Tag: NBS

Prices of millet, potatoes garri, meat, others push food inflation to 40% – NBS

Aminu Imam
NBS

Nigerias headline inflation rose to 33.20%, data from the National Bureau of Statistics, (NBS), has shown. In a report yesterday, the NBS said headline inflation rate, which was 31.70% in February, showed an increase of 1.50 percentage points.Also, food inflation increased to 40%, with prices of garri, akpu, water melon, among others cited as the reason for the increase. It stated that on a year-on-year basis, the headline inflation rate was 11.16 percentage points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the…

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Nigerias public debt stock hits N97.34tr in Q4 2023 NBS

Aminu Imam

Lagos, Delta, Kaduna tops list The National Bureau of Statistics, (NBS), says Nigerias public debt stock rose from N87.91 trillion ($114.35 bn) in the third quarter of 2023 to N97.33 trillion ($108.23 bn) in the fourth quarter of 2024. According to the latest domestic and foreign debt report published by the NBS, Lagos State has the highest debt record in both domestic and foreign or external debt among the 36 States and the Federal Capital Territory, (FCT), at the end of the fourth quarter (Q4) 2024. However, a breakdown of…

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Kerosene price hit N1, 340 per litre in February NBS

Aminu Imam

National Bureau of Statistics, (NBS), says the average retail kerosene price of a litre increased from N1,329 recorded in January 2024 to N1,340 in February 2024. The Bureau said this in its ‘Petrol Price Watch’ report for February 2024, released in Abuja yesterday. It said the February price of N1,340 represented a 0.86% increase compared to what was obtained in January. The Bureau said the average price per litre of kerosene increased on a year-on-year basis by 14.23% from N1,173 recorded in February 2023 to N1,340 in Feb. 2024. On…

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Nigeria’s inflation rate soars to 31.70% in February NBS

Aminu Imam

Nigerias inflation rate soared to 31.70% in February 2024, continuing its upward trend, the National Bureau of Statistics (NBS), said yesterday, in its Consumer Price Index report for February 2024. According to the Bureau, the February 2024 headline inflation rate showed an increase of 1.80% points, when compared to the January 2024 figure. The NBS report reads in part: In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.90%. Looking at the movement, the February 2024 headline inflation rate…

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FG purchased N5tr worth of armoured tanks in Q4 2023 NBS

Aminu Imam

The Nigeria Bureau of Statistics (NBS) has stated that N5 trillion worth of tanks and armoured fighting vehicles were imported into the country in the fourth quarter of 2023, majorly from Singapore. In a report, titled: Foreign Trade in Goods Statistics, the NBS said Nigeria recorded a total of N26.8tr in trade transactions with other countries. The report which was released on Friday, said goods worth N12.69trn were exported out of the country, while N14.1trillion worth of goods were imported into the country. According to the report, the trade volume,…

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Nigerias inflation rate hits 28.2% – NBS

Aminu Imam

Highest in 20 yrs Nigerias inflation rate has hit 28.2 percent the highest since 20-year. This is according to data released by the National Bureau of Statistics (NBS), yesterday. The NBS said the headline inflation rate for November increased to 28.20% relative to October 2023 headline inflation rate, which was 27.33%. The NBS said Food inflation rate also increased to 32.84% on a year-on-year basis, which was 8.72 percentage points higher when compared to the rate recorded in November 2022 (24.13%). The rise in food inflation on a year-on-year basis…

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Nigeria records trade growth in third quarter of 2023 – NBS

Aminu Imam

Nigerias total trade in the third quarter of 2023 stood at ?18,804.29 billion, as total exports increased by 60.78% compared to the second quarter of 2023, the National Bureau of Statistics, (NBS), has said. The report showed that exports were valued at ?10,346.60 billion, while total imports stood at ?8,457.68 bn in the third quarter of this year, Total exports increased by 60.78%, compared to the amount recorded in the second quarter of 2023 (?6,435.13 billion), as well as by 74.36% compared to the corresponding quarter in 2022 (?5,934.15 billion),…

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Nigerias inflation rate rises to 27.33 percent in October – NBS

Aminu Imam

Nigerias headline inflation rate for October increased to 27.33 percent from 26.72 percent in September. The National Bureau of Statistics, (NBS), disclosed this in its Consumer Price Index report released yesterday. The October 2023 headline inflation rate represented an increase of 0.61 percentage points, when compared to the September 2023 headline inflation rate. Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher, when compared to the rate recorded in October 2022 (21.09 percent), indicating that the headline inflation rate (year-on-year basis) increased in October 2023,…

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Anxiety, as 12.5kg cooking gas hits N12 500

Aminu Imam

Price of 12.5kg of Liquefied Natural Gas or cooking gas has increased to N12,500 as Nigeria celebrates her 63rd Independence anniversary. A market survey has revealed that gas retailers had jerked up prices of 12.5kg from N10,000 reported towards the end of last month, to around N12,500 in Lagos. According to the National Bureau of Statistics (NBS) , the average retail price for 12.5kg cooking gas increased by 0.35% on a month-on-month basis, from N9,162.11 in July 2023 to N9,194.41 in August 2023. Similarly, kerosenes average retail price per litre…

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Nigerias inflation accelerates to 24.08% in July NBS

Aminu Imam

Highest in a decade The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report released for July 2023, yesterday, disclosed that inflation rate shot up from 22.79 percent in the previous months to 24.08 percent in July 2023. The nations annual inflation rate rose for the seventh consecutive month since the year began with latest figure showing an increase of 1.29 points, when compared to June headline inflation rate. In July 2023, the headline inflation rate rose to 24.08 percent relative to June 2023 headline inflation rate,…

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