Politics
Breaking: Nigeria Records Surprising Drop In Transport Inflation Despite Economic Challenges (Details)
The National Bureau of Statistics (NBS) recently released Nigeria’s inflation report, revealing a surprising decline in transport inflation for the first time in over two years. In October 2023, transport inflation slowed to 27.04%, down from its two-year high of 27.18% in the previous month…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
The last instance of such decline occurred in July 2019. This trend is noteworthy, given the surge in transportation costs following the removal of the petrol subsidy and the increase in crude oil prices.
The removal of the petrol subsidy had a significant impact on the transport sector, with Premium Motor Spirit (PMS) prices skyrocketing by over 200%, reaching an astonishing N600 per litre from the previous average of N189 per litre. This sudden increase in fuel prices had cascading effects on various modes of transportation across the country.
The subsidy removal, coupled with the depreciation of the national currency against the USD (exceeding 40%), created a challenging environment for the transport sector, particularly the aviation industry. This confluence of factors, including subsidy removal, fuel price spikes, and currency devaluation, presented substantial challenges for the air travel industry.
The NBS reported that Nigeria’s headline inflation reached its highest level in over 18 years, hitting 27.33% in October 2023, marking the 10th consecutive month of increase. Food inflation rose to 31.52%, the highest since August 2005, while core inflation accelerated to 22.58%, the highest since December 2006.
Experts have noted that the rising cost of transportation has contributed to the surge in Nigeria’s food inflation. The impact of increasing transportation costs has also led to a faster-paced inflation rise in the southern region of the country.
Despite the overall inflationary pressures, the decline in transport inflation may indicate a degree of stability in transport prices across the country. However, this does not signify a reduction in transport costs but rather a moderation in the rate of price increases.
In conclusion, these economic dynamics, fueled by subsidy removal, fuel price hikes, and currency devaluation, have broader implications for Nigeria’s economy. Balancing economic growth and stability in the face of these challenges requires strategic policy adjustments from the government.
The Federal High Court has announced that its 2026 Christmas vacation will begin on Monday, December 21, and end on Tuesday, January 5, 2027.....KINDLY READ THE FULL STORY HERE▶
The court is expected to resume regular sittings on Wednesday, January 6, 2027.
The announcement was contained in a statement issued on Monday by the Director of Information of the Federal High Court of Nigeria, Dr Catherine Oby Christopher.
According to the statement, the Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, approved the vacation arrangement and the appointment of judges who will handle cases during the period.
Christopher explained that only designated judicial divisions would remain operational throughout the vacation to provide essential judicial services.
She added that the vacation judges would handle only matters involving the enforcement of fundamental human rights, the arrest or release of vessels, and other issues of urgent national importance, including the trial of pre-election cases.
The statement read:
“Pursuant to the provisions of Order 46, Rule 4(c) of the Federal High Court (Civil) Procedure Rules, 2019, the Chief Judge of the Federal High Court of Nigeria, Hon. Justice John Terhemba Tsoho, KSS, OFR, FCIArb. (UK), has approved the Christmas Vacation of the Court for the year 2026 and the roster of Judges designated to sit during the vacation period.
“The Christmas Vacation shall commence on Monday, 21st December 2026, and end on Tuesday, 5th January, 2027.
“Regular court sittings shall resume on Wednesday, 6th January 2027.
“During the vacation period, only the designated Judicial Divisions shall remain operational to provide judicial services to the litigating public.
“It is important to note that, during the vacation period, the Vacation Judges shall entertain only matters relating to the enforcement of fundamental rights, the arrest or release of vessels, and other matters of urgent national importance such as trial of pre-election cases.”
Full List Of Federal High Court Vacation Judges
The judges designated to handle cases during the Christmas vacation are as follows:
Abuja Judicial Division
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Justice I. E. Ekwo
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Justice O. A. Egwuatu
Lagos Judicial Division
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Justice Akintayo Aluko
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Justice Ogazi F. Nkemakonam
Port Harcourt Judicial Division
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Justice P. M. Ayua
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Justice A. T. Mohammed
Enugu Judicial Division
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Justice F. O. G. Ogunbanjo
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Justice M. T. Segun-Bello
The statement added that the Chief Judge extended Christmas and New Year greetings to all judges and members of the court.
latest
“Behave Yourself!” – Seyi Tinubu Fires Back At Isaac Fayose Over Port Harcourt ‘City Boy’ Walk.
Seyi Tinubu, son of President Bola Tinubu, has criticised political commentator Isaac Fayose over his remarks about the City Boy movement’s walk in Port Harcourt, Rivers State.....KINDLY READ THE FULL STORY HERE▶
Fayose had taken to social media to question the gathering, describing it as a waste of time and expressing doubts about the number of people who attended the event.
Responding in the comment section of the post, Seyi urged the businessman to conduct himself properly instead of criticising the group’s activities.
He defended the Port Harcourt walk, describing it as a successful and peaceful gathering organised by young Nigerians in support of President Tinubu and his administration.
Seyi wrote: “My content creator Egbon e behave ara yin o. You and I both know that those gallant men and women were there for the city boy walk in PH, which was a success by the way. Vote APC.”
In a related development, Fayose has alleged that he is being targeted with false accusations because of his support for the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi.
The younger brother of former Ekiti State Governor, Ayodele Fayose, made the allegation in a video shared on his verified Facebook page on Sunday.
He was reacting to a post by an unnamed blogger linking him to a rape allegation, which he denied, describing it as a fabrication intended to damage his reputation because of his refusal to withdraw support for Obi.
Fayose further alleged that individuals who turn down offers from the All Progressives Congress (APC) are often subjected to smear campaigns.
Celebrity barman and socialite, Cubana Chief Priest, has challenged the Minister of Works, David Umahi, to provide evidence of projects he has executed in the South-East region.....KINDLY READ THE FULL STORY HERE▶
Chief Priest made the challenge in a video shared on social media, where he criticised the minister over the state of infrastructure in the region.
The socialite alleged that a bridge had stopped serving its intended purpose following work carried out on it under Umahi’s supervision.
He also accused the minister of promising votes for President Bola Tinubu without demonstrating sufficient development to convince residents of the region to support the President.
Chief Priest questioned what Umahi was relying on to persuade people in the South-East to vote for Tinubu. He also alleged that the minister was positioning his son to succeed Ebonyi State Governor Francis Nwifuru.
“Minister of Works, show us project wey you do for your region; our bridge is no longer bridging since you touched it. Let us go,” he said.
The socialite further criticised the alleged plan to position Umahi’s son for the governorship, arguing that political leadership should not be treated as a family affair.
He also questioned the level of development in Ebonyi State and the wider South-East, accusing the minister of failing to address the region’s challenges.
“Pharaoh, let our people go, honorable Minister of Works; Pharaoh, let the people of the Southeast go,” he added.
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