BIG STORY

Nigeria’s Inflation May Worsen to 16.1% in 2022 – IMF

Published

3 years ago

May 3, 2022

The International Monetary Fund has projected that Nigeria’s Consumer Price Index will hit 16.1 percent in 2022.

This projection was presented in a tabular illustration in the IMF’s Regional Economic Outlook for Sub-Saharan Africa released last week, which was published on its website.

The projected 16.1 percent will be the highest in the country since October 2021 when it was 16.63 percent.

Recent figures from the National Bureau of Statistics showed that Nigeria’s Consumer Price Index rose to 15.92 percent in March.

This new rate is the highest the country has recorded since October 2021, when the inflation rate hit 15.99 percent.

The rise in the inflation rate in March shows that Nigeria is not left out in the global inflation surge.

However, the IMF added that the inflation rate would drop to 13.1 percent by 2023.

In its World Economic Outlook report, the IMF warned about the effects of inflation.

The report read in part, “In sub-Saharan Africa, food prices are also the most important channel of transmission, although in slightly different ways. Wheat is a less important part of the diet, but food, in general, is a larger share of consumption.

“Higher food prices will hurt consumers’ purchasing power, particularly among low-income households, and weigh on domestic demand. Social and political turmoil, most notably in West Africa, also weighs on the outlook.”

Recently, the World Bank said COVID-19 pandemic-induced inflation pushed about 23 million Nigerians into a food crisis in 2021, especially in regions battling conflicts.

The Washington-based bank said this in its latest Commodity Markets Outlook report about the Global Report on Food Crises.

According to the bank, rising food prices have heightened food insecurity in emerging markets and developing economies, especially due to food import dependence on Ukraine and Russia.

It further stated that before the war in Ukraine, the pandemic had triggered food insecurity across the world.

It added that the war-driven disruptions in the food trade, higher food price inflation, and higher costs of administering food assistance efforts are likely to make more people food insecure.

Aside from the pandemic and the ongoing war in Ukraine, the World Bank in a different report had said that import restrictions and non-flexible exchange rate management of the Central Bank of Nigeria were the major driving forces for food inflation in Nigeria.

The report had read in part, “Rising food prices are the underlying factor behind the surge of headline inflation in Nigeria. Food prices have increased due to import restrictions and a nonflexible exchange rate management.

“The current regime is keeping the official exchange rate of the naira artificially strong while the naira has weakened significantly on the parallel market. Additionally, the central bank has restricted importers’ access to foreign currency for 45 products and has reduced the supply to other importers.”

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BIG STORY

Federal Government Earmarks N827bn For Education Infrastructure In 2025 Budget

Published

2 hours ago

December 18, 2024

PorscheClassy News

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has announced that the Federal Government has disbursed a total of N34bn in loans to students studying at tertiary institutions across the country through the “Nigeria Education Loan Fund.”

The President made this statement on Wednesday while presenting the N49.7tn 2025 budget estimates to a joint session of the National Assembly. He also highlighted that the government has allocated N826bn for infrastructure development in the education sector for the 2025 fiscal year.

He stated, “Our administration has so far disbursed N34bn to over 300,000 students via the Nigeria Education Loan Fund.”

“In the 2025 budget, we have made provision for N826.90bn for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education and the nine new higher educational institutions.”

He continued, “We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated N402bn for infrastructure investments in the health sector in the 2025 budget and another N282.65bn for the Basic Health Care Fund.”

“Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians.”

“This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.”

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BIG STORY

President Tinubu Targets N1,500 Per Dollar Rate In 2025 Budget Goals

Published

2 hours ago

December 18, 2024

PorscheClassy News

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, on Wednesday, stated that the Federal Government aims to stabilise the exchange rate at N1,500 to the dollar to ensure the smooth implementation of the 2025 budget.

This marks a reduction of about N200 from the current rate of N1,700 to a dollar.

President Tinubu made this known while presenting the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja.

“The budget projects that inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day”, he said.

“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum”. He added.

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BIG STORY

JUST IN: 32 Reportedly Die In Ibadan Children Programme Stampede

Published

4 hours ago

December 18, 2024

PorscheClassy News

At least 32 people have tragically lost their lives during a stampede at a children’s carnival in Ibadan, the Oyo State capital, in the early hours of Wednesday.

A statement from the Commissioner for Information and Orientation, Prince Dotun Oyelade, revealed that the stampede occurred at a private children’s funfair at Islamic High School, Basorun, resulting in the deaths of 32 people, mostly children, with some others sustaining injuries.

He mentioned that the state government promptly deployed a rapid response team to the site following the incident.

The commissioner confirmed that the victims have been transported to various hospitals across Ibadan for medical treatment.

While thanking the Commissioner for Health, Dr. Oluwaserimi Ajetunmobi, for quickly activating all available response teams to assist at the scene, Oyelade emphasized that the state government will do everything possible to support the victims of the stampede during this difficult time.

He noted that the sate government was not involved in the planning of the carnival, adding that the Ministry of Health was also not carried along in the organisation of the private end of the year children funfair.

Oyelade emphasised the importance of proper coordination when organising events of such magnitude, especially those involving children and elders.

“We are currently awaiting a detailed report from the Commissioner of Police to clarify the total number of victims involved in this unfortunate incident,” he said.

The commissioner urged parents who are concerned about the whereabouts of their children to check the following medical facilities in Ibadan where affected children were taken for proper medical attention, with a valid means of identification:

Patnas Hospital, Basorun
Western Hospital, Basorun
Ringroad State Hospital
Molly Specialist Hospital
University College Hospital (UCH)

“Oyo State Government extends its deepest sympathies to the families affected by this tragedy while also urging the public to remain calm and cooperative as relevant pieces of information are gathered and necessary supports arranged for the victims,” he added.

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