Inflation Rate Drops To 13.34% In March —NBS

The National Bureau of Statistics on Thursday said the country’s Consumer Price Index which measures inflation went up  by 13.34 per cent (year-on-year) in March 2018.

The bureau said in their report that  the 13.34 per cent rate for March is 0.99 percentage points less than the 14.33 per cent recorded in February.

The report said this is the fourteenth consecutive months since January 2017 that the country would be experiencing the drop in inflation.

It reads in part, “The Consumer Price Index which measures inflation increased by 13.34 per cent (year-on-year) in March 2018.

“This fourteenth consecutive disinflation since January 2017 is 0.99 percent points less than the rate recorded in February 2018 (14.33) per cent.

“The Composite Food Index rose by 16.08 per cent (year on year) in March 2018, down from the rate recorded in February (17.59 percent).”

FG Receives N263.28bn From FAAC Allocation In Feb – NBS

The National Bureau of Statistics ( NBS ), says the Federal Government received a total of N263. 28 billion from the N635.55 billion Federation Account Allocation Committee ( FAAC ) disbursed to three tiers of government in February.

The NBS made this known in FAAC for February 2018 Disbursement data posted on the bureau’s website.

The states received a total of N172.87 billion and Local governments received N129.99 billion.

The bureau, however, stated that the amount disbursed to three tiers of government was from the revenue generated in January.

According to NBS, the amount disbursed comprised of N538.91 billion from the Statutory Account and N96.65 billion from Valued Added Tax ( VAT ).

“The sum of N52.04 billion was shared among the oil producing states as 13 per cent derivation fund.

“The revenue generating agencies such as Nigeria Customs Service, Federal Inland Revenue Service and Department of Petroleum Resources received N4.08 billion, N6.29 billion and N4.47 billion respectively as cost of revenue collections.”

Meanwhile, the breakdown of revenue allocation distribution to the Federal Government of Nigeria ( FGN ) revealed that N223.42 billion was disbursed to the FGN consolidated revenue account in the month.

It showed N4.73 billion as share of derivation and ecology, and N2.37 billon as stabilisation fund.

The breakdown further showed that N7.95 billion was shared for the development of natural resources and N5.62 billion to the Federal Capital Territory ( FCT ), Abuja.

NAN

Osun IGR: National Bureau Of Statistics Goofed! By Abiodun Komolafe

 

 

Lies, when told too often, unchallenged, have the capacity to be mistaken for the truth. As an indigene of the State of Osun, a key stakeholder in the Osun project; and as a living witness to Rauf Aregbesola’s judicious use of the taxpayers’ money for the development of the state, surprise was a better word to describe the recently-released Internally Generated Revenue (IGR) status of Osun for 2017 by the National Bureau of Statistics (NBS).

 

In the report, NBS stated that internally generated revenues for Osun declined from N8,884,756,040.35 in 2016 to N6,486,524,226.45 in 2017, representing a -26.99% drop. But, in what could be considered a swift reaction, the Executive Chairman, Federal Inland Revenues Service (FIRS) and Chairman, Joint Tax Board (JTB), Babatunde Fowler, disclosed that the Aregbesola-led administration raised the state’s IGR by over-30% in 2017. Contrary to the Bureau’s misleading position, facts at the disposal of yours sincerely did reveal that the state’s actual full year IGR for 2017 was N11.9 billion. Of course, it could have been much more, but for the Federal Ministries, Departments and Agencies’ tax audit outstanding, totaling N4 billion, to the state.

 

Established by Section 86 (1) of the Personal Income Tax Act cap. P8 LFN 2004, findings also revealed that JTB is the body statutorily mandated to contribute to the advancement of the tax administration in Nigeria”, especially “in the area of harmonization of Personal Income Tax administration throughout Nigeria.” Well, one can only hope that appropriate quarters would use the circumstances in Osun to resolve needless conflicts in job descriptions between NBS and JTB.

