News
Nigeria’s inflation rate hits 20.5%, highest since 2005
• More people are being dragged into poverty because of poor purchasing power; unemployment has risen and will further hurt the economy
Nigerians are struggling as the inflation rate rose by 0.92 basis points to 20.52 per cent in August from 19.6 per cent in July, the highest since October 2005.
This represents the seventh consecutive monthly rise in Headline inflation since February. Food inflation also rose to 23.12 per cent in August 2022, representing a 1.1 percentage-point increase compared to 22.02 per cent recorded in the previous month.
In its Consumers Price Index, CPI, report for August, the National Bureau of Statistics (NBS) said the “increases were recorded in all divisions that yielded the headline index”.
The Bureau stated: “In August 2022, on a year-on-year basis, the headline inflation rate was 20.52 per cent. This was 3.52 percentage points higher compared to the rate recorded in August 2021, which was 17.01 per cent.
“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (August 2021). On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 per cent, this was 0.05 per cent lower than the rate recorded in July 2022 (1.82 per cent).”
On food inflation, NBS further reported: “The food inflation rate in August 2022 was 23.12 percent on a year-on-year basis; which was 2.82 percent higher compared to the rate recorded in August 2021 (20.3 percent).
“This rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam, and another tuber, fish, meat, oil, and fat. On a month-on-month basis, the food inflation rate in August was 1.98 percent, this was a 0.07 percent decline compared to the rate recorded in July 2022 (2.04 percent). This decline is attributed to a reduction in prices of some food items like yam tubers, garri, local rice, and vegetables.”
In addition to the reasons advanced by NBS, several experts listed other inflationary pressure points, while recommending some solutions.
Professor of Capital Market at Nasarawa State University, Keffi, Uche Uwaleke, reacting to the rise in inflation by 20.52% the highest in two decades, said: “The increase in headline inflation above the psychological threshold of 20% did not come as a surprise in view of the rising inflation trend in many economies, partly caused by the Russian-Ukrainian conflict.
“It’s interesting to note that the NBS, in its latest CPI report, provided a clue as to the major factors driving the inflationary pressure in Nigeria, namely supply disruptions and rising cost of production. In the light of this revelation, what becomes clear is that the recent monetary policy tightening stance of the CBN alone may not address the challenge. The government needs to formulate and implement complementary fiscal policies aimed at boosting food supply as well as reducing firm’s cost of production.”
In his reaction, analyst and Chief Executive Officer, APT Securities & Funds Limited, Mallam Garba Kurfi, said: “I am not surprised with the outcome but I hope it will not further go up as harvesting of our agricultural products will likely push the food cost down. Equally the price of other foods, especially, wheat is globally coming down. We are expecting inflation to fall before the end of the year. But of more concern is the increase of the Monetary Policy Rate, MPR, in the last two consecutive sittings of the Monetary Policy Committee, MPC. We hope the monetary authorities will keep the rate the same for the rest of the year.”
Reacting as well, analyst and CEO, Wyoming Capital and Partners, Tajudeen Olayinka, said: “20.52% inflation number for the month of August 2022, is an indication that demand-side management tools being deployed by CBN to tame inflation in Nigeria may actually be aggravating the situation, given the fact that most of the factors responsible for inflation in Nigeria are traceable to the supply side of the economy. These supply side factors had been there and largely unresolved before the emergence of imported inflation that came as a result of the Russian war on Ukraine.
“Foreign exchange scarcity and exchange rate mismanagement; unending insecurity and limited access to farms; crude oil theft and inability to meet OPEC production quota; high cost of raw materials; infrastructure deficit; highly elevated cost of capital in the economy are some of the dangerous factors bedeviling Nigerian economy. So, it will be difficult for CBN’s demand side management tools to solve the problem. Unfortunately, the fiscal side is weak, with no positive contribution to make at this time, other than to engage in excessive borrowing and fiscal rascality. That is also driving up inflation.”
He further said: “This is not to say CBN is not aware of possible failure of its demand side management tools, or that raising interest rate will not sufficiently address the current inflationary pressure, but because it must also act to address possible threats of reversal of capital flow, arising largely from interest rate hike in Europe and America. These are the issues.”
