Business
Nigeria Headline Inflation Drops, Production Costs Remain High-NBS
The National Bureau of Statics, NBS has disclosed that Nigeria’s headline inflation fell from 21.47 per cent in November 2022 to 21.34 per cent in December 2022.
It could be recalled that in 2022, the country’s inflation rate rose from January to November, before falling by 0.13 per cent to 21.34 per cent in December.
The NBS explained that while headline inflation fell year-on-year, it increased from 1.39 per cent in November 2022 to 1.71 per cent in December 2023.
The statistics body consistently blamed the nation’s woe with inflation in 2022 on the rising cost of importation, currency depreciation, increases in the cost of production, and a foreign exchange crisis.
Commenting on the increase in month-on-month inflation, it said, “Basically, the likely factors responsible for increase in inflation rate in month-on-month can be attributed to the sharp increase in demand usually experienced during the festive season, increase in the cost of production e.g. increase in energy cost, transportation cost, exchange rate depreciation etc.”
Headline inflation in Nigeria rose from 15.60 per cent in January 2022 to 21.34 per cent in December 2022. In its ‘Consumer Price Index (December 2022),’ the NBS said, “In December 2022, the headline inflation rate eased to 21.34 per cent compared to November 2022 headline inflation rate which was 21.47 per cent.
“Looking at the trend, December 2022 inflation rate showed a decline of 0.13 per cent when compared to November 2022 inflation rate. However, on a year-on-year basis, the headline inflation rate was 5.72 per cent points higher compared to the rate recorded in December 2021, which was (15.63 per cent).
“This shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year (i.e., December 2021). On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71 per cent, which was 0.32 per cent higher than the rate recorded in November 2022 (1.39 per cent).
“This means that in the month of December 2022, the general price level was 0.32 per cent higher relative to November 2022. The percentage change in the average CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85 per cent, showing 1.89 per cent increase compared to the 16.95 per cent recorded in December 2021.”
According to the NBS, food inflation rose to 23.75 per cent year-on-year in December 2022, 6.38 per cent higher than the rate recorded in December 2021 (17.37 per cent).
It explained that the rise in food inflation was driven by increases in prices of bread and cereals, oil and fat, pota-toes, yam and other tubers, fish, and food product. Inflation was highest in Bauchi (23.79 per cent), Kogi (23.35 per cent), Anambra (23.13 per cent), and lowest in Taraba (18.98 per cent), Osun (19.09 per cent), and Kwara (19.18 per cent).
Business
FG To Seize Mortgaged Property of Defualting Retiring Public Servants
Joel Ajayi
Federal Government Staff Housing Loans Board will henceforth seize mortgaged properties of retiring federal public servants who failed to fully repay the housing loans advanced to them by the board.
In a statement issued by the Staff Housing Loans Board Head, Information & PRU Obiechina Ngozi on Wednesday in Abuja reveals that this is in accordance with the Public Service Rules 021002 (p) as issued by the Office of the Head of the Civil Service of the Federation.
The OHCSF sent out the memo as a reminder for the federal public servants who are about to retire to adhere strictly to the provisions of the Public Service Rules.
The memo reads; “I am directed to bring to your attention the provision of Public Service Rule (PSR) 021002 (p), which mandates all public servants to obtain a Certificate of Non-indebtedness to the Federal Government Staff Housing Loans Board (FGSHLB) and any MDA Staff Multipurpose Cooperative Society, as issued by the OHCSF, as a prerequisite for retirement.”
“Further to the above, it should be noted that in the event of exiting the service prior to full repayment of the housing loan advanced by the FGSHLB, the Board shall exercise its legal right to seize the mortgaged property.”
Speaking on the above, Salamatu Ladi Ahmed, Executive Secretary, FGSHLB, reiterated that the warning is also for retired officers who defaulted.
She stated that the management of the Board, on its part, is compiling the list of all retired federal public servants who are still owing the housing loans they obtained while in service, to be sent to relevant regulatory agencies to recover the debts from them.
FGSHLB is committed to ensuring that all public servants comply with this rule and obtain the necessary Certificate of Non-indebtedness before retirement, and urge all those affected to take immediate action and settle any outstanding debts or liabilities with the Board.
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