 

As Aregbesola remarked while declaring open the Board’s 140th Quarterly Meeting in Osogbo, tax payment is about the most important component of any civilized and forward-looking society; because, “without taxes, there’s no government.” Essentially therefore, sustaining any government involves active participation of the people; and the way to it is taxation! Well, though Osun is at the moment not there in terms of IGR and tax remittances, it bears repeating that the present administration has done well in growing the state’s IGR base from a miserable N300 million monthly average in 2010 to where it currently stands. It is therefore believed that, if the taxable population is mobilized to pay its dues “adequately and sufficiently”, the state will no doubt be better for it.

 

Let’s come back to the Bureau and its inaccurate information! When Benjamin Disraeli wittily painted “lies, damned lies and statistics” as three kinds of lies troubling our world, he probably might have had our NBS in mind. This is because inaccurate information distorts facts and misleads the people. It exaggerates accomplishments and stigmatizes performance in subsequent tasks. It impinges on the evaluation of the government in power and habitually sets the led against their leaders.

 

Though endowed with human and natural resources, Osun had never come close to fulfilling its potentials until Aregbesola assumed office as governor. A classical example of impressive performance and impactful governance in times of an unstable economic situation, it is interesting to note that, right from his days in the Bola Tinubu-led administration in Lagos State, Aregbesola has been a passionate advocate of efficient taxation in Nigeria. That he has conspicuously and consistently deployed his unwavering resilience, unmistakable commitment, innovative ideology, administrative ingenuity, political prowess and determined efforts towards making Osun a good example to showcase to the world that taxpayers’ money can be used to develop a society for good did not come as a surprise.

 

Information feeds democracy! Beyond NBS inaccuracy and cynics’ duplicity, one can easily see that Osun taxpayers’ money is working! For instance, no fewer than 13,000 persons have accessed the Free AMBULANCE services and no fewer than 250,000 students in 1,382 public primary schools across the state have been covered in its one-free-meal-per-day policy since its inception. So far, so impressive: primary and secondary healthcare services at public facilities, including anti-retroviral medication, are being rendered free-of-charge. This is in addition to free laboratory services and surgery for pregnant women, children under the age of 5, and elderly persons in 876 Primary Healthcare facilities and 51 Secondary Health facilities across the 67 Local Government Areas, Local Council Development Areas, Area Councils and Area Offices in the state.

 

Between 2010 and 2017, more than 50,000 qualified youth have been employed and empowered under the Osun Youth Empowerment Scheme (OYES) and no fewer than 100,000 smallholder farmers have so far benefitted from the state’s ‘Agric Land Bank’ programme. Between 2011 and 2015, more than 7,000 farmers from 500 cooperative societies have benefited from the state’s low interest loans under the Quick Intervention Programme (QUIP). Besides, Osun Rehabilitation Programme (O’REHAB) has succeeded in treating no fewer than 100 persons with mental disabilities, particularly those who had been living on the streets while 1,602 elderly persons of age 65 and above, who met poverty criteria, have been receiving N10,000,00 monthly for their upkeep, in addition to medical care, under the ‘Agba Osun’ scheme.

 

While Aregbesola’s unprecedented revolution in infrastructure development and massive road construction are visible to the naked eye, I had probably underestimated the differences between the education system in Osun and elsewhere in the country until Abiola, my 8-year old boy, had a taste of its carefully-planned academic programme. At a stage, I was close to confronting his headmaster when I learnt of the ‘hurdles’ my little boy would have to cross on his way to qualifying for the Primary School Leaving Certificate Examination.

 

With these tip-of-the-iceberg achievements, one would have expected a data-dependent organization and statistical information provider of NBS status to be without blemish in the discharge of its responsibilities to the public. However, obviously imprecise information like the one on hand cannot but compel one to ask if Osun is a state against itself in terms of timely release of facts and figures to relevant agencies for processing. Or is it a case of some prodigals and prostitutes, somewhere, mightily profiting from making dear state a systematic target of slippery, sloppy rumours and conspiracy theories?

 

May the Lamb of God, who takes away the sins of the world, grant us peace in the State of Osun!

 

*KOMOLAFE writes in from Ijebu-Jesa, Osun State, Nigeria ([email protected])

Prices Of Rice And Tomatoes Depreciates, Yam Increases

The National Bureau of Statistics has reported that  average price of one kilogramme of yam tuber increased year-on-year by 7.10 per cent in February.

