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BIG STORY

Nigeria’s Inflation Rate Jumps To 22.79% Amid High Food Prices

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The consumer price index (CPI), which gauges how quickly prices for goods and services rise, increased from 22.41 percent in May 2023 to 22.79 percent in June 2023.

The most recent statistic represents the country’s inflation rate’s sixth straight increase this year.

This was disclosed in the National Bureau of Statistics’ (NBS) Monday-released CPI report for June 2023.

“In June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%,” the report reads.

“Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%. This shows that the Headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).

“On a month-on-month basis, the Headline inflation rate in June 2023 was 2.13%, this was 0.19% points higher than the rate recorded in May 2023 (1.94%). This means that in June 2023, on average, the general price level was 0.19% higher relative to May 2023.”

Food Inflation Surges To 25.25 Percent

The report also said food inflation rose to 25.25 percent in the month under review, an uptick compared to the 24.82 percent recorded in the preceding month.

The rise in the food index, NBS said, was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.

Sokoto, Zamfara, Borno Residents Paid Less For Food In June

Sokoto, Zamfara, and Borno residents paid less for food in the period under review, the NBS said.

“In June 2023, Food inflation on a year-on-year basis was highest in Kwara (30.80%), Lagos (30.37%), and Kogi (29.71%), while Zamfara (21.38%), Sokoto (21.60%) and Borno (21.75%) recorded the slowest rise in Food inflation on a year-on-year basis,” the report reads.

“On a month-on-month basis, however, June 2023 Food inflation was highest in Kwara (3.82%), Abuja (3.64%), and Ogun (3.56%), while Rivers (0.75%), Zamfara (1.33%) and Adamawa (1.47%) recorded the slowest rise in Food inflation on a month-on-month basis.”

Last week, President Bola Tinubu declared a state of emergency on food insecurity and identified measures to check food inflation and guarantee price stability.

 

Credit: The Cable

BIG STORY

Bill To Make Appeal Court Final Arbiter For Governorship Election Petitions Passes Second Reading

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A bill proposing that the Court of Appeal serve as the final authority for governorship election petitions has passed second reading in the House of Representatives.

The bill, sponsored by Nnamdi Ezechi, who represents Ndokwa East/Ndokwa West/Ukwuani federal constituency of Delta State, seeks to amend Section 246 of the 1999 Constitution.

Currently, Section 246 stipulates that the Court of Appeal’s rulings on National Assembly and State Houses of Assembly election petitions are final.

The proposed amendment aims to extend this finality to governorship election disputes, preventing such cases from reaching the Supreme Court.

Objective of the Bill

When the bill passed first reading in 2024, Ezechi explained that the legislation aims to reduce delays and cut costs in post-election litigations.

If enacted, the law will eliminate the Supreme Court’s role in resolving governorship election petitions—a significant departure from the current judicial process.

Recent Supreme Court Reversals

There have been instances where the Court of Appeal nullified governorship elections, only for the Supreme Court to overturn those rulings.

Plateau State (2023): The tribunal and Court of Appeal nullified the election of Caleb Mutfwang of the PDP. However, in January 2024, the Supreme Court overturned this decision and affirmed his election.

Kano State (2023): The tribunal and Court of Appeal removed Abba Yusuf as Governor. The Supreme Court later reinstated him.

The proposed amendment would prevent such reversals by making the Court of Appeal’s decision final in governorship election disputes.

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BIG STORY

Samsung Electronics Co-CEO Han Jong-Hee Dies From ‘Cardiac Arrest’

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Han Jong-Hee, co-chief executive officer (CEO) of Samsung Electronics, has died at the age of 63 due to cardiac arrest.

According to CNN, the company confirmed his passing on Tuesday.

The report states that “Jong-Hee” had been leading Samsung’s consumer electronics and mobile devices businesses since 2022 and was appointed as vice chairman and CEO that same year.

A company spokesperson stated that “Jun Young-Hyun”, his co-CEO, who was appointed last week, will now assume the role of Samsung’s sole CEO.

Samsung Pays Tribute

In an internal message obtained by CNN, Samsung honored “Jong-Hee”, recognizing his 37 years of service and his leadership in establishing Samsung’s TV business as a global leader.

The company also credited him with contributing to growth in its electronics and appliances businesses despite a challenging business landscape.

“Our deepest condolences are with his family and loved ones during this difficult time,” the message stated.

A Career in Innovation

“Jong-Hee” joined Samsung in 1988 after earning a bachelor’s degree in electrical engineering from Inha University.

Before leading Samsung’s electronics and devices division, he was responsible for its display operations.

A company biography published last week described him as a key figure in the development of Samsung’s LED TVs, emphasizing his role in maintaining the company’s technology leadership.

Challenges for Samsung

The report highlighted that Samsung has faced significant challenges in recent years, particularly in its logic semiconductor business, which has struggled to compete with Taiwan Semiconductor Manufacturing Company (TSMC) in advanced chip production and client acquisition.

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BIG STORY

Judge Recuses Self From “Natasha Akpoti’s” Case Over Bias Allegation

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Obiora Egwuatu, a judge at the Federal High Court in Abuja, has withdrawn from the case filed by “Natasha Akpoti-Uduaghan”, senator representing Kogi Central

Egwuatu, on Tuesday, stated that his decision was based on an allegation of bias against him by “Senate President Godswill Akpabio”.

The suit was initiated by “Akpoti-Uduaghan” to prevent the Senate Committee on Ethics and Public Petitions from carrying out disciplinary proceedings against her.

On March 4, the judge had issued an order restraining the Senate from initiating disciplinary actions against “Akpoti-Uduaghan”, following an ex parte application submitted by her legal representatives.

Case to Be Reassigned

After hearing from the legal teams of the involved parties, “Egwuatu” announced his withdrawal from the case.

He directed that the case file be forwarded to “John Tsoho, the Chief Judge of the Federal High Court”, for reassignment.

The defendants in the case include:

  • The Clerk of the National Assembly
  • The Senate
  • The Senate President
  • The Chairman of the Senate Committee on Ethics

Previously, the judge ruled that the defendants had 72 hours to show cause why an interlocutory injunction should not be granted against them.

However, 48 hours later, the Senate suspended “Akpoti-Uduaghan” for six months after adopting the committee’s report.

Additionally, the Senate ordered that:

  • Her office be locked
  • She must return all Senate properties in her possession to “The Clerk of the National Assembly” for the duration of her suspension.

On March 19, “Egwuatu” overturned his March 4 order, which had earlier prevented the Senate from suspending “Akpoti-Uduaghan”.

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