To solve the inflation rate problem, Olayinka, said: “So, solving this problem requires that global inflationary threat is dealt with by the more advanced economies, while Nigeria’s fiscal authority continues to search for solutions to supply side problems it created. Impact of high inflation is better imagined than real; more people are now being dragged into poverty because of poor purchasing power; unemployment will rise as a result. This will further hurt the economy.”
Reacting, the Nigeria Employers’ Consultative Association, NECA, urged the government to suspend all forms of new taxes and levies to give a respite on the spiking production cost to tackle the rising inflation.
Speaking through its Director-General, Mr Wale Oyerinde, NECA contended that “it is apparent that the government’s intervention so far has not impacted the inflationary pressures that have kept rising.
He stated: “Around the globe, concerns about inflation have led many countries to consider an aggressive approach towards slowing down the economy. Consumers are also beginning to think twice about spending on goods and some services. In Nigeria, it is apparent that the government’s intervention so far has not impacted the inflationary pressures that have kept rising. Rather, some of these interventions have been counterproductive. The recently announced 20.52 percent inflation rate affirms the need for Government to take a second look at current strategies aimed at flattening the curve.
“The key drivers of inflation which includes, worsening currency depreciation, escalating transportation cost, high import duty on manufacturing inputs, security concerns among others have continued to crowd out the government’s interventions.
It leaves us to wonder whether these interventions are truly right for our peculiar challenges. With the crisis between Russia and Ukraine, the rising cost of energy around the world has translated to a significant uptrend being witnessed in most economies as prices of goods and services have reached unprecedented levels.
“To tackle inflation, all forms of new taxes and levies should be suspended to give a respite on the spiking production cost. There should also be deeper stakeholder engagements across sectors to develop an enduring strategy on the way forward. The federal government like its counterpart in other climes must be responsive and deliberate in its efforts to flatten the inflationary pressures.”
Reacting, former National President of National Association of Government Approved Freight Forwarders, NAGAFF, Eugene Nweke, has blamed the Federal Government’s economic policy for the sharp rise in inflation rate.
Speaking with Vanguard on the inflationary situation Nweke said the inflation rate rise will further force companies in the maritime sector to close shops or down-size their workforce.
He said: “The closure of companies will further drive more citizens into poverty. Already the sector is struggling and the government policies are not helping. The ports being the gateway for trading and most goods imported are consumables; The scarce foreign exchange will drive up the cost of goods which will in turn drive up inflation.” – Vanguard.
Terrorists have killed five out of the eight worshippers abducted at ECWA Church Omugo in Ifelodun local government area of Kwara state, says one escaped abductees.
Rev Sunday Omole had urged federal government to expedite action on the release of the abductees from the captivity of the terrorists.
The clergyman said government intervention had become necessary after the community paid the terrorists N20 million and provided additional items worth more than N300,000, yet the abductors refused to release the worshippers and instead demanded an additional N300 million ransom.
He added that from the action of the terrorists it was clear that they just wanted to be exploiting the community.
Recall that eight of the worshippers including the Pastor’s wife were kidnapped in the morning of March 22,2026 during a Sunday service.
The death of the five worshippers including the Pastor’s wife was disclosed in a statement issued by the Pastor of the church, Rev Sunday Omole, Wednesday evening.
The statement reads:
“It is with deep pain in my heart that I inform the church, families and individual concerned in regard to the 8 people that were abducted from ECWA OMUGO on 22nd of March, 2026.
“We received one of our son’s, Mr Sunday Bakare also abducted over a month ago, he escaped and brought the following news that only 3 out of 8 of our people are remaining with the kidnappers. The remaining 5 have gone to be with the Lord.
“They are; Elder Chief David Omopariola,
Chief Joseph Ibitoye Afariogun,
Mrs Iyabo Aniyi,
Elder Joshua Akanbi Adeyemi and
Mrs. Rachel Oluwaremilekun Omole(his wife).
“Brethren, let’s know that God knows why He allows this to happen. The great comforter will comfort us in Jesus name, amen.