The NBS disclosed this in a Selected Food Price Watch Data for February published on its website.

The bureau said that one kg of yam also increased by 1.92 per cent month-on-month from N226.51 in January to N230.85 in February.

The report stated that average price of one dozen of Agric eggs medium size decreased year-on-year by 0.21 per cent and month-on-month increased by 18.75 per cent.

According to the report, the price increased from N437.13 in January to N519.07 in February.

In addition, it said the average price of a piece of Agric eggs medium size (price of one) decreased year-on-year by -3.81 per cent.

It noted that the price increased by 6.24 per cent month-on-month by 6.24 per cent from N38.85 in January to N41.27 in February.

Meanwhile, the report stated that the average price of one kg of tomato increased year-on-year by 12.88 per cent and decreased month-on-month by – 1.80 per cent.

According to the report, the price of the commodity decreased from N271.99 in January to N267.10 in February.

Similarly, the average price of one kg of rice (imported high quality sold loose) decreased year-on-year by -11.05 per cent.

The report, however, stated that the commodity increased by 1.24 per cent month-on-month from N360.76 per measurement (Mudu) in January to N365.21 in February.

Inflation Rate Drops To 14.33% In February – NBS

The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index which measures inflation rose by 14.33 per cent (year-on-year) in February 2018.

The bureau in the report said the 14.33 per cent rate for February is 0.08 percentage points lower than the 15.3 per cent recorded in January.

The report said this is the thirteenth consecutive months since January 2017 that the country would be experiencing slowdown in inflation.

On a month-on-month basis, the index, according to the NBS report increased by 0.79 per cent in February 2018, down by 0.01 percent points from the rate recorded in January.

It said food Index increased by 17.59 per cent (year-on-year) in February, down by 1.33 percentage points from 18.82 per cent recorded in January 2018.

During the month, the NBS report stated that all major food sub-indexes increased.

Inflation Rate Dropped To 14.33% In February – NBS

The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index which measures inflation increased by 14.33 per cent (year-on-year) in February 2018.

The bureau in the report said the 14.33 per cent rate for February is 0.08 percentage points lower than the 15.3 per cent recorded in January.

The report said this is the thirteenth consecutive months since January 2017 that the country would be experiencing slowdown in inflation.

On a month-on-month basis, the index, according to the NBS report increased by 0.79 per cent in February 2018, down by 0.01 percent points from the rate recorded in January.

It said food Index increased by 17.59 per cent (year-on-year) in February, down by 1.33 percentage points from 18.82 per cent recorded in January 2018.

During the month, the NBS report stated that all major food sub-indexes increased.

 

 

 

 

 

 

 

 

 

 

 

 

Economy Attracted $12.2bn Foreign Investments In 2017 – NBS  

The $12.2bn investment inflow, when compared with the $5.38bn in 2016, represents an increase of 138 per cent.

The report put the investment inflow into the country as of the end of the fourth quarter of 2017 at $5.32bn compared to $4.14bn in the third quarter.

It stated that the growth in capital importation in 2017 was mainly driven by an increase in portfolio investments, which went up by $5.51bn from the previous year to reach $7.32bn last year.

The NBS report stated that during the fourth quarter of 2017, Abuja and Lagos accounted for over 97 per cent of investment inflows into the country.

The NBS report explained that portfolio investments recorded the highest share of investment inflows in the fourth quarter, accounting for 64 per cent of the total investments.

This was followed by other investments, with 28 per cent; while Foreign Direct Investments accounted for seven per cent of the total inflows.

The report read in part, “The total capital imported in the fourth quarter of 2017 was $5.38bn; this was an annual growth of 247.5 per cent and quarterly growth of 29.9 per cent.

“As of the end of 2017, the total capital imported into Nigeria was $12.2bn, an increase of $7.1bn or 138.7 per cent from the figure recorded in 2016.

“The growth in capital importation in 2017 was mainly driven by an increase in portfolio investment, which went up by $5.51bn from the previous year to reach $7.32bn in 2017, and accounting for 60 per cent of capital imported.

