Silva in Brazil .

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I’m The Most Experienced Oyo Governorship Aspirant In APC — Adebayo Shittu

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Adebayo Shittu, current Minister of Communications, has positioned himself as the most experienced candidate in the All Progressives Congress (APC) contest for the Oyo State governorship.

In a statement to journalists in Ibadan, Shittu cited his extensive political track record—spanning roles as a member of the Oyo State House of Assembly in 1979, a two-time State Commissioner, and two previous governorship bids—as qualifications that set him apart from other aspirants. “I was a member of the State House of Assembly in 1979 and two-time Commissioner in the State. I have also contested the governorship seat in the state twice before I became a minister. These are experiences you cannot buy,” he insisted .

Shittu emphasized the importance of experience in governance and governance readiness, underscoring the complexity of Oyo State’s political landscape. He added, “Oyo is advanced and sophisticated to be handled by inexperienced administrators” .

Drawing on his historical ties to Nigeria’s political heritage, Shittu noted that he gleaned invaluable insights from Chief Obafemi Awolowo, a foundational figure of Nigeria’s politics. He argued that this lineage of political mentorship enhances his capacity to govern effectively.

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Revenue Growth Yet To Translate Into Better Living Conditions — Peter Obi To Tinubu

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Former Labour Party presidential candidate Peter Obi has challenged President Bola Tinubu to ensure that the country’s recently achieved revenue growth delivers visible improvements in citizens’ lives.

Reacting to Tinubu’s announcement that Nigeria hit its 2025 revenue target by August, Obi congratulated the president but stressed: “If indeed the economy stabilises as you declared, then Nigerians must feel it in their daily lives.”

He added that economic stability must be reflected in tangible outcomes: “Borrowings must stop now. Huge contractors’ bills, which are still owed, should be paid, and critical underfunded projects must now be funded.”

Obi lamented the dire state of public services, noting: “True economic stability is not in figures announced at press conferences, but in classrooms where children learn, in well-equipped labs, and in hospitals where citizens can receive quality care.”

He called on the government to channel the surplus revenue transparently into priority sectors—particularly education, healthcare, and poverty reduction—within the remaining four months of the year.

Obi emphasised the need for measurable results, warning: “Anything less will mean that revenue growth has not translated into national growth. Nigerians deserve to see the impacts of this touted revenue growth.”

He concluded with a statement of hope: “A new Nigeria is possible.”

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