Connect with us

Politics

Alarming Trends: Nigeria Witnesses 11th Inflation-Increase In 2023, Reaching 6.68% Rise

Published

on

As the festive season unfolds, ominous signs suggest that Nigerians may face a somber yuletide, marked by the country’s inflation surging to 28.20% in November—the highest since August 2005….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

According to the National Bureau of Statistics, this marks the eleventh occasion in 2023 where Nigeria’s inflation rate has seen an increase. From January to November this year, the nation’s inflation rate has risen by 6.68%, the fastest pace since the 2016 recession.

Prices for essential goods and services such as food items, accommodation, clothing, electricity, and education fees have sharply risen. A detailed examination reveals that the primary driver of the country’s escalating headline inflation rate is food inflation, which spiked to 32.84% in October.

For instance, the cost of a 50kg bag of rice has surged from N38,000 to N55,000 compared to the previous December, 25 liters of vegetable oil now sell for N42,000 from N32,000, and the price of a chicken (layer) has jumped from N3,000 to N6,000 in the past year.

Beyond the realm of food, transportation costs and other services have doubled nationwide. This is largely attributed to the adverse effects of fuel subsidy removal and foreign exchange fluctuations.

President Bola Ahmed Tinubu’s policies of fuel subsidy removal and Naira floating in June led to an increase in fuel prices to over N617 per liter and a surge in the forex rate to over N800/$1. Despite the purported gains of these policies, the negative impact on Nigerians persists.

Out of the 15 million households targeted for the N25,000 cash transfer from the $400 million World Bank loan to ease the fuel subsidy removal, only 1.5 million have received it. The ongoing scarcity of the Naira nationwide compounds the challenges, with individuals and point-of-sale operators expressing concerns about the shortage of banknotes.

Reflecting on the situation, Prof Godwin Oyedokun from the Lead City University in Ibadan emphasized that the soaring inflation rate is likely to significantly affect Nigerians during the festive season. He highlighted the potential constraints on purchasing power, increased financial strain, and challenges faced by small businesses.

Other experts, including Mr. Idakolo Gbolade and Mazi Okechukwu Unegbu, anticipate a continued rise in inflation, pointing to pressures on the Naira against the US Dollar and the inadequacy of current economic policies. Dr. Uju Ogunbunka underscored the dependence on imported goods as a factor contributing to inflation, while Prof. Segun Ajibola expressed skepticism about the effectiveness of monetary measures in curbing the inflationary pressure.

Advertisement

latest

“Name Anyone In ADC As Corrupt As APC Members” — Ex-Osun Governor Osunbor Sparks Debate.

Published

on

A former Governor of Edo State, Oserheimen Osunbor, has described the African Democratic Congress (ADC) as the strongest platform capable of challenging the ruling All Progressives Congress (APC) in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Osunbor said the ADC represents hope for improved governance in Nigeria, insisting that the country is in urgent need of a leadership reset.

He made the remarks on Friday during an interview on Channels Television’s Politics Today, where he reacted to recent political developments and defections involving the party.

Osunbor dismissed concerns over defections from the ADC, arguing that the party is actually recording more gains than losses.

He said, “There are more people joining the ADC than those leaving. That should give you cause to be happy.

“There is freedom of association, but if at the end of the day there is net gain rather than net loss, we should be satisfied. We don’t have any right to tie anybody down.”

The former governor maintained that the ADC remains a credible political alternative for the 2027 presidential election, adding that Nigeria urgently needs a proper leadership selection process capable of producing competent leaders.

He said, “It offers the best option to rescue Nigeria, to reintroduce good governance in Nigeria because nothing will work unless the leadership recruitment structure is gotten right.”

He further stressed that democratic institutions must be strengthened and allowed to function independently for meaningful national progress.

“Unless democratic institutions are allowed to function as they should, unless the laws and regulations and due process are followed, we will continue to sink deeper into the morass of underdevelopment,” he added.

Osunbor Alleges Plot Against ADC

Osunbor also alleged that some of the legal challenges facing the ADC were politically engineered to weaken the opposition party.