“The prayers of the saints in the beginning of the church also worked and answered still they had martyrs. John 16:33 says (NIV) “I have told you these things, so that in me you may have peace . In this world you will have trouble . But take heart! I have overcome the world.”
Heaven is our home and Gain. Let’s reason as child of God as we navigate this moment. God bless you, and comfort you all in Jesus name, amen.”concluded the statement.
It was also gathered that the three remaining worshipers are in terrible health condition, while a member of church who escaped from the terrorists captivity is currently receiving an urgent medical attention in a private hospital in OmuAran.
…charges team to bring home continental trophy
Governor Peter Mbah of Enugu State has gifted players and management of Rangers International Football Club with plots of land and the sum of N150 million for winning the 2025/2026 NPFL title.
Mbah announced the gifts during a dinner reception he hosted in honour of the players, technical crew and management of the team at Government House, Enugu, on Tuesday night.
Rangers FC won the league for a record-equaling ninth time and also for a second time in three years under the Mbah Administration following a 2-1 win over Ikorodu City Boys in Lagos on May 24, 2026.
Speaking at the event, Mbah likened the reception to welcoming home a child who had excelled academically, saying the government and people of Enugu State were delighted to celebrate the team’s success.
“We are providing you with a cash gift of N100 million for the players and N50 million for the technical and management crew.
“In addition to that, we have approved a plot of land in Enugu for every player, while additional plots will be allocated to the General Manager, Head Coach, Secretary and Assistant Coach,” Mbah said.
The governor noted that Rangers was more than a football club, describing it as a symbol of resilience, unity, hope and social renewal established in the aftermath of the Nigerian Civil War.
According to him, the club carries a rich history and legacy associated with football legends such as the late Christian Chukwu, Emmanuel Okala and Austin “Jay-Jay” Okocha.
He commended the players, coaches and management for their hard work, sacrifices and discipline throughout the season, noting that the trophy was the product of countless acts of determination and effort.
Mbah also praised Rangers General Manager, Amobi Ezeaku, for his leadership, resilience and commitment, saying the qualities required to build a successful football club were similar to those needed to build a successful state.
The governor assured the team of continued government support, stressing that sports remained a key component of his administration’s development agenda.
He also stated that renovation works at the Nnamdi Azikiwe Stadium, popularly known as “The Cathedral,” would be completed in time and to international standards for Rangers’ continental matches.
He added that Enugu State, under his leadership, would continue to invest heavily in sports infrastructure and development, noting that the state would host the 2026 National Sports Festival in a manner that would leave lasting marks in the sands of time.
Mbah, however, identified complacency as an enemy of success, urging the team not to rest on their laurels and well-deserved accolades.
“So, brace up, fight on, keep winning and ensure you bring the continental trophy home,” he concluded.
Earlier, the Commissioner for Sports and Youth Development, Mr. Lloyd Ekweremadu, thanked the governor for hosting the champions and for his sustained investment in sports development.
Ekweremadu described the league triumph as a testament to the governor’s commitment to excellence and service delivery across sectors.
The commissioner recalled that Enugu State emerged overall winner of the National Para Games in March with 55 medals comprising 40 gold, eight silver and seven bronze medals.
Responding, Ezeaku noted that success was built on discipline, preparation and ambition, drawing inspiration from renowned philosophers such as Aristotle, Seneca and Ralph Waldo Emerson.
He emphasised that the celebration extended beyond the lifting of a trophy and represented a celebration of leadership, vision and the power of unity among government, management, players and supporters.
The General Manager expressed profound gratitude to Governor Mbah for his unwavering support of the club, stating that Rangers had enjoyed one of its most successful periods in recent history under the governor’s administration.
According to him, Rangers has won two NPFL titles within three years of Governor Mbah’s tenure, a feat he described as remarkable in contemporary Nigerian football.
“This is credited to the governor’s commitment to sports development, youth empowerment and excellence, helping to restore the club’s competitive edge,” he said.
The club also highlighted the governor’s broader achievements in infrastructure, education, healthcare, technology and economic development, while stressing that his contribution to sports deserves equal recognition.
