Four Million Nigerians Became Jobless In 2017

Between January and September this year, a total number of 4.07 million Nigerians became unemployed, an analysis of the unemployment report for the third quarter released by the National Bureau of Statistics has revealed.

The bureau in the report, made available to our correspondent on Friday, stated that the number of Nigerians that became unemployed rose from 11.92 million in the first quarter of this year to 13.58 million and 15.99 million in the second and third quarters respectively.

It said between the second quarter and third quarter, the number of economically active or working age population (15 – 64 years of age) increased from 110.3 million to 111.1 million.

The NBS report said the increasing unemployment and underemployment rates imply that although Nigeria’s economy is officially out of recession, domestic labor market is still fragile and economic growths in the past two quarters in 2017 have not been strong enough to provide employment in Nigeria’s domestic labor market.

It reads in part, “The labor force population increased from 83.9 million in Q2 2017 to 85.1 million in Q3 2017. The total number of people in full-time employment (at least 40 hours a week) declined from 52.7 million in Q2 2017 to 51.1 million in Q3 2017.

“The unemployment rate increased from 14.2 per cent in Q4 2016 to 16.2 per cent in Q2 2017 and 18.8 per cent in Q3 2017.

“The number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017.

“Total unemployment and underemployment combined increased from 37.2 per cent in the previous quarter to 40 per cent in Q3 2017.”

It said during the third quarter of this year, 21.2 per cent of women within the labor force that were between the ages of 15 years and 64 years and willing, able, and actively seeking work were unemployed, compared with 16.5 per cent of men within the same period.

The NBS noted in the report that in the third quarter of this year,16.4 per cent of rural and 23.4 per cent of urban dwellers within the labor force were unemployed. It added that the rate of unemployment is increasing at a slightly faster rate for urban dwellers than it was for their rural counterparts.

New Survey Indicates Drop In Infant Mortality, Increase In Child Malnutrition In Nigeria

The 5th Multiple Indicators Cluster Survey (MICS5) conducted in 2016 and 2017 by the National Bureau of Statistics (NBS), United Nations Children’s Fund (UNICEF) and other key partners has indicated a nationwide drop in Infant Mortality, increase in Child Malnutrition in Nigeria.

The Acting Representative for UNICEF in Nigeria, Pernille Ironside said “The use of this new MICS5 data will improve the lives of Nigerians by informing about important gaps that are impacting children and women so that appropriate actions can be taken”

Pernille said the findings of the survey are used for planning, monitoring and decision making on programmes and policies to address issues related to the well-being of children and women in Nigeria.

The result of the survey which was released in Abuja showed that Nigeria made significant improvements in some areas while others areas remain unchanged or have worsened since 2011 by not keeping pace with population growth when the last survey was conducted.

The results of the survey indicated that the infant mortality rate has dropped to 70 per 1000 live births from 97 in 2011. Equally, deaths among children under age five have dropped to 120 per 1000 live births from 158 in 2011.

“Malnutrition among children under age five has worsened nationwide with the highest concerns in the northern states. Child wasting (children who are too thin for their age) increased from 24.2% to 31.5%, while child stunting (children who are too short for their age) increased from 34.8% to 43.6%.”

The Statistician-General of the Federation, Dr Yemi Kale while unveiling the MICS5 reports noted that verifiable data is extremely important to the development outcome in Nigeria.

MICS5 is a recognised and definitive source of information for assessing the situation of children and women in the areas of Health; Nutrition; Water, Sanitation & Hygiene (WASH); Education; Protection; and HIV & AIDS amongst others.

Since 1995, UNICEF has supported the National Bureau of Statistics (NBS), with technical assistance and funding to conduct five rounds of MICS, informing progress towards the Millennium Development Goals (MDGs), Sustainable Development Goals (SDGs) and other major national and global commitments.

The data for MICS5 was collected between September 2016 and January 2017 from 33,901 households in 2,239 enumeration areas across the 36 States and Federal Capital Territory.

A total of 34,376 eligible women; 28,085 of mothers/caregivers of children under 5 years; and 15,183 men were interviewed using structured questionnaires aided by Computer Assisted Personal Interview (CAPI) devices.  This is the largest MICS survey conducted in Africa to date.

Osun Debt Profile Is 179bn

Government of the State of Osun said it has been vindicated by the release of the National Bureau of Statistics (NBS), which put the debt profile of the state at N179billion.