He said, “The legal problems confronting the ADC are orchestrated. I just gave you an example of somebody who was already out of the ADC for a long time, but he was encouraged to stay there and scatter them, fight them.”

He further expressed concern over what he described as increasing executive interference in state institutions, particularly the judiciary.

“What bothers Nigerians is executive interference and the judiciary,” he said.

Responding to criticisms that the ADC is filled with politicians who have held office without significant achievements, Osunbor defended the party’s members.

He said, “Name anybody in ADC who is as bad, who is as corrupt or who is as vile as those in APC.

“If you tell me one corrupt person in ADC, I can show you ten in APC. There is no perfection in this world. Because if we are bad, we are not as bad as the APC.”

Continue Reading

latest

Shock Defection: Kwankwasiyya Chieftain Quits ADC Amid Rising Tensions

Published

on

A prominent figure within the Kwankwasiyya movement in Dala Local Government Area of Kano State, Kabiru Adamu Abdullahi, has resigned his membership of the African Democratic Congress (ADC).....KINDLY READ THE FULL STORY HERE▶

reports that Abdullahi, an aspirant for the House of Assembly, confirmed his resignation in a letter dated May 1, 2026, addressed to the ADC chairman in Kofar Ruwa Ward.

He stated that his decision to leave the party took immediate effect.

In the letter, which he also shared on his Facebook page, Abdullahi expressed appreciation to the party for the opportunity to serve as a member.

He wrote, “I hereby formally resign my membership of All Democratic Congress (ADC) at Kofar Ruwa Ward with immediate effect.

“I sincerely appreciate the opportunity given to me to be part of the party and wish you and the party the very best in your future endeavours.

“Kindly accept this as my official notice and communicate the same to the appropriate authorities.”

Abdullahi is regarded as one of the notable Kwankwasiyya leaders in Dala.

In another post on Facebook, he attributed his resignation to the directive of the movement’s leader, Senator Rabiu Musa Kwankwaso, referring to it as an instruction from “Jagora,” a title commonly used by supporters of Kwankwaso.

Continue Reading

latest

Shockwaves In Opposition As ADC Leader Claims Peter Obi Will Dump ADC For NDC Next Week.

Published

on

Some top figures within the African Democratic Congress (ADC) are reportedly preparing to defect to the National Democratic Congress (NDC) ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

Former Labour Party presidential candidate in 2023, Peter Obi, is said to be a key figure in the anticipated political realignment.

Sources close to the former Anambra State governor, who spoke with Punch, linked the development to rising dissatisfaction within the ADC’s internal structure and lingering uncertainty following a recent Supreme Court ruling on the party’s leadership dispute.

The Supreme Court had on Thursday set aside an earlier injunction that removed David Mark and Rauf Aregbesola as National Chairman and National Secretary of the ADC respectively. However, it did not resolve the substantive leadership issue, instead returning the case to the Federal High Court for further proceedings.

While some party members described the ruling as temporary relief, insiders say it has increased tension within coalition circles ahead of the 2027 elections, with concerns that ongoing litigation could destabilize the party at a critical political stage.

Obi Loyalists Raise Concerns Over Zoning And Party Structure

Party insiders also claim that internal disagreements, including tensions with supporters of former Vice President Atiku Abubakar, have influenced Obi’s reconsideration of his political platform.

One source said Obi and his allies are concerned that the ADC structure appears skewed in favour of a particular aspirant and that the party is unwilling to zone its presidential ticket to the South.

According to the source, these concerns have raised doubts about the credibility of any potential primary election within the party.

The source further added that ongoing legal disputes and internal crises have made the ADC less viable for Obi’s presidential ambition.

It was also disclosed that Obi has begun consultations with the NDC, which reportedly offered him an uncontested presidential ticket.

The source claimed, “All things being equal, in a couple of days, between now and next week, he is expected to dump the ADC for the NDC.”

Another aide confirmed that Obi is expected to publicly declare his next political move in the coming days, stating that an official announcement will soon be made to Nigerians.

Continue Reading

Trending

Copyright © 2023 NIVONEWS