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Nigeria’s inflation hits 13.22%



Nigeria’s inflation rate has continued its 29-month surge, rising to 13.22% in August, 0.40% points higher than the 12.82% recorded in July 2020, the National Bureau of Statistics (NBS) revealed.

The latest Consumer Price Index (CPI) report released on Tuesday revealed that the over two-year high is largely due to the supply disruption of goods and services caused by the COVID-19 pandemic.

The NBS added that on a month-on-month basis, the headline index increased by 1.34% in August 2020.

“The Consumer Price Index, (CPI) which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).

“The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020,” the report read .

The report also showed that food inflation hit the 16% mark in the month in review from the 15.48% recorded in July, signaling the impact of rising prices of basic food items.

“This rise in the food index was caused by an increase in prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, oils and fats, and vegetables.

It added that “On a month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 percent points from 1.52 percent recorded in July 2020”, it added.

Meanwhile, core inflation which excludes the prices of volatile agricultural produce stood at 10.52 percent in August 2020, up by 0.42 percent when compared with 10.10 percent recorded in July 2020.

The report further revealed  that urban inflation rose to 13.83% year on year from the 13.40% recorded in July, but on a month on month basis, the index climbed 1.42%, while rural inflation stood at 12.65%.

It added that inflation was highest in Kogi (17.29%), Bauchi (15.77%), Ebonyi, and Yobe (14.71%), while Lagos (11.45%), Kwara (11.22%), and Abuja (11.17%) recorded the slowest rise in headline Year on Year inflation.

The Central Bank had predicted that inflation is likely to rise up to 14.15% at the end of December due to supply shocks as a result of the coronavirus pandemic, which has curtailed economic activity and created disruptions.

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Oyo govt. calls on DPR to sanction marketers hoarding petrol



Oyo state government has asked the Department of Petroleum Resources (DPR) to start monitoring filling stations in the state and sanction marketers found hoarding the product.

The State Commissioner for Works and Transport, Prof. Daud Sangodoyin made the call on Monday while featuring on a private radio station in Ibadan.

Sangodoyin said the scarcity of fuel that started on Sunday was artificial as there was no reason for most of the marketers not to sell to the people.

Most filling stations in Ibadan, the Oyo state capital were not selling fuel to motorists while those selling experienced long queues which also contributed to traffic gridlock in some parts of the metropolis.

“As government, we are doing all we can to make life easy for the people of Oyo State and this is reflected in the number of infrastructural projects around the State, for some people to be creating artificial scarcity of fuel for pecuniary reasons is wrong and inhuman.

“The Department of Petroleum Resources should as a matter of urgency swing into action and arrest the situation, they have the work of monitoring cut out for them and this is the moment to bring those marketers sabotaging government’s effort by hoarding products to book,” the Commissioner submitted.

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Imo: Gov. Uzodinma makes case for FCC, sponsors 4-day retreat



Governor of Imo State, Senator Hope Uzodinma has canvassed for the strengthening of the laws establishing the Federal Character Commission  (FCC) to enable it perform its functions effectively.

Governor Uzodinma registered his position at a banquet the Imo state government hosted in honoured of the Executive Chairman and Commissioners of the Federal Character Commission (FCC) who were in the State for a retreat last week at the Government House, Owerri.

According to the Governor, the philosophy behind the establishment of the Federal Character Commission (FCC) was well thought out development, adding that to a great extent the Commission has assisted in efforts made at the unification of the country.

He noted that at this very trying moment of the country, the Commission needed to bring its functions to play to douse the tention giving assurance to the citizenry of a sense of belonging.

Senator Uzodinma stressed that it was in recognition of the great role of the Commission that the Imo State government opted to sponsor the retreat.

He admonished members to work together in harmony to enable the Commission deliver on its mandate.

In her remarks, the Executive Chairman, Federal Character Commission (FCC), Dr Muheeba Dankaka thanked the Governor and Imo State government for accepting to host the retreat. She said the out come of the  retreat will go a long way in assisting the Commission in its assignment.

The FCC boss, however called on state governors to also come to the aid of the Commission, particularly by assisting the State offices to function effectively.

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Oyo: Kidnapped UI student regains freedom



Victim of Monday’s kidnap attack at a  poultry farm in Oke Odan, Apete area of Ibadan, Oyo capital, Emmanuel Odetunde has been released.

It will be recalled that Odetunde was abducted around 5 pm on Monday while working at his father’s poultry. The abductors also demanded a ransom of N100m for his release.

Mega Icon Magazine, however learnt that the victim , a student of the University of Ibadan (UI) was released at 7:15pm Thursday .


In a tweet obtained by our reporter, via his Twitter handle @dr_emmay thanked friends, family and well wishers  for their prayers.

He also did not disclosed whether any ransom was paid or not.

“I was released at 7:15pm today. I am currently with my family.

“Thanks for the prayers. I appreciate @, Odetunde tweeted.

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