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Nigeria’s inflation jumps to 18.60%, highest in 16 months

Our Reporters by Our Reporters
July 16, 2022
in Business
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*Figure attributed to hike in prices of bread, cereals, potatoes, yam, other tubers, meat, fish, basic necessities

Nigeria’s inflation rate has increased to 18.60 percent, its highest figure since March 2021 (18.17 percent), according to the National Bureau of Statistics (NBS).

The report stated that the figure was 0.84 percent points higher compared to the rate recorded in June 2021, which was 17.75 percent.

It attributed the increase to the prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine.

Similarly, there was an increase in the prices of gas, liquid fuel, solid fuel, garments, passenger transport by road, cleaning, repair and hire of clothing and airfare.

Daily Trust reports that inflation rate has increased all over the world due to the Russia-Ukraine war that has led to rise in the prices of crude oil, grains, among others.

Experts had predicted recession in the global economy when the sanctions imposed on Russia, a leading producer and exporter of crude oil grains and fertilizer, began to take effect.

As such, the World Bank recently listed Nigeria among the top 10 countries in the world with the worst inflation rates based on 2021 figures.

In its report, the World Bank ranked Nigeria eighth on the list, with an annual inflation rate of 16.95 per cent, in a list topped by the likes of Sudan, Lebanon and Zimbabwe.

In the same vein, the International Monetary Fund (IMF) recently identified inflation, debt and forex crises to push the Nigerian economy and other African economies to the brink.

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2027: NDC fixes October 20 for Campaign Council inauguration, Presentation of Certificates of Return 

by Myke Uzendu
October 10, 2026
0

By Myke Uzendu, Abuja  The Nigeria Democratic Congress (NDC) has fixed October 20, 2026, for the inauguration of its Presidential Campaign Council (PCC), presentation of Certificates of Return to its candidates for the 2027 general elections and a strategic dinner for candidates contesting various elective positions.  The party also disclosed that its presidential and vice-presidential candidates, Peter Obi and Rabiu Musa Kwankwaso, respectively, would participate in consultations to determine key appointments in the campaign council.  National Chairman of the NDC, Senator Moses Cleopas Zuwoghe, announced this on Saturday at a press conference at the party’s national secretariat in Abuja.  He said the campaign council’s organisational structure and timetable had been ready since the end of August, but its inauguration was being delayed to allow Obi and Kwankwaso to conclude consultations and recommend nominees for strategic positions.  According to him, the activities scheduled for October 20 would follow a meeting of the party’s National Executive Committee (NEC), where key decisions concerning preparations for the 2027 elections are expected to be considered and ratified.  Cleopas said the delay did not indicate inactivity or internal division, explaining that the party was committed to establishing a properly constituted campaign structure capable of coordinating its nationwide electoral activities.  He added that appointments would reflect national spread, competence, capacity and the ability of nominees to contribute meaningfully to the campaign.  The NDC chairman disclosed that Obi and Kwankwaso were expected to recommend nominees for several strategic positions in the Presidential Campaign Council, including Director-General, Deputy Director-General, campaign spokesperson, Director of Social Media and Financial Controller.  The candidates are also expected to nominate two additional officers who, alongside the party’s National Treasurer, will oversee the campaign council’s separate and dedicated bank account.  Cleopas said the arrangement was intended to ensure that the presidential and vice-presidential candidates were actively involved in decisions affecting the organisation, financing and direction of their campaign.  He maintained that the party leadership, the candidates and the National Leader, Senator Henry Seriake Dickson, were united in their preparations for the 2027 elections.  The chairman said the campaign council would be formally announced after the national leadership received the candidates’ nominations and recommendations.  He argued that constituting the council without the active participation of the presidential candidate and his running mate would be inappropriate, given their central roles in the presidential contest. Cleopas also dismissed reports suggesting that the party was divided or struggling to organise itself ahead of the 2027 elections.  He said the press conference was partly convened to address concerns raised by party members, supporters and Nigerians over the apparent delay in establishing the presidential campaign structure.  The chairman maintained that the National Working Committee (NWC), NEC, National Leader and party structures at the state, local government and ward levels remained committed to the party’s candidates.  He equally rejected suggestions that Dickson was working with the ruling All Progressives Congress (APC) to undermine the NDC presidential ticket.  Questioning the basis of the allegation, Cleopas said it would have been easier for Dickson to join the APC than to undertake the more demanding process of establishing and registering a political party if his objective had been to work for the ruling party.  He urged journalists to exercise caution in reporting political allegations and speculation, warning that misinformation could create unnecessary distrust and mislead the electorate. ...

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