The National Bureau of Statistics (NBS) said the inflation rate rose to 33.69 per cent in April as prices of food and non-alcoholic beverages soared.
The NBS shared the inflation data in its consumer price index (CPI) report yesterday.
According to the report, the figure is 0.49 per cent points higher compared to the 33.20 per cent recorded in March 2024.
It said on a year-on-year basis, the headline inflation rate in April 2024 was 11.47 per cent higher than the rate recorded in April 2023 at 22.22 per cent.
In addition, the report said, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 at 3.02 per cent.
“This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”
The report said the increase in the headline index for April 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
READ ALSO:Nigeria’s inflation rate hits 33.69% in April-NBS
It said the percentage change in the average CPI for the 12 months ending April 2024 over the average of the CPI for the previous corresponding 12-month period was 28.10 per cent.
“This indicates a 7.28 per cent increase compared to 20.82 per cent recorded in April 2023.”
The report said the food inflation rate in April 2024 increased to 40. 53 per cent on a year-on-year basis, which was 15.92 per cent higher compared to the rate recorded in April 2023 at 24.61 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, and Water Yam, CocoYam
“Others are dried fish sardine, dried catfish, mudfish dried, palm oil, vegetable oil, coconut oil, beef feet, beef head, liver, and frozen chicken.
“Others are mango, banana, grapefruit, coconut, watermelon, Lipton Tea, Bournvita, and Milo.”
It said on a month-on-month basis, the food inflation rate in April was 2.50 per cent, which was a 1.11 per cent decrease compared to the rate recorded in March 2024 at 3.62 per cent.
“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, plantain flour, etc (under bread and cereals class); yam, water yam, Irish potato, and cocoyam.
“Others are beer, local beer, Milo, Bournvita, Nescafe, Groundnut oil, Palm oil, egg, fresh milk, powdered milk, tin milk, soft drinks, wine and fruits.”
The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 26.84 per cent in April on a year-on-year basis.
“This increased by 6.87 per cent compared to 19.96 per cent recorded in April 2023.’’
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of actual and imputed rentals for housing, journeys by motorcycle, bus journeys within a city, consultation fees of medical doctors, x-ray photography among others.
The NBS said on a month-on-month basis, the core inflation rate was 2.20 per cent in April 2024.
“This indicates a 0.24 per cent decrease compared to what was recorded in March 2024 at 2.54 per cent.”
“The average 12-month annual inflation rate was 22.84 per cent for the 12 months ending April 2024, this was 5.15 per cent points higher than the 17.70 per cent recorded in April 2023.”
“On a month-on-month basis, the urban inflation rate was 2.67 per cent, which decreased by 0.50 per cent compared to March 2024 at 3.17 per cent.’’
The report said on a year-on-year basis in April 2024, the rural inflation rate was 31.64 per cent, which was 10.50 per cent higher compared to the 21.14 per cent recorded in April 2023.
“On a month-on-month basis, the rural inflation rate was 1.92 per cent, which decreased by 0.95 per cent compared to March 2024 at per cent.’’
On states’ profile analysis, the report showed in April that all items inflation rate on a year-on-year basis was highest in Kogi at 40.84 per cent, followed by Bauchi at 39.91 per cent, and Oyo at 38.37 per cent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 26.09 per cent, followed by Benue at 27.53 per cent, and Taraba at 28.69 per cent.
The report, however, said in April 2024, all items inflation rate on a month-on-month basis was highest in Lagos at 4.52 per cent, followed by Ondo at 3.35 per cent, and Edo at 3.27 per cent.
“Kano at 0.30 per cent, followed by Ebonyi at 0.97 per cent and Adamawa at 1.27 per cent recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Kogi at 48.62 per cent, followed by Kwara at 46.73 per cent, and Ondo at 45.88 per cent.
“Adamawa at 33.61 per cent, followed by Bauchi at 33.85 per cent and Nasarawa at 34.03 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, food inflation was highest in Lagos at 4.74 per cent, followed by Edo at 4.06 per cent, and Yobe at 3.99 per cent.
“While Kano at 0.47 per cent, followed by Adamawa at 0.98 per cent and Zamfara at 1.50 per cent, recorded the slowest rise in inflation on a month-on-month basis.”
“Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49 per cent points when compared to the March 2024 headline inflation rate,” the NBS said.
