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Nigeria: Despite fall in inflation, food prices rise in May – Report

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The  National Bureau of Statistics (NBS), says Nigeria’s headline inflation dropped for the second consecutive month in May, but the prices of food have continued to surge.

NBS’s latest  data published on Tuesday revealed that the Consumer Price Index (CPI), which measures inflation, increased by 17.93 per cent (year-on-year) in the fifth month of the year 2021.

While, according to the data, this is 0.19 per cent points lower than the 18.12 per cent recorded in April, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.01 per cent in May, representing higher percentage points of 0.04 than the rate recorded in the previous month (0.97 per cent).

The report read, “The percentage change in the average composite CPI for the 12 months period ending May 2021 over the average of the CPI for the previous 12 months period was 15.50 per cent, showing a 0.46 percent point rise from 15.04 per cent recorded in April 2021”.

Also, the urban inflation rate rose to 18.51 percent (year-on-year) in May from 18.68 per cent recorded in April, just as the rural inflation rate stood at 17.36 per cent in May from the 17.57 per cent previously reported.

The urban index rose to 1.04 per cent in May – up by 0.05 per cent points (on a month-on-month basis) – compared to the rate recorded in April (0.99 per cent), while the rural index rose to 0.98 per cent in May – up by 0.03 points – compared to the 0.95 per cent recorded in April.

The report further added that the corresponding 12-month year-on-year average percentage change for the urban index is 16.09 per cent in May – higher than the 15.63 per cent reported in April while the corresponding rural inflation rate in May is 14.94 per cent compared to the 14.48 per cent recorded in the previous month.

 

The composite food index, however rose by 22.28 per cent in May as against the 22.72 per cent reported in April.

This rise in the food index, according to the NBS, was as a result of increases in prices of bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats, and vegetables.

It disclosed that the food sub-index increased by 1.05 per cent in May from the 0.99 per cent recorded in April, on a month-on-month basis.

“The average annual rate of change of the Food sub-index for the 12-month period ending May 2021 over the previous 12-month average was 19.18 per cent, 0.60 percent points from the average annual rate of change recorded in April (18.58) per cent,” the report said.

The core inflation, also known as ‘all items less farm produce’, which excludes the prices of volatile agricultural produce, stood at 13.15 per cent in May as against the 12.74 per cent recorded in April.

On a month-on-month basis, the core sub-index increased by 1.24 per cent in May 2021, up by 0.25 per cent when compared with the 0.99 per cent recorded in the previous month.

NBS noted that the highest increases were recorded in prices of pharmaceutical products, garments, shoes and other footwear, hairdressing salons and personal grooming establishments, furniture and furnishing, as well as carpet and other floor coverings.

Others are motor cars, hospital services, fuels and lubricants for personal transport equipment, cleaning, repair and hire of clothing, other services in respect of personal transport equipment, gas, household textile and nondurable household goods.

The average 12-month annual rate of change of the index was 11.50 per cent for the 12-month period ending in May – representing 0.25 per cent points compared with the 11.25 per cent recorded in April.

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OLOJO FESTIVAL: Nigeria bigger than all of us, Ooni tells politicians

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Monarch begins seven-day seclusion, prays for peace, unity

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has urged Nigerian politicians to put the interest of the country above their political differences, saying Nigeria is bigger than any individual or political interest.

The monarch spoke on Sunday shortly before commencing a seven-day spiritual seclusion ahead of the 2026 Olojo Festival in Ile-Ife, Osun State.

The annual seclusion is part of the traditional rites preceding the Olojo Festival, one of the major cultural celebrations associated with Ile-Ife and the Yoruba people.

The Ooni, who is also the Co-Chairman of the National Council of Traditional Rulers of Nigeria, said his period in seclusion would be devoted to prayers for Nigeria, particularly for peace, unity and sustainable development.

“I am appealing to our politicians. They might have differences, but we should know ultimately that Nigeria is bigger than all of us,” the monarch said.

“It is very important for our political leaders to always look inwardly on how to better the lot of the average Nigerians.”

The Ooni urged political leaders to avoid words and actions capable of threatening national cohesion, reminding them that political power was temporary.

“Some have ruled this country before as political leaders, and others will come after them,” he said.

He said his prayers would also cover Nigeria’s democratic process, particularly as the country prepares for the next general elections.

The monarch commended President Bola Tinubu over what he described as non-interference in the activities of the Independent National Electoral Commission, saying such a practice could strengthen public confidence in the electoral process.

He also commended Osun residents for participating in the recently concluded governorship election, saying the outcome demonstrated the ability of citizens to determine their leaders through the ballot.

According to him, Nigerians should continue to have the opportunity to freely choose their leaders without actions capable of undermining the democratic process.

The Ooni’s seven-day seclusion, which began on Sunday evening, will also provide him with an opportunity to prepare spiritually for the sacred rites of the Olojo Festival and deepen his connection with the ancestors.

The exercise precedes the annual wearing of the sacred Aare Crown, one of the major highlights of the festival.

