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BREAKING: Inflation soars to 21.82% amid naira redesign

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Nigeria’s inflation has increased to 21.82 per cent in January 2023. This is according to the National Bureau of Statistics. The development comes amid a redesign of the naira by the Central Bank of Nigeria. January’s inflation rate is a 0.48 per cent point increase from the 21.34 per cent that was recorded in December 2022. This is a new 17-year high after inflation fell for the first time in December 2022. Prior to December, Nigeria’s inflation rate had been rising consistently for 11 months. In 2022, the NBS listed disruption in the supply of food products, increases in import cost due to the naira’s depreciation and a general increase in the cost of production as the cause of the rise in inflation. In its ‘Consumer Price Index’ for January 2023, the national statistics body said, “In January 2023, the headline inflation rate rose to 21.82 per cent compared to December 2022 headline inflation rate which was 21.34 per cent. “Looking at the trend, the January 2023 inflation rate showed an increase of 0.47 per cent points when compared to December 2022 inflation rate. However, on a year-on-year basis, the headline inflation rate was 6.22 per cent points higher compared to the rate recorded in January 2022, which was 15.60 per cent. “This shows that the headline inflation rate (year-on-year basis) increased in the month of January 2023 when compared to the same month in the preceding year (i.e., January 2022).” According to the NBS, increases in the prices of bread and cereal, actual and imputed rent, potatoes, yam and tuber, vegetables, and meat. According to the CBN, its naira redesign policy will help control inflation. Recently, the CBN Acting Branch Controller in Ondo State, Mr Giwa Ademola, said, “The benefits of the currency redesign to the Nigerian economy are enormous given that this policy will help to control inflation, as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective. “It will also help with better design and implementation of monetary policy as we will have much more accurate data on money supply and monetary aggregates.”

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Tinubu vs Obi, Atiku: nothing has changed in Nigeria since 1979 – Fayose

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Former Governor of Ekiti State, Ayodele Fayose has said Nigeria hasn’t changed since 1979. He made the statement on Thursday following the outcome of the 2023 presidential election. Fayose spoke while fielding questions from journalists on Arise Television’s Morning Show. According to him, there is a lot wrong with Nigeria, adding that he blamed the majority of the problem the country is facing on stakeholders and politicians. Recall that the All Progressives Congress, APC’s Bola Ahmed Tinubu recently won the 2023 presidential election, beating close rivals Peoples Democratic Party, PDP’s Atiku Abubakar and Labour Party’s Peter Obi. Atiku and Obi have since headed to the courts to challenge the victory of Tinubu. Fayose said, “There is a lot wrong with Nigeria. Since 1979 nothing has changed. I blamed the majority of the problem on stakeholders and politicians. “When you asked Buhari in 2015 if you lose the election, would you concede defeat, he said I would win. He never conceived he would lose. “I told you the senators, House of Rep members are returning to the House of Assembly. The system is sick. Nobody is protecting it. “Rather than blaming INEC, we need to draw a red line like the army. Nothing was wrong in the election.”

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People of Abia have spoken with votes – Orji Kalu Congratulates Alex Otti

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The Senate Chief Whip, Senator Orji Kalu has sent a congratulatory message to Abia Governor-elect, Alex Otti. He said the people of Abia State have spoken with their votes by choosing the Labour Party (LP) governorship candidate in the March 18 elections. He urged all Abians to close ranks and support the governor-elect “in rebuilding the state for the betterment of the people”. Sen. Kalu said this in a congratulatory message he sent to Otti on Thursday in Abuja. The senator applauded the political maturity demonstrated by candidates of all political parties during the election. According to him, the collective interests of the Abia people should be placed above personal ambitions. “I congratulate Chief Alex Otti of the Labour Party (LP) who emerged victorious in the last Saturday’s governorship election in Abia state.“The people of Abia State have spoken with their votes and as such Abians regardless of party affiliation must rally support for the governor-elect.“Judging from his antecedents in the private sector, I am optimistic that Otti will bring to bear his administrative acumen in piloting the affairs of Abia State.“I urge Abia people to be steadfast, positive minded and peaceful during this period,” Senator Kalu said. The former governor of Abia wished Otti a successful tenure in office. Otti had won the governorship election in the state by a landslide. He polled a total of 172,386 votes to defeat his closest rival and candidate of the Peoples Democratic Party, PDP, Okey Ahiwe, who garnered 88,174 votes. 

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Those arrested for Electoral Malpractices in Kaduna released without Charge – Shehu Sani

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A former federal lawmaker, Senator Shehu Sani has raised an alarm saying some persons arrested for different offences during the just concluded elections in Kaduna State have been released without being charged to court. Sani made the revelation in a tweet on Thursday morning. Shehu Sani said a woman arrested with multiple Permanent Voters Cards and other men arrested by the Economic and Financial Crimes Commission have all been released. He wrote, “The woman who was arrested with multiple PVCs and paraded by the EFCC during the presidential election.“And the men who were arrested for vote buying and paraded by the EFCC during the governorship election in Kaduna have all been released without charges and now at home”. Recall that the operatives of the EFCC had, on February 25, during the presidential and National Assembly elections, intercepted a woman with no fewer than 18 voter cards in a sting operation at the Badarwa area of Kaduna, Kaduna State. The woman, identified as Maryam Mamman Alhaji, who is a member of the support group of one of the leading political parties, also had in her possession a 17-page list containing names of eligible voters, their bank details, and phone numbers as accredited under Badarwa/Malali Ward 01 and 08, Kaduna North Local Government Area of the State.

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