According to a statement by the state Commissioner for Information and Strategy, Adelani Baderinwa, the state government said that the NBS has put both the internal and external loans, bond and other credit line obtained by the State Government at N179bn, as against the wanton figure of N600bn at a time, N450billion at another and N400billion as found suitable by the bound of hopeless opposition.

The statement noted that the totality of the N179bn includes all loans and all other debt instruments obtained by all administrations that have ruled the state since its creation and those inherited from the old Oyo state.

The commissioner said that, even with the NBS’s N179bn debt figure, the loan is still within the capacity of the state government to access and pay back in a normal economic situation, saying the government has indeed been servicing the debts without public knowledge “before the Peoples Democratic Party induced economic recession”.

According to him, but for the sudden drop in the federal allocation which was as a result of the mismanagement of the country’s resources and brazen corruption by the PDP-led federal government, the state would have continued to run without any noise and financial stress as it had been doing.

“For what it worth, we state that the loans obtained by the Aregbesola’s administration have been prudently and judiciously used for the undisputable, glaring and transformative development that is evident in every part of the state. Any thinking or submission contrary to this must be a product of deluded mind and or mischievous head.

“It is a well known fact that most successful governments in other parts of the world achieve development and great dynamic society through the aid of loans and other financial facilities which they put to good use as have been done in the State of Osun.

“We bring to fore, China and U.S.A that are the most developed economies in the world and are incidentally countries with highest debt profile which indicated that as rich as they are, their resources seem not enough for their development plans, thereby resorting to loans.

“The administration of Aregbesola as a visionary, prudent, accountable and proactive one took the loans to finance rapid development of infrastructure that made Osun a reference point and cynosure of good governance in the land.

“With the new look that the state is carrying today in terms of infrastructure and socio-economic development by which many accolades had been poured on the government of the State of Osun led by Ogbeni Aregbesola at national and international levels, and the facts that many of its projects have been copied at national and international levels, commendation is what should be showered on the government by the people as they often do.

“We are proud of Aregbesola for his ingenuity, vision and ceaseless efforts in transforming Osun to an Eldorado. With the loans, Osun has been able to summon the challenges of poor roads and dilapidated school infrastructures.

“We now have good roads and modern schools; our hospitals are now a reliable healthcare centres and not death centres; the state capital is now having a befitting look unlike before. It is left for the mischief makers and the naysayers to appreciate the good work of Ogbeni Aregbesola”, the statement read.

NBS’s Report Confirms Aregbesola’s Prudence, Accountability In Public Spending –  Osun Govt

By Toba Ajisafe

 

The State Government of Osun on Wednesday said the report of the National Bureau of Statistics (NBS) has vindicated the state and confirmed that Ogbeni Rauf Aregbesola’s administration has been prudent and accountable in public spending of the state’s funds.

 

Responding to lies being told by Peoples Democratic Party, PDP on the state’s loan profile, the state Commissioner for Information and Strategy, Mr Adelani Baderinwa in a statement made available to OSUN DEFENDER, said the report will bridle the tongues of opposition and help to halt the speculation flying around about the state’s debt profile.

 

The report by NBS which disclosed both the internal and external loans, bond and other credit line obtained by the State Government to N179bn ($96, 347, 432, 73 and N147, 069, 973, 626.49) has also slammed speculations of N600bn, N450billion and N400billion debt.

 

According to the statement, “The State government wishes to note that the totality of N179bn includes all loans and all other debt instruments obtained by all administrations that have ruled the state since its creation and those inherited from the old Oyo state.

 

“With the NBS’s 179bn debt figure, the government wishes to note that the loan is still within its capacity to access and pay back in a normal economic situation and government has indeed been servicing its debts without public knowledge before the Peoples Democratic Party induced economic recession.

 

Baderinwa also faulted PDP’s allegation that the loan secured by the state government was mismanaged saying the ugly financial situation the country found itself was as a result of the party’s misrule.

 

He explained that the sudden drop in the federal allocation was as a result of the mismanagement of the country’s resources and brazen corruption in the 16 years of PDP’s reign.

 

“For what it worth, we state that the loans obtained by the Aregbesola’s administration have been prudently and judiciously used for the undisputable, glaring and transformative development that is evident in every part of the state. Any thinking or submission contrary to this must be a product of deluded mind and or mischievous head.

 

“It is a well known fact that most successful governments in other parts of the world achieve development and great dynamic society through the aid of loans and other financial facilities which they put to good use as have been done in the State of Osun.

 

“The administration of Governor Rauf Aregbesola as a visionary, prudent, accountable and proactive one took the loans to finance rapid development of infrastructure that made Osun a reference point and cynosure of good governance in the land.

