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  •  Financial experts say the increasing inflation rate in Nigeria has impacted negatively on the living standard of Nigerians The experts who spoke to the News Agency of Nigeria said the rising inflation rate has reduced the purchasing power of individuals leading to a decline in living standards Acccording to the National Bureau of Statistics hellip
    Financial experts attribute decline in living standards to high inflation rate
     Financial experts say the increasing inflation rate in Nigeria has impacted negatively on the living standard of Nigerians The experts who spoke to the News Agency of Nigeria said the rising inflation rate has reduced the purchasing power of individuals leading to a decline in living standards Acccording to the National Bureau of Statistics hellip
    Financial experts attribute decline in living standards to high inflation rate
    Economy1 hour ago

    Financial experts attribute decline in living standards to high inflation rate

    Financial experts say the increasing inflation rate in Nigeria has impacted negatively on the living standard of Nigerians.The experts who spoke to the News Agency of Nigeria , said the rising inflation rate has reduced the purchasing power of individuals leading to a decline in living standards.Acccording to the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased to 17.71 per cent on a year-on-year basis in May 2022.The NBS also said that prices of selected food items had increased in the last 12 months in its latest Food Price Watch report in the same period.Prof. Aminu Usman, of the Kaduna State University, said the rising inflation rate meant devaluation of individual income, which amounted to falling purchasing power.Usman, a lecturer at the Department of Economics, said individuals would now purchase fewer commodities with the same given amount of money.“This scenario implies that people’s living condition are deteriorating, especially for low-income groups, whose income is rigidly fixed while prices are skyrocketing.“It signifies the descent of many poor to further poverty and worsening conditions of living.” He said that a major contributor to the inflationary pressure was food inflation caused by rising food prices, adding “this is expected because the rains have set in and old stocks are finishing.“This is coupled also with the high cost of fertiliser and heightened insecurity which combined to discourage farmers and farming. This has also caused very low projections for agric output,” he said.Mr Ben Ekeyi, a Public Financial Management Consultant, said that Nigeria’s inflation rate had a negative impact on the purchasing power of Nigerians in diverse ways.Ekeyi said one of the impacts included reduced ability to purchase needed and required goods and services, especially where there was no corresponding increase in income.“Others are a lower standard of living, increased poverty level as Nigerians are increasingly unable to access necessary goods and services.“Increased school dropouts, especially at primary and secondary levels. More Nigerian families have become unable to sponsor their wards’ education, thereby, leading to drop out from schools.”He said that economists had established a link between lower purchasing power resulting from inflation and an increase in crime rate. According to him, where households are unable to cater for the needs of their members, there is a likelihood that some will go into criminal activities.Ekeyi also said low purchasing power had been linked to increased social vices like prostitution, thuggery, youth restiveness, and suicide rates among others.He said that low purchasing power had also increased urban-rural migration, as some Nigerians living in the cities were gradually relocating to their rural communities to due to the high cost of living in the cities.According to him, the low purchasing power also has the potential of leading to death.“When a person is unable to meet basic needs, especially in the area of health care,  he is most likely to die,” he said.Mr Paul Alaje, a Senior Economist with SPM Professionals said with the high inflation rate, it means that someone who had N100,000 this time in 2021, now has less than N85,000 this year for committing no crime.“It means that the value of what money can buy has reduced. What is the implication?  People will now be able to buy less.“If they could buy two bags of rice before with their income, now they can buy less than two bags.“Does it mean that hunger in the family has reduced? The answer is No. People are still hungry but their livelihood resources now have weaker purchasing power.”Alaje said this situation may put several families in jeopardy as some members may lose their jobs because of the failure of their employees to pay them due to a decline in sales.“So, when inflation and unemployment set in, you have what we call stagflation, that is a situation where people’s hunger, poverty and deprivation is elevated or increased significantly.”He said the general socio-economic implication was an increase in the crime rate.Alaje said the average inflation rate for a nation should be between three to five per cent but unfortunately, in the last seven years Nigeria’s inflation rate had been in double digits.A cross-section of Nigerians who spoke to NAN said the increasing inflation rate had reduced their standard of living and made saving impossible.Mr Isaac Ighure, a pensioner said the inflation rate had reduced his standard of living, adding that it was the same situation with many pensioners in the country.Ighure said many families were “cutting corners ”  in a good way just to be able to eat.“Among pensioners and the elderly, inflation is wreaking a lot of havoc, we are barely managing to survive.“Pensioners are on their own, they are suffering, the government does not support pensioners in any way and there is no policy for the elderly in general.“How do you pay your children’s fees, pay rent, treat medical issues, etc, as a pensioner? Some pensioners are maintaining their graduate children who do not have jobs.“You see many old people dying of hypertension because of all these problems. Their life span could be prolonged if the government can take the responsibility for the health of the elderly,” he said.Mrs Tosin Ajayi, a Public Servant and mother of three, said the high cost of living caused by the inflation had become unbearable.“As a mother and a public servant, it has not been easy to survive in today’s economy. You will not believe that 90 per cent of the family’s income is used for expenses. You cannot save anymore.“The cost of living is high and it is becoming unbearable for everyone. From food items to other consumables, gas, electricity, etc,  it is worrisome.“What I do as a mother is to tell my kids the reality on ground. I tell them that it is unacceptable to waste food and to be appreciative of what your parents give you.“We are calling on the Nigerian government to seek out ways to reduce the inflation rate, 17.7 per cent rate is unacceptable to us. This is crucial to prevent crime rate and illegal activities”, she said.Mrs Lynn Ikechukwu, a housewife and mother of three, said the inflation rate had made it difficult for her to plan and budget for her home.“It is not easy to plan and budget with the increasing inflation rate. For instance, between September 2021 and May 2022, the cost of diapers has gone from N6,000 Naira to N7,000,  to 7,500 and now N9,500.“Every time you go to the market the price of food items keeps increasing, now it is almost impossible to buy tomatoes. You have to forgo some food items. Tell me how someone can plan in such a situation?”Ms Chioma Ibeh, an online food vendor, said the inflation rate had resulted in a decline in customers which had slowed down her business.“The prices of food have increased enormously. For almost every food item I buy, the prices have increased to as much as N2,000.“Before my 2.4 litres of edikaikong soup used to go for N15,500 and N16,000 but now I sell for N18,000 to N18,500. “When I  tell clients the amount for a particular size bowl of soup or stew they complain and say it is too expensive. But at the end of the day that is the reality of the situation in the country.” I wish the economy can have a balance because inflation is making my business very slow.“In a week, I can go without having any food orders and this is bad for people like me that have this business as my only source of income, how do I pay my bills?”Mrs Amaka Eze, a market woman, said the increasing inflation made it impossible for her to make profit from sales, adding that things had never been this bad for her business.” Since I started this business of selling foodstuff, I have never seen anything like this before. I used to buy a carton of Titus fish for N20,000,  now it is between N40,000 to N45,000.“A carton of Panla used to be N6,000 now it is N12,000. I buy a dustbin basket of tomatoes for N4,000, people are no longer coming to buy food items like before because there is no money.“It is so bad that some decent guys even come to my shop to beg for a cup of garri to drink because they have no money to buy food to eat,” she said.NAN recalls that the World Bank’s latest Global Economic Prospects Report said the damage from COVID-19 and the war in Ukraine had intensified the slowdown in the global economy.The report said this had led to a period of weak growth and increased inflation, which had raised the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike.

