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Nigeria’s inflation rises to 33.95% in May

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Nigeria’s headline inflation rose for the 17th time to 33.95 per cent in May 2024 from 33.69 per cent in April.

The National Bureau of Statistics, NBS, disclosed this in the latest Consumer Price Index and Inflation report released on Saturday.

Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26 per cent points when compared to the April 2024 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 11.54 percentage points higher compared to the rate recorded in May 2023, which was 22.41 per cent. This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i.e., May 2023).

On a month-on-month basis, the headline inflation rate in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in April 2024 (2.29 percent). This means that in the month of May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.

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This comes as Nigeria’s inflation rose further to 40.66 per cent in May 2024 from 40.53 per cent in April.

The figure showed that Nigeria’s inflation continued to jump since the commencement of President Bola Tinubu’s administration in May last year when it stood at 22.41 per cent.

Recall that in April 2024, Nigeria’s inflation rose for the 16th time.

The last time Nigeria’s inflation eased was in December 2022, when it stood at 21.34 per cent.

CREDIT: DAILY POST

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Nigerian Govt shuts Eko Bridge, ramps for 8-week repairs

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The Federal Government has announced the closure of the Eko Bridge and Ramps for eight weeks to carry out essential asphalt resurfacing work.

Mrs. Olukorede Kesha, the Federal Controller of Works in Lagos, shared this information in a statement on Saturday. She noted that the resurfacing project is set to begin on Friday, September 20, at 7:00 a.m., and will continue until November 20.

Due to the closure, drivers will need to follow detours and alternative routes. Kesha advised that motorists traveling to the Island from Funsho Williams Avenue should utilize the service lane at Alaka to connect to Costain and access the Eko Bridge.

She explained that some sections of the bridge will be fully closed while others will have partial access.

“This important project aims to enhance road safety and improve the driving experience for motorists,” she stated. The work will involve milling the existing asphalt and laying down new asphalt on both the bridge and ramps to address wear and tear and create a smoother, safer roadway.

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Gov Adeleke appoints new Governing Council Chairman for Osun College of Education

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Osun State Governor, Ademola Adeleke, has appointed Akinwale Sarafadeen Adeyemi as the new Chairman of the Governing Council for Osun State College of Education in Ila-Orangun.

The announcement was made in a statement on Friday by Governor Adeleke’s spokesperson, Olawale Rasheed. The statement described Adeyemi as an experienced educationist and noted that he will succeed Peter Babalola, the former chairman, who was dismissed by the state government earlier this month.

Babalola, who was also a member of the Peoples Democratic Party (PDP) in the state, faced suspension from his local ward in Irewole due to public criticism over alleged financial misconduct before his removal.

The statement highlighted, “Governor Ademola Adeleke has approved the appointment of Mr. Akinwale Sarafa Adeyemi, a seasoned educationist, as the new Chairman of the Governing Council of Osun State College of Education, Ila-Orangun. Mr. Adeyemi replaces Dr. Peter Babalola, who resigned following a controversial term at the college.”

Adeyemi holds both a bachelor’s and a master’s degree in Education from the University of Ibadan and is a retired principal of the Federal Girls College in Ipetumodu. His swearing-in ceremony is scheduled for 10 a.m. on Monday at the EXCO lounge.

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Edo Decides: Police arrest armed political thugs ahead of election

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The police have reported that their operatives apprehended political thugs and seized firearms during overnight operations in Edo State, where the governorship election is taking place today, Saturday.

They also vowed to address illegal weapons possession and prevent any disruptions to the electoral process in the state.

Prince Olumuyiwa Adejobi, the Force Public Relations Officer, shared this information in a statement on Friday night, along with images of the recovered firearms.

He identified the arrested individuals as Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member from Ugbogbo quarters in Igara Akoko, Edo.

“The Nigeria Police Force has made a significant breakthrough in combating electoral violence in Edo State with the arrests of Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member,” the statement noted.

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According to DAILY POST, residents of Edo State will be voting for a new governor today, September 21, 2024, who will succeed Governor Godwin Obaseki after his eight-year term ends.

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