“On a year-on-year basis, the headline inflation rate was 11.47 per cent points higher compared to the rate recorded in April 2023, which was 22.22 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in April 2024 when compared to the same month in the preceding year (i.e., April 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 (3.02 per cent).
“This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”
*Accountant-General of Federation: Tax revenue is currently the highest source of income
Meanwhile, the Accountant-General of the Federation, Oluwatoyin Madein, has said tax revenue was currently the highest source of income in the country.
He said this on Tuesday at the 26th annual tax conference themed: “Sustainable Tax Culture and Economic Roadmap for Nation Building,” organised by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja.
Madein said due to the substantial revenue generated from taxes, members of the Federation Account Allocation Committee (FAAC) eagerly anticipate the monthly figures from the Federal Inland Revenue Service (FIRS), as these funds are crucial for distribution among the three tiers of government.
She said the office of the accountant-general of the federation was committed to a sustainable tax culture that would ensure the continuous flow of revenues at an improved level.
“Tax revenue as of today is the highest source of revenue accruing to the federation,” she said.
“Therefore, at the federation account allocation committee meetings, we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government.”
Madein told tax practitioners to intensify their tax collection efforts to increase government revenue, which would be used to fund infrastructure and other public services.
“Let us remain steadfast in our commitment to building a better future for all. Together we can harness the transformative power of taxation to create a more prosperous, equitable, and sustainable world,” she stressed.
“As I said earlier, at FAAC, we eagerly look forward to tax numbers because, at the moment, revenue from non-oil has been a great revenue source for the federation.
“Therefore, to tax practitioners, you are doing so well but we need more of this to be able to deliver on all the areas that the citizens are looking forward to because, for even infrastructure development, it is only through funds that we can get it done.”
In his remarks, Samuel Agbeluyi, CITN’s president, said fostering a sustainable tax culture in Nigeria required significant involvement from all levels of government.
Agbeluyi said that promoting a taxpaying culture required the careful and transparent use of tax revenue to build trust between the government and taxpayers, which in turn supports nation-building efforts.
The CITN president also expressed delight regarding the suspension of the cybersecurity levy implementation.
Agbeluyi said the institute would keep advising the government on its policies, taking into consideration their impact on citizens.
*Nigerians are in pain, difficult situation, says Kukah
The Catholic Bishop of Sokoto Diocese, Bishop Matthew Hassan Kukah, yesterday said that Nigerians are in pain owing to the various policies introduced by President Bola Tinubu.
Bishop Kukah, who said Nigerians are in various levels of pain that are unintended due to certain policy decisions, expressed the hope that with time such policies should be amended to serve the welfare of the people.
Speaking to State House correspondents after a closed-door meeting with the President at the presidential Villa, Abuja, told him to open a channel of communication with the people on when his policies would begin to yield results.
Asked to assess Tinubu’s administration as it prepares to celebrate the first anniversary, Kukah said, “I’m sure many people will tell you that one year is not enough to make a judgment. However, from where we all stand, we know that we are all in a very difficult situation.
“Nigerians are in various levels of pain and they are pains that are unintended. But they are the results of certain policy decisions that hopefully, with time, can be amended to serve the welfare of the people.
“Because I believe that the essence of government is to guarantee the welfare and security of ordinary citizens. I believe that the times that we are in now are very difficult times and nobody should be under any illusion. But there are also times for renewal.
“We just need to commit ourselves to the fact that building a good society takes a lot of time. It’s not something that is done in one lifetime. And for me, the most important thing is to continue on the building blocks of the things that we think are being done well.
“My argument has always been that the government needs to very quickly improve the quality of communication so that Nigerians can at least get a sense of how long is it going to be before food is ready.”
Fielding questions on the political crisis in Rivers state, the cleric who was reluctant to comment on that, however, said, “We ordinary people cry more than the bereaved. The important thing is politicians will fix their problems.
“Rivers State is a place that is very dear to me because I have been associated with them for a very long period.
“But look, when politicians fight, don’t get carried away because they can fix their quarrel. And I hope and pray that Rivers State will sooner rather than later reposition because it is not an insignificant part of Nigeria.”
On his mission at the State House, Kukah said, “I came to see the President with the Director of the Kukah Centre. We came to discuss with the President an invitation we had earlier extended, which we renewed, to have a conference in which we would like him to be in attendance, addressing the theme of national cohesion. So, that’s really what we came to discuss.”