    NewsSourceCredit: NAN

  •  The National Bureau of Statistics NBS says it is training 52 enumerators for the conduct of National Agricultural Sample Census NASC in Nasarawa State Statistician General of the Federation Prince Adeyemi Adeniran said this at the training of the enumerators on Friday in Lafia Adeniran represented by the Head of NBS office in Nasarawa hellip
    NBS trains enumerators for Agric census in Nasarawa State
     The National Bureau of Statistics NBS says it is training 52 enumerators for the conduct of National Agricultural Sample Census NASC in Nasarawa State Statistician General of the Federation Prince Adeyemi Adeniran said this at the training of the enumerators on Friday in Lafia Adeniran represented by the Head of NBS office in Nasarawa hellip
    NBS trains enumerators for Agric census in Nasarawa State
    General news2 days ago

    NBS trains enumerators for Agric census in Nasarawa State

    The National Bureau of Statistics (NBS) says it is training 52 enumerators for the conduct of National Agricultural Sample Census (NASC) in Nasarawa State.

    Statistician – General of the Federation, Prince Adeyemi Adeniran, said this at the training of the enumerators on Friday in Lafia.

    Adeniran, represented by the Head of NBS office in Nasarawa State, Mr Bem Benjamin, said the exercise was to equip the enumerators with the requisite skills to generate accurate agricultural data for the country.