“During the reference quarter, the total capital imported, when compared to the previous quarter, increased by $1.23bn.”

The report added that the United States, United Kingdom and Belgium accounted for the largest inflow of investments into Nigeria.

It stated, “The country from which Nigeria imported the most capital from was the United Kingdom, which accounted for $1.6bn, or 30 per cent of the total capital inflow in Q4 2017. This value was a decline of 7.3 per cent relative to the figure in the previous quarter, and a 233.4 per cent growth over the corresponding period of last year.

“Since 2010, the UK has accounted for the highest value of capital importation in all but two quarters, both in the second half of 2015. The country accounting for the second largest value of capital importation was the United States. The US accounted for $1bn in the fourth quarter of 2017, or 18.6 per cent.”

Nigeria’s Economy Pulled $12.2bn Investments In 2017 – NBS

The National Bureau of Statistics released on Tuesday the capital importation report for the 2017 fiscal year with the economy attracting a total investment inflow of $12.2bn.

The $12.2bn investment inflow in comparison with the $5.38bn in 2016, shows an increase of $6.82bn or 56 per cent.

The report put the investment inflow into the country as at the end of the fourth quarter of 2017 at $5.32bn compared to $4.14bn in the third quarter.

The NBS report stated during the fourth quarter of 2017, Abuja and Lagos accounted for over 97 per cent of the destination of investment inflow into the country.

Nigeria’s GDP Records 0.82%  Growth Rate In 2017 — NBS

The National Bureau of Statistics on Tuesday released the full year 2017 Gross Domestic Product growth rate for the country with 0.82 percent  growth in 2017.

The 0.82 per cent growth in GDP is a development from the  -1.58 per cent which the economy recorded in 2016 during the period of recession.

The bureau in the report which was made available to our correspondent said the economy further consolidated it’s recovery from recession with GDP growing by 1.92 per cent in the fourth quarter of 2017, as against 1.4 per cent in the third quarter.

It said, “The nation’s GDP grew in Q4 2017 by 1.92 per cent year-on-year in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2 2017.

“This growth is compared to a contraction of –1.73 per cent recorded in Q4 2016 and a growth of 1.40 per cent recorded in Q3 2017. Quarter on quarter, real GDP growth was 4.29 per cent.

“The year 2017 recorded a real annual growth rate of 0.83 per cent higher than –1.58 per cent  recorded in 2016.”

The NBS report said the economy in the fourth quarter recorded aggregate GDP of N31.2tn in nominal terms. This, it added, is higher when compared to N29.16tn in the corresponding fourth quarter of 2016.

In the fourth quarter of 2017, the report  said oil production averaged 1.91million barrels per day, adding that this is 0.12 million barrels lower than the daily average production recorded in the third quarter of 2017.

For the non-oil sector, the NBS report said it grew by 1.45 per cent in real terms during the fourth quarter of 2017.

The report said the non-oil sector recorded an annual growth rate of 0.47 per cent compared to –0.22 per cent in 2016.

The growth in the non-oil sector, according to the report, was driven mainly by agriculture (crop), trade, transportation and storage.

In real terms, the non-oil sector contributed 92.83 per cent to the nation’s GDP, lower from the 93.25 per cent share recorded in the fourth quarter of 2016

Ondo, Rivers, Bayelsa Paid Highest Motorcycle Fair In January – NBS

The National Bureau of Statistics (NBS) says residents of Ondo State, Rivers and Bayelsa paid the highest per drop fares to commercial motorcycles, popularly known as `Okada’, in January.

The NBS made the disclosure in its “Transport Fare Watch” report for January 2018 posted on its website.

According to the report, residents of Ondo State paid N200.76 per drop, Rivers paid N200.12, while Bayelsa residents paid N193.75 per drop fares in the period.

The report stated that states with the lowest journey fares by commercial motorcycle per drop were Bauchi, N65.00, Jigawa, N68.82 and Katsina N70.00.

It said that the average fare paid by commuters for journey by commercial motorcycle per drop increased by 6.97 per cent month-on-month.