A statement by the Senior Media Officer of the Ooni’s Palace, Sodiq Lawal, issued on behalf of the Director of Media and Public Affairs, Otunba Moses Olafare, said the seclusion marked the beginning of the spiritual phase of the 2026 Olojo Festival.

The festival celebrates Ile-Ife’s indigenous traditions and ancestral heritage and attracts traditional rulers, cultural enthusiasts, visitors and members of the Yoruba diaspora.

The public ceremonies are expected to follow the spiritual rites and culminate in the Ooni’s emergence in the sacred crown.

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Tinubu vows intelligence-led rescue of abducted Oyo pupils, teachers

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President Bola Tinubu on Monday assured residents of Oyo State that ongoing efforts to rescue abducted pupils and teachers in Oriire Local Government Area would be intelligence-driven, coordinated and sustained.

The President said the Federal Government would deploy every lawful means, including kinetic and non-kinetic measures, to ensure the safe return of the victims abducted during the May 15, 2026 attack in Esiele and Yawota communities.

“Our rescue efforts will be intelligence-led, careful, coordinated, and sustained. We will deploy every lawful tool available, both kinetic and non-kinetic, to ensure our children and teachers are safely returned home,” Tinubu stated in a statement posted on his X handle on Monday.

The President also expressed sorrow over the killing of a school teacher during the abduction and extended condolences to his wife, Mrs Mary Oyedokun, and the bereaved family.

“I also extend my deepest condolences to Mrs Mary Oyedokun, the wife of the late school teacher and her family. Their sacrifice will not be forgotten, and his family will not be abandoned,” he said.

Tinubu stressed that children should never be exposed to the trauma of abduction, noting that no parent should endure the pain associated with such incidents.

“No child should be taken from the safety of a classroom. No parent should have to endure this anguish,” the President added.

He assured affected communities that efforts to secure the release of the abducted pupils and teachers would remain sustained and intelligence-driven.

The statement comes amid growing concerns over insecurity in schools and rural communities following the abduction, which prompted the Federal Government to dispatch a high-powered delegation to the affected communities in Oriire Local Government Area.

The delegation included the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser, Nuhu Ribadu; the Minister of Defence; and the Inspector-General of Police, Kayode Egbetokun, alongside other senior government and security officials.

Tinubu further disclosed that he had approved additional security measures, including the deployment of a specialised security unit equipped with advanced rescue capabilities to intensify efforts towards the safe return of the victims.

“I have also directed the deployment of a specialised security unit with advanced rescue capabilities to intensify efforts to secure the safe return of the abducted pupils and teachers,” he stated.

The President also revealed that the Federal Government, in collaboration with the Oyo State Government, was mobilising 1,000 forest guards to improve surveillance in forest corridors frequently exploited by criminal elements.

According to him, the initiative would be complemented by broader operational measures aimed at strengthening rescue operations and preventing future attacks.

Tinubu added that a request for the establishment of a military base in the affected area was receiving urgent consideration as part of efforts to bolster security.

Authorities have continued rescue operations amid rising concerns over the safety of schools and rural settlements, insisting that efforts remain focused on securing the release of the abducted victims and preventing a recurrence.

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48 alleged terror financiers named by FG {SEE FULL LIST}

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The Federal Government, on Saturday, published a list of 48 individuals and entities allegedly linked to terrorism financing in Nigeria, naming suspects with reported ties to outlawed groups including the Indigenous People of Biafra, Ansaru, and the Islamic State West Africa Province.

The list was released by the Nigeria Sanctions Committee as part of intensified efforts to disrupt financial networks sustaining terrorist activities across the country.

In a statement accompanying the publication, the committee said the designation of the individuals and organisations was in line with Nigeria’s legal and international obligations to combat terrorism financing.

“The Nigeria Sanctions Committee has approved the designation of the following individuals and entities for their alleged involvement in terrorism financing,” the statement read.

It added, “The action is pursuant to relevant laws and regulations aimed at identifying and freezing assets of persons and organisations linked to terrorist activities.”

The committee explained that the move was targeted at dismantling the financial backbone of insurgent and extremist groups operating within and beyond Nigeria’s borders.

Among those listed are individuals reportedly associated with the Indigenous People of Biafra, a proscribed separatist group; Ansaru, a faction linked to Al-Qaeda; and the Islamic State West Africa Province, one of the most active terrorist groups in the region.

Security experts have repeatedly stressed that cutting off funding sources remains a critical strategy in weakening terrorist operations.

Speaking on the development, a senior government official familiar with the process said the publication sends a strong signal about Nigeria’s resolve to confront terrorism at its roots.

“This is not just about naming names; it is about choking the financial lifelines of terror networks. Once funding is disrupted, their operational capacity is significantly weakened,” the source said.

The committee further noted that relevant authorities and financial institutions have been directed to take necessary steps in enforcing sanctions, including the identification and freezing of assets linked to the designated persons and entities.

“The public is also advised to remain vigilant and report suspicious financial activities to appropriate authorities,” the statement added.

The Federal Government reiterated its commitment to safeguarding national security, insisting that individuals or groups found culpable would face the full weight of the law.

As of the time of filing this report, detailed breakdowns of the sanctions and timelines for enforcement were yet to be made public.

 

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