 

Adelani referenced China and U.S.A which have developed economies in the world as countries with highest debt profile.

 

He stated that, U.S.A and China debt profile indicated that as rich as they are, their resources seem not enough for their development plans, thereby resorting to loans.

 

He noted that, “the new look that the state is carrying today in terms of infrastructure and socio-economic development by which many accolades had been poured on the government of the State of Osun led by  Rauf Aregbesola at national and international levels, and the facts that many of its projects have been copied at national and international levels, commendation is what should be showered on the government by the people as they often do.

 

“We now have good roads and modern schools, our hospitals are now a reliable healthcare centres and not death centres, the state capital is now having a befitting look unlike before. It is left for the mischief makers and the naysayers to appreciate the good work of Rauf Aregbesola; the right-thinking people (both elites and illiterates) of the state are already appreciating and commending Aregbesola’s for the development and transformation of the State of Osun through his hand.”

 

[VIDEO] Osun Safest Place To Live In Nigeria – NBS

 

The Osun State Government has been rated 13th in an index of the National Bureau of Statistics NBS, in the rankings of states with the most crime rates recorded.

In the data released by the NBS for its crime statistics for 2016, the state was ranked on the 13th position with an 0.94 index.

This according to the Special Adviser to Governor Rauf Aregbesola on Security Matters, Mr. Tope Adejumo, the feat was doable through various intervention by the government in beefing up the security of the state since it assumed office.

The Osun State Government has been rated 13th in an index of the National Bureau of Statistics NBS, in the rankings of states with the most crime rates recorded.

In the data released by the NBS for its crime statistics for 2016, the state was ranked on the 13th position with an 0.94 index.

This according to the Special Adviser to Governor Rauf Aregbesola on Security Matters, Mr Tope Adejumo, the feat was doable through various intervention by the government in beefing up the security of the state since it assumed office.

Speaking with newsmen in Osogbo, Mr. Adejumo hinted that since 2012 when the Swift Action Anti-Robbery Squad SARS was established, other measures have been taken to secure lives and property in the state.

His words “The government of Ogbeni Rauf Adesoji Aregbesola in July, 2012 established SARS which enforced security in the state. About 25 Armoued personnel carriers were purchased for security out of which five were locally made and twenty were top grade state-of-the-art equipment imported from China. 125 security patrol vehicles were also commissioned to assist security agents discharge their duties.”

“Aside this, government provided financial support to the security agencies, engaged security men as sheriff guards as well as the recently launched Edu Marshals for the enforcement of discipline in public schools across the state.”

Adejumo added that “In furtherance of ensuring security, the government procured one helicopter for aerial security surveillance as well as Osun Citizens Mediation Center, O’Mediation for alternative dispute resolution.”

Corroborating him, the Osun State commissioner of police, Mr. Fimihan Adeoye said the command apart from ensuring security in the state also partners local vigilante volunteers and indigenous security agencies to boost its productivity.

Adeoye who lauded Ogbeni Aregbesola’s government efforts on security noted that advocacies are on to enlighten members of the public the more on safeguarding their lives through the mass media and reporting to the police any breach of security in their area.

The duo maintained that as the government is trying to ensure the security of the whole state, citizens and residents should ensure that they protect themselves and report appropriately, any case of security breach in their environment.

NJC Flays NBS Report, Says Judiciary Corruption Rating Speculative

The National Judicial Council, NJC has described the report of survey conducted by National Bureau of Statistics, NBS as speculative which does not have any empirical facts in it.Like the police, the National Judicial Council, NJC has refused to accept the result of a survey that shows that the judiciary is the second most corrupt institution in Nigeria.

The survey released last week was conducted by the National Bureau of Statistics, NBS, with the support of the United Nations Office on Drugs and Crimes, UNODC places Nigerian Judiciary (judges and lawyers) next to Nigeria Police as a most corrupt institution in the country.

In a statement by the NJC, led by the Chief Justice of Nigeria, Walter Onnoghen, and made available to newsmen by its director of information, Soji Oye said even though there are bad eggs in the system but the said report is objectively defective.

The statement read; “The attention of the Nigerian Judiciary has been drawn to the Report of the United Nations Office on Drugs and Crimes (UNODC) in conjunction with the National Bureau of Statistics (NBS) titled “Corruption in Nigeria; Bribery: public experience and response – 2017”, alleging that the Judiciary is the second highest receiver of bribes in the Country.

“The Judiciary finds the conclusion of the organisations not only subjective but speculative.