    He said that the data generated would help the government to plan effectively towards eradicating hunger and guarantee food security in the country.

    Adeniran added that other stakeholders that required statistics for various uses would also benefit from the agriculture census.

    He explained that 3,096 enumerators were being trained nationwide to carry out the census within 50 days after the training.

    According to him, four enumerators each will be posted to cover 40 clusters in each of the 774 Local Government Areas across the country.

    He called on stakeholders, especially local government chairmen, to assist the enumerators in their localities to carry out the assignment effectively.

    Mr Daniel Agyeno, Nasarawa State Commissioner for Finance, Budget and Planning, who declared the training open, said its historic since the last exercise held in 19931994.

    Represented by the Acting Statistician -General of the state, Isa Abdul-Osama, the commissioner said the census would provide uniform, comprehensive, accurate and reliable agriculture data for Nigeria.

    “Through the agriculture census, producers can show the nation the value and importance of agriculture and can influence decisions that will shape the future of Nigeria agricultural sector.

    “Thus, to ensure the existence of robust and reliable statistics, we are determined to entrench a system that will eliminate the attitude of falsifying information,” he said.

    The commissioner advised the enumerators to do their best to get accurate data from the field that would help to refocus agriculture statistics for effective service delivery.

    NewsSourceCredit: NAN

  •  The National Bureau of Statistics NBS says prices of selected food items increased in May It made the declaration in its Selected Food Prices Watch Report for May released in Abuja on Wednesday It stated that the average price of 1kg of white beans rose on a year on year basis by 37 22 per cent from N382 37 hellip
    Food prices continue to increase – NBS
     The National Bureau of Statistics NBS says prices of selected food items increased in May It made the declaration in its Selected Food Prices Watch Report for May released in Abuja on Wednesday It stated that the average price of 1kg of white beans rose on a year on year basis by 37 22 per cent from N382 37 hellip
    Food prices continue to increase – NBS
    Economy2 weeks ago

    Food prices continue to increase – NBS

    The National Bureau of Statistics (NBS), says prices of selected food items increased in May.

    It made the declaration in its Selected Food Prices Watch Report for May released in Abuja on Wednesday.

    It stated that the average price of 1kg of white beans rose on a year-on-year basis by 37.22 per cent from N382.37 in May 2021 to N524.70 in May 2022.

    “Also, on a month-on-month basis, this increased by 1.09 per cent from N519.05 in April to N524.70 in May, it stated.

    The report showed that the average price of 1kg of a yam tuber increased on a year-on-year basis by 37.87 per cent from N269.98 in May 2021 to N372.23 in May 2022.

    It stated that on a month-on-month basis, the average price of yam increased by 3.05 per cent in May 2022, compared to what obtained in April.

    Similarly, the average price of 2kg pre-packed wheat flour rose by 34.92 per cent on a year-on-year basis from the value recorded in May 2021 at N785.87 to N1,060.26 in May 2022.

    “ On a month-on-month basis, it increased from N1,047.74 in April  to N1,060.26 in May 2022 indicating a 1.20 per cent rise,’’ it stated.

    The report showed that the average price of a bottle of palm oil increased by 42.81 per cent from N593.36 in May 2021 to N847.39 in May 2022.

    It also rose by 0.55 per cent on a month-on-month basis between APRIL and May.

    The report showed that the average price of 1kg of boneless beef rose by 34.11 per cent on a year-on-year basis from N1,513.43 in May 2021 to N 2,029.59 in May 2022.

    It added that the average price of one bottle of groundnut oil stood at N1,040.88 in May 2022, showing an increase of 47.99 per cent compared to N703.36 in May 2021.

    “On a month-on-month basis, it rose by 3.29 per cent from N 1,007.68 in April 2022,’’ the NBS stated.

    At the state level, the report showed that Ebonyi recorded the highest average price of white beans at N899.79 for 1kg, while the lowest was reported in Borno at N262.79.

    The NBS stated that the highest average price of 1kg of a yam tuber was recorded in Akwa-Ibom at N804.45, while the lowest was recorded in Bauchi at N134.17.

    The report showed that Abia recorded the highest price of 2kg pre-packaged wheat flour at N1,393, while Yobe recorded the lowest price at N755.03.

    Analysis by zones showed that the Southeast recorded the highest average price of brown beans at N834.93 per kilogramme.

    This was followed by the Southwest at N579.06 per kilogramme, while the Northeast recorded the least with N295.20.