It also said that the average fare paid by commuters for journeys in the month increased by 27.37 per cent year-on-year to N120.01 in January 2018 from N112.19 in December 2017.

The report covers the following categories – bus journey within the city per drop, constant route and bus journey intercity.

It also covered air fare charge for specified routes single journey, journey by motorcycle (Okada) per drop and water way passenger transport.

The bureau said that average fare paid by commuters for bus journey within the city increased by 7.31 per cent month-on-month and 49.69 per cent year-on-year.

It indicated that the fares increased to N183.86 in January 2018 from N171.34 in December 2017.

It stated that states with the highest bus journey fares within city were Abuja FCT, (N380), Cross River (N303.57) and Abia (N250.00).

It also reported that states with the lowest bus journey fares within city were Bauchi (N96.67), Anambra (N112.67) and Borno (N120.00).

According to the report, average fare paid by commuters for intercity bus journey increased by 10.11 per cent month-on-month and 32.09 per cent year-on-year.

This, it said increased to N1, 889.69 in January 2018 from N1,716.26 in December 2017.

The report said that states with highest intercity bus journey fares were Abuja FCT (N5,625.00), Adamawa (N3,358.57) and Borno (N3,000.00), while the lowest were Yobe (N1,150.00), Bayelsa (N1,122.73) and Katsina (N1,114.29).

The average fare paid by air passengers for specified routes single journey decreased by 0.99 per cent month-on- month and increased to 7.34 per cent year-on-year to N33,055.01 in January 2018 from N33,386.09 in December 2017.

States with the highest air fares were Abuja FCT (N49,000.00), Edo (N41,000.00) and Lagos (N40,500.00), while states with the lowest air fares were Osun (N25,714.89), Taraba (N26,000.00) and Nasarawa (N26,000.00).

The report indicated that average fare paid by passengers for water way passenger transport increased by 1.03 per cent month-on-month and 7.65 per cent year-on-year to N638.04 in January 2018 from N631.55 in December 2017.

It stated that states with highest fare by water way passenger transport were Bayelsa (N1,962.50), Rivers (N2,100.00) and Cross Rivers (N1,877.78).

The report indicated that states with lowest fare by water way passenger transport were Abuja FCT (N250.00), Gombe (N180.00) and Borno with passengers paying N152.00.

Inflation Falls To 15.13 % In January – NBS

National Bureau of Statistics has said that the inflation rate measured by the Customer Price Index  has further dropped from 15.37 in december to 15.13 in January.

This was disclosed by the NBS in its CPI report for January 2018 released on Wednesday in Abuja.

The Consumer Price Index, measuring inflation, started the year 2018 increasing by 15.13 percent (year-on-year) in January 2018

According to the bureau, this is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

It stated that the rate recorded made it the twelfth consecutive disinflation (slowdown in the inflation rate though still positive) in headline year-on-year inflation since January 2017.

It, however, stated that increases were recorded in the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

On a month-on-month basis, the report stated that the Headline index increased by 0.80 per cent in January 2018, 0.21 per cent points higher from the rate of 0.59 per cent recorded in December 2017.

The percentage change in the average composite CPI for the twelve-month period ending January 2018 over the average of the CPI for the previous twelve-month period was 16.22 per cent.

It stated that the figures showed 0.28 per cent point lower from 16.50 per cent recorded in December 2017.

Meanwhile, it stated that the Urban inflation rate rose by 15.56 per cent (year-on-year) in January 2018 from 16.78 per cent recorded in December 2017.

The report stated that the rural inflation rate also eased by 14.76 per cent in January 2018 from 15.02 per cent in December 2017.

On month-on-month basis, the bureau stated the urban index rose by 0.83 per cent in January 2018, up by 0.17 from 0.66 per cent recorded in December 2017.

It stated that the rural index also rose by 0.77 per cent in January 2018, up by 0.23 per cent when compared with 0.54 per cent in December 2017.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 16.55 per cent in January 2018.

It stated that this was less than 16.92 per cent reported in December 2017, while the corresponding rural inflation rate in January 2018 was 15.89 per cent compared to 16.10 per cent recorded in December 2017.