“There is no denial of the fact that there are few bad eggs in the Judiciary, like in every other arm of Government; at the same time, there are many honest and hardworking Judicial Officers and Magistrates making the Judiciary and the country proud.

“The question that should agitate the minds of the people is the criteria used by the UNODC and the NBS to measure the level of bribe taking in the Judiciary to grade it as the second largest receiver of bribe. For instance, what is the percentage of Judges caught receiving bribe out of a total number of One Thousand and Fifty-Nine Judges in both the Federal and State Judiciaries?

“What is the percentage of Magistrates caught taking bribe from an estimated total number of Four Thousand (4,000) in the country? the NJC queried.

The NJC further said the number of judges prosecuted for bribery related offenses should have also been stated in the processes that resulted to the compilation of the report.

“How many Judges or Magistrates have been arrested and/or prosecuted and convicted of corruption till date to deduce such conclusions?

“One then wonders the criteria used by the organisations to arrive at the conclusion,” the statement said.

The NJC added that the judiciary is the only arm of government that investigates and disciplines it’s officials, adding that the council has made several recommendations for dismissal of judges found culpable following investigations into allegations ‘s of crime.

“It should be noted that the Judiciary is the only arm of Government that has been investigating its Judicial Officers and dealt appropriately with those found guilty by dismissal or removal from office, subject to approval for such recommendation from the President or the Governor of a State as the case may be, and publish such in electronic and print media for the consumption of the public.

“Members of the general public are also aware that the NJC has been recommending Judges found guilty of corrupt practices to the appropriate security agencies for prosecution.

It is unfortunate that this orchestrated allegation is coming at a time the current Chief Justice of Nigeria and Chairman of the National Judicial Council, Hon. Justice W.S.N. Onnoghen, GCON, is making frantic efforts to stamp out corruption, restructure the Judiciary and also give the Nigerian Legal System a new lease of life for the Rule of Law to take its firm roots in the Country.

“The Judiciary calls on the general public to disregard the aforestated allegation as it is untrue, baseless, unfounded and a figment of the Agencies’ imagination.

“The National Judicial Council as usual calls on members of the public to forward written petitions against any Judicial Officer found soliciting or receiving bribes or otherwise engaging in conducts unbecoming of a Judicial Officer to the National Judicial Council for appropriate action.”

Earlier, the Nigerian Police had also refused to accept the report.

Contrary to the claim of the NJC, however, the report was the outcome of a survey of Nigerians conducted across the country.

The survey asked respondents if they had ever given or been asked to give bribes, if they had ever taken or been offered bribes, which public officials made such requests and so on.

The result showed that an overwhelming percentage of Nigerians (94.7 per cent) will accept a bribe when offered or pay a bribe when demanded.

The survey revealed that that the frequency of bribery was more among police officers (46.4 percent). Incident of bribery in the judiciary comes at a close second after the police with prosecutors and judges flagged as being among the most corrupt. Prevalence of bribery among prosecutors was put at 33.6 per cent, and judges/magistrates at 31.5 per cent.

Survey Shows 95% of Nigerians Indulge In Bribery

An overwhelming percentage of Nigerians will accept a bribe when offered or pay a bribe when demanded the Nigerian Corruption Survey 2017 published by the National Bureau for Statistics (NBS) has revealed.

The survey published on Wednesday showed that only 5.3 per cent of Nigerians will either refuse to pay a bribe when asked to or refuse to accept when a bribe is offered to them.

The Nigerian Corruption Survey, which revealed how different forms of corruption affect daily life of the average Nigerian citizen is being published for the first time.

In May 2016, the NBS announced that it was collaborating with the United Nations Office on Drugs and Crime and the European Union to conduct a survey on the quality and integrity of public services in Nigeria and the impact of corruption on daily life in Nigeria.

According to the NBS, other objectives of the survey would include “direct experiences of corruption events as victims by citizens, opinion and perception of citizens about recent trends, patterns and policies on corruption, experience of reporting corruption and other crimes to public authorities and access to justice”.

police

The result of the survey which has now been published, revealed only 20 out of 100 people who were to pay bribe refused to comply. It also showed that majority of Nigerians (56 per cent) experience negative consequences after refusing to pay a requested bribe. However, only 3.7 percent of those who who were asked to pay bribes reported their experience to an official authority.

Interestingly, only a small percentage (9.1 percent) of those who reported to an official authority faced negative consequence for reporting a bribery incident.

The survey revealed that mainly pay bribes to either speed up procedure, receive preferential treatments avoid the cancellation of public utilities.