    “Similarly, the Southwest recorded the highest price of average yam tuber at N535.27, followed by the South-South with N450.12, while the lowest was recorded in the Northeast at N141.10.

    The report showed the average price of 2kg pre-packaged wheat flour was higher in the Southeast and the South-West at N1,332.34 and N1,116.38, respectively.

    “The lowest price for pre-packaged wheat flour was recorded in the Northeast at N810.23,’’ the NBS stated.

    NewsSourceCredit: NAN

  •  Zainab Ahmed the Minister of Finance Budget and National Planning has reiterated commitment of the Federal Government to ensure adequate and quality data for successful policies in the agricultural sector Ahmed represented by the ministry s Permanent Secretary Mrs Olusola Idowu said this at the Training of Trainers workshop on the National Agriculture Sample Census NASC hellip
    FG committed to quality data in agric sector- minister
     Zainab Ahmed the Minister of Finance Budget and National Planning has reiterated commitment of the Federal Government to ensure adequate and quality data for successful policies in the agricultural sector Ahmed represented by the ministry s Permanent Secretary Mrs Olusola Idowu said this at the Training of Trainers workshop on the National Agriculture Sample Census NASC hellip
    FG committed to quality data in agric sector- minister
    Economy2 weeks ago

    FG committed to quality data in agric sector- minister

    Zainab Ahmed, the Minister of Finance, Budget and National Planning, has reiterated commitment of the Federal Government to ensure adequate and quality data for successful policies in the agricultural sector.

    Ahmed, represented by the ministry’s Permanent Secretary, Mrs Olusola Idowu, said this at the Training of Trainers workshop on the National Agriculture Sample Census (NASC) held in Abuja on Monday.

    The minister said that the Federal Government had placed a high standard on quality data which was why it ensured the National Bureau of Statistics (NBS) was well equipped to carry out its functions.

    He said that the agriculture sector was important to the Federal Government which was why President Muhammadu Buhari-led administration had invested heavily in it since 2015.

    The minister said the investment was aimed at increasing output in the entire value chain to meet the country’s demand for food, export and employment.

    According to him, the sector has consistently recorded positive growth because of the investment and attention to it, in spite the recession brought by the COVID-19 pandemic and the security challenges encountered in some parts of the country.

    “So, we will continue to invest heavily in all aspects of the agricultural value chain taking advantage of all our God-given resources to grow and develop the sector and derive the maximum benefits possible.

    “All this cannot be done without the use of adequate and reliable data.

    “The success of all our policies, plans and programmes can only be achieved with the right data hence a high premium government has placed on quality data.

    “This can be seen in the transformation that has taken place in NBS over the years. NBS is among the few agencies that have recorded close to 100 per cent of its annual capital investment in recent years.

    “This is further demonstration of commitment to use the instrumentality of sound statistics in designing appropriate policies to grow and develop all aspects of the economy in Nigeria,” he said.

    Prince Semiu Adeniran, the Statistician-General (S-G) of the Federation and Chief Executive Officer, NBS), in his remarks said the agricultural sector held a critical place in the lives of Nigerians.

    Adeniran said the sector alone, through its various activities accounted for approximately 25 per cent of the economy, and employs more than 50 per cent of the workforce of the country, both directly and indirectly.

    “We need to know what parts of the country they are produced, the kinds of inputs needed, the size of manpower engaged, the sorts of challenges encountered and what other potential exist within the sector.

    “All these kinds of information are what the NASC exercise seeks to collect.”

    He said that when the NASC was completed, it would provide a statistically sound base of data for policy makers, both public and private.

    Adeniran said it would help policy makers make important decisions on how to increase the total output and develop it to maximise its potential throughout the entire value chain.

    He said the NASC would also be complemented by other statistical activities, both surveys and administrative data collection, to serve as a major input to the proposed Gross Domestic Product (GDP) rebasing.

    “The results of the census will also form a statistical framework for the conduct of subsequent agricultural surveys in Nigeria, capturing all aspects including crop production, livestock, poultry, fishery, and forestry.

    “So, as you can imagine, this exercise is a very important one, not just to the statistical system in Nigeria, but to the nation entirely.”

    Adeniran said that the design and methodology for the conduct of the exercise would be carried out digitally for the first time in Nigeria.

    He said the NBS has secured newly demarcated digitised enumeration area maps from the National Population Commission, which would be deployed for the conduct of the census.

