Tag: NBS

Nigerias inflation rate rises to 22.79% in June

Aminu Imam

Nigerias headline inflation rate has climbed to 22.79 percent in June 2023. According to data released by the National Bureau of Statistics, (NBS), yesterday, the country’s inflation rate rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 percent in the previous month. The NBS report read: In June 2023, the Headline inflation rate rose to 22.79 percent relative to May 2023 headline inflation rate, which was 22.41 percent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage…

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Inflation rate hits 22% in May 2023 – NBS

Aminu Imam

The National Bureau of Statistics (NBS), says Nigerias headline inflation rate increased to 22.41 per cent in May 2023. This is according to the NBS Consumer Price Index (CPI) and Inflation Report for May 2023, released in Abuja, on Thursday. According to the report, the figure is 0.19 percent points higher compared to the 22.22 percent recorded in April 2023. It said on a year-on-year basis, the headline inflation rate in May 2023 was 4.70 percent higher than the rate recorded in May 2022 at 17.71%. This shows that the…

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Oil-producing States squander N4tr domestic debt in 7 years – NBS, DMO

Aminu Imam

According to a recent National Bureau of Statistics (NBS) study on Nigerias domestic and external debt, the oil-producing States had a combined domestic debt stock of more than N4 trillion between Q1, 2022, and Q2, 2022. Analysis of statistics emanating from the Debt Management Office (DMO), the Federal Ministry of Finance and the National Bureau of Statistics (NBS) suggests that the oil-producing states across the country cannot account for about N4 trillion in their transactions over a period of seven years. Oil-producing States in Nigeria, which include Delta, Akwa-Ibom, Cross…

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Agric sector yet to reach potential despite CBNs N1tr – NBS

Aminu Imam

The National Bureau of Statistics, NBS, has revealed that the agricultural sector continues to struggle despite the massive intervention in the sector. According to NBS latest GDP report, the agriculture sector grew by only 1.3% in real terms, during the third quarter of 2022. Although this is an increase of 0.12% points from the corresponding period of 2021, and an increase of 0.14% points from the second quarter, the expectations for the sector remains a far cry from expectation. The agricultural activities measured by the NBS include crop production, livestock,…

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Kerosene price up by 118.08% in one year – NBS

Aminu Imam

The National Bureau of Statistics (NBS) has said the price of household kerosene was up by 118.08% in twelve months. According to the Bureau, in its document titled: National Household Kerosene Price Watch (September 2022)“, the price rose from N434.39 in September 2021 to N947.30 in September 2022. The documents said: The average retail price per litre of household kerosene paid by consumers in September 2022 was N947.30, indicating an increase of 17.02% when compared to N809.52 recorded in August 2022″. On a State profile analysis, the NBS said the…

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Cooking gas price increases by 86.62% in one year NBS

Aminu Imam

The average price of 5 kilogrammes of cooking gas increased from N4, 456.56 in August to N4, 474.48 in September, the National Bureau of Statistics (NBS) has stated. The NBS, which stated in its Cooking Gas Price Watch” report for September 2022 released yesterday in Abuja, said that the September price was a 0.40% increase over what was obtained in August. On a year-on-year basis, the September 2022 price of N4, 474.48 for 5kg of gas was an 86.62% increase over the price of N2, 397.60 obtainable for the same volume…

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Cooking gas price increases by 101% in one year – NBS

Aminu Imam

The average price of 5 kilogrammes of cooking gas increased from N4, 397.68 in July to N4, 456.56 in August. The assertion was made by the National Bureau of Statistics (NBS), in its Cooking Gas Price Watch issued yesterday, in Abuja. The NBS noted that the price in August indicated a 1.34 percent increase on a month-on-month basis from what obtained in July. On a year-on-year basis, the August 2022 price was a 101.17 percent increase over the price of N2,215.33 paid for the same volume of gas in August…

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Nigerian economy shrinks by N63bn; 28 sectors struggling- NBS

Aminu Imam

No fewer than 28 sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product (GDP) shrunk by N63.49billion quarter-on-quarter, the National Bureau of Statistics, (NBS), data has revealed. According to data from the Bureau, while real GDP grew by 3.54% year-on-year in Q2 2022, it declined by 0.37%, from the N17.35 trillion that was recorded in the first quarter of 2021 to N17.29 trillion in Q2, 2022. The NBS blamed this decline on lower economic activity that was witnessed in the country in Q-1…

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Amid soaring food prices, inflation rate hits 19.64%, highest in 17 years – NBS

Aminu Imam

Nigerias inflation rate in the month of July 2022 rose to a 17-year high of 19.64%, as the prices of food rose across the nation, the National Bureau of Statistics, (NBS), has disclosed. In a report it released yesterday, the NBS said the figure was 2.27% higher compared to 17.38% recorded in July 2021. On a month-on-month basis, it said the headline inflation rate in July 2022 was 1.817%, which was 0.001% higher than 1.816% recorded in June 2022. It further said food inflation rose to 22.02% on a year-on-year…

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Average price of 5kg cooking gas increases to N3,921.35
NBS

Aminu Imam

The National Bureau of Statistics, (NBS), says the average price of refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) has risen to N3,921.35 in May 2022. This was contained in the NBS Liquefied Petroleum Gas (Cooking Gas) Price Watch for May 2022 released in Abuja yesterday. The NBS said refilling the cylinder used to cost N3,800.47 in April 2022, adding that the increase indicated a 3.18% month-on-month increase. However, on a year-on-year basis, the average retail price of the product increased by 89.28%, from N2,071.69 in May 2021.…

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