Reflecting on the club’s title-winning campaign, Ezeaku revealed that the journey was marked by intense competition, with rival clubs reportedly receiving promises of substantial incentives, including cash rewards, vehicles and landed properties.
“Despite these developments, the club maintained focus and confidence, believing that hard work and excellence would ultimately be rewarded.
“We remained resolute and focused throughout the season. Our confidence came from our belief in the leadership of Governor Peter Mbah and our conviction that sacrifice and excellence would not go unnoticed,” he stated.
Looking beyond domestic success, he declared Rangers’ intention to compete among Africa’s elite clubs and challenged stakeholders to support the club’s continental ambitions.
The general manager described Rangers as one of Africa’s historic football brands with the fan base, identity and pedigree to compete successfully at the highest level.
He expressed confidence that with strategic investment and continued government support, Rangers could one day lift the CAF Champions League trophy and bring continental glory back to Nigeria.
“Every great achievement begins as a dream. Today, we dream of Rangers defeating Africa’s biggest clubs and bringing the CAF Champions League trophy to Enugu,” the management said.
Meanwhile, Rangers FC and their fans had earlier celebrated their NPFL win at Okpara Square and paraded their trophy through the capital city with much jubilation and fanfare before retiring to Government House for the dinner reception and presentation of the trophy to the governor.
The lifeless body of a final-year female student of the Federal University Lokoja has been discovered along the Felele–Lokoja Road in Kogi State.
The deceased, identified as Sarah Ojodomo Idoko, was a final-year student of the Federal University Lokoja. Her body was reportedly found on Saturday night near the Crusher area along the busy Felele axis after she was allegedly dumped there by unknown assailants.
Eyewitness accounts indicate that a vehicle was seen stopping briefly near the location at about 8 p.m. before speeding away. Shortly afterwards, passers-by reportedly discovered the victim’s body by the roadside and alerted authorities.
Initial reports suggested that Sarah was a student of Kogi State Polytechnic, Lokoja, after an identity card bearing her name and academic details was recovered at the scene.
The card indicated that she was enrolled in the Higher National Diploma (HND) programme in the Department of Office Technology Management for the 2024/2025 academic session.
However, the Kogi State Police Command later clarified that the deceased was actually a student of the Federal University Lokoja.
Confirming the incident, the Commissioner of Police in Kogi State, CP Naziru Kankarofi, said investigations had commenced.
He noted that the police were working to establish the circumstances surrounding the death and track down those responsible.
According to the police commissioner, details of the investigation would be made public at the appropriate time, while assuring residents that the command remains committed to ensuring justice for the deceased.
The tragic death of Sarah Ojodomo Idoko has once again raised concerns about the safety and security of students and residents along the Felele corridor, a major gateway to Lokoja that has witnessed several security-related incidents in recent years.
Meanwhile, the Association of Nigeria Female Students (ANFS), Kogi State Chapter, described the killing as cruel, unfortunate, and unacceptable.
In a statement issued by its State Coordinator, Comrade Celina Ojoniko James, the association expressed deep sorrow over the loss and called on security agencies to conduct a thorough investigation to ensure that those responsible are identified and prosecuted.
The group also urged government authorities and security agencies to strengthen safety measures around campuses and student communities to prevent similar tragedies in the future. (TRIBUNE)
-
News20 hours agoFinal-year female varsity student found dead in Kogi
-
Uncategorized3 days ago
Court remands 5 police officers in prison over murder of Delta musician, Ogidi
-
Uncategorized3 days ago
Insecurity: Oyo Teachers begin indefinite strike
-
News21 hours ago
Gunmen kidnap ex-minister Adelabu’s sister, children in Ibadan
-
Uncategorized1 day ago
2027: My spirit tells me Peter Obi will do well as President — Ebube Muonso
-
Uncategorized3 days ago
Troops rescue 23 abducted victims, recover vehicles in Kogi
-
News3 days ago
Protests rock Oyo over abduction of students, teachers by terrorists
-
Uncategorized3 days ago
Gunmen ambush police officers returning from duty, kill two in Anambra