    Adeniran said electronic devices will be deployed for the data collection with Computer Assisted Personal Interviewing devices to be used for interviews with respondents in the field.

    He said the workshop was designed to adequately equip the trainers with the knowledge required for them to sufficiently train the fieldworkers for the census.

    According to him, 165 trainers and monitors are being trained, who will thereafter train no fewer than 3, 000 field staff across the country.

    The statistician-general solicited the support of households and communities across the country in providing accurate information to the field personnel.

    “I want to assure you that the information provided will be purely used for statistical purposes and treated with utmost confidentiality, as is required of us by the Statistical Act 2007.’’

    The representative from the Ministry of Agriculture and Rural Development, Mr Bashir Araoye, Deputy Director, Planning and Policy Coordination, said the census was a welcomed development as its success would provide a vital tool to make empirical policy decisions.

    Araoye said that the census would also help the private sector make commercial decisions as it affects the agriculture sector.

    ” It would also help marketers decide on the type of machinery to take to the different agricultural zones in the country.”

    The News Agency of Nigeria reports that the programme was organised by NBS in partnership with the World Bank and the Food and Agriculture Organisation.

    Editted by AbdulFatai E.Eniola Williams

     

     

     

     

     

     

     

    NewsSourceCredit: NAN

  •  The National Bureau of Statistics NBS says the average price of refilling a 5kg cylinder of Liquefied Petroleum Gas Cooking Gas increased to N3 921 35 in May 2022 This is contained in the NBS Liquefied Petroleum Gas Cooking Gas Price Watch for May 2022 released in Abuja on Sunday The NBS said refilling the cylinder used hellip
    Average price of 5kg cooking gas increases to N3,921.35 – NBS
     The National Bureau of Statistics NBS says the average price of refilling a 5kg cylinder of Liquefied Petroleum Gas Cooking Gas increased to N3 921 35 in May 2022 This is contained in the NBS Liquefied Petroleum Gas Cooking Gas Price Watch for May 2022 released in Abuja on Sunday The NBS said refilling the cylinder used hellip
    Average price of 5kg cooking gas increases to N3,921.35 – NBS
    Economy2 weeks ago

    Average price of 5kg cooking gas increases to N3,921.35 – NBS

    The National Bureau of Statistics (NBS) says the average price of refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N3,921.35 in May 2022.

    This is contained in the NBS Liquefied Petroleum Gas (Cooking Gas) Price Watch for May 2022 released in Abuja on Sunday.

    The NBS said refilling the cylinder used to cost N3,800.47 in April 2022, adding that the increase indicated a 3.18 per cent month-on-month increase.

    However, on a year-on-year basis, the average retail price of cooking gas increased by 89.28 per cent from N2,071.69 in May 2021.

    The report showed that the highest average price for refilling a 5kg cylinder of cooking gas was recorded in Gombe at N4,366.67, followed by Bayelsa at N4,325.00 and Adamawa at N4,250.00.

    On the other hand, it said Yobe recorded the lowest average price with N3,200.00, followed by Ogun and Ondo with N3,450.00 and N3,480.77, respectively.

    The report showed that the average retail price for refilling a 5kg cylinder of cooking gas was highest in the South-East at N4,094.39 followed by the North-Central at N3,989.98 and South-South at N3,977.72.

    “While the South-West recorded the lowest average retail price of N3,719.53,” said the statement.

    The report said the average price for refilling a 12.5kg cylinder of cooking gas increased to N8,726.30 in May 2022 from N8,164.37 in April 2022, representing a 6.88 per cent month-on-month increase.

    “Similarly, on a year-on-year basis, the average retail price for refilling a 12.5kg cooking gas increased by 103.46 per cent from N4,288.95 in May 2021,” it said.

    The report said the state comparisons showed that the highest average retail price for the refilling of a 12.5kg cylinder of cooking gas was recorded in Abuja at N9,308.00, followed by Ekiti at N9,209.09 and Oyo, at N9, 184.06.

    However, the lowest average price for the refilling of a 12.5kg cylinder of cooking gas was recorded in Yobe with N7,500.00, followed by Kano State and Kogi at N8,175.00 and N8,200.00, respectively.

    The report showed that the average retail price for refilling a 12.5kg cylinder of cooking gas was highest in the South-West at N8,916.10.

    “This was followed by the South-East and South-South at N8,885.54 and N8,857.09, respectively.”

    The report said the North-East Zone recorded the lowest price at N8,423.44.

    NewsSourceCredit: NAN