Bribery in Public Sector

According to the NBS, the estimated value of bribe paid to public officials by Nigerians in a year is N400 billion.

“Taking into account the fact that nine out of every 10 bribes paid to public officials in Nigeria are paid in cash and the size of the payments made, it is estimated that the total amount of bribes paid to public officials in Nigeria in the 12 months was around N400bn, the equivalent of $4.6bn in purchasing power parity,” the report stated.

“This sum is equivalent to 39 per cent of the combined federal and state education budgets in 2016. The average sum paid as a cash bribe in Nigeria is approximately N5,300.

“This means that every time a Nigerian pays a cash bribe, he or she spends an average of 28.2 per cent of the average monthly salary of N18,900,” the NBS added.

According to the survey, in a year at least 82 million bribes were paid to public official. Furthermore, it revealed that of the 52 percent of Nigerians that had contact with public officials in that period, no fewer than 32 per cent of them paid or were asked to pay a bribe.

The study also revealed that cash is overwhelmingly the preferred form of bribe with 97.3 percent of respondents saying official made direct request for cash. Food and drinks comes in distant second with 1.4. per cent followed byexchange of other services of favour (1.1 per cent)and valuables (0.8 per cent).

According to the NBS, 94.2 per cent of those who made direct request for bribe asked for cash, 4.2 per cent asked for food and drinks, 1.7 per cent requested for exchange of other favours, while 0.9 per cent asked for valuables.

The Nigerian Police is by far the most corrupt public institution, according to the survey. The survey revealed that that the frequency of bribery was more among police officers (46.4 percent). Incident of bribery in the judiciary comes at a close second after the police with prosecutors and judges flagged as being among the most corrupt. Prevalence of bribery among prosecutors is put at 33.6 per cent, and judges/magistrates at 31.5 per cent.

Other public agencies with high prevalence of corruption are the immigration services (30.7 per cent), car registration. Driving licensing agency (28.5 per cent), tax/revenue agencies (27.3 per cent) and customs (26.5 per cent).

The survey further revealed that the perception of the Nigerian government’s commitment and effectiveness in the fight against corruption is heavily laced by political undertones. Data published in the survey shows that the perception that government is committed and effective in the fight to tackle corruption, is highest in the geo-political zones where the President Muhammadu Buhari enjoys much support and lowest where the president is least popular.

According to the report, the perception of the government’s commitment and effectiveness to tackle corruption is highest in the North-west region (Mr. Buhari’s home region) with 90 per cent of the respondents saying government is either very committed or committed in the fight against corruption and 90.2 per cent agreeing that it has been either very effective or effective in fighting corruption.

The North-east zone where Mr. Buhari scored his second largest votes during the 2015 presidential election unsurprisingly has the second highest perception of the government’s commitment (89.6 percent) and effectiveness (88.4 percent) to confront corruption. The North-central region comes a close third with 77.9 per cent of the respondents saying the government is committed to the fight against corruption and 72.6 per cent saying it is has been effective. Also, vast majority of the respondents in the South-west zone (72.4 per cent) say the government is committed to its anti-corruption fight while 68.9 percent say it has been effective.

The perception of the government’s commitment and effectiveness on corruption are lowest in the South-east and the South-south zones. About 45 per cent of respondents in the South-east agreed the the government is committed to the fight of eradicating corruption while 41.2 per cent agree that it has been effective. Similarly, 47.5 per cent of respondents in the South-south say the government is committed while a mere 41.3 per cent believe it has been effective. This is unsurprising because the president enjoys the least support from both of these geo-political zones.

Bribery in the Private Sector

Apart from looking at corruption and bribery in the public sector, the report also showed that bribery is a problem in the private sector. According to the survey, the prevalence of bribery is biggest among officials of private Insurance companies (6 per cent) followed by teachers in private schools (5.9 per cent) and doctors in private hospitals (3.7 per cent).

Nigeria’s Capital Import Drops 34% In One Year

The National Bureau of Statistics on Monday released the capital importation report for the third quarter of this year, with the country recording an increase of 74.84 per cent or $1.82bn in investment inflow from $1.04bn in the second quarter.

The bureau in the report which was made available to our correspondent in Abuja, however, stated that when compared with the inflow in the relative third quarter of 2015, the capital imported into the country represented a decline of 33.7 per cent.

There are three major categories of investments that make up the total investment inflow into the country. They are portfolio investments, foreign direct investments and other investments.

An analysis of the report revealed that during the third quarter, portfolio investment rose by 172.84 per cent to $920.32m from $337.3m in the second quarter.

In the same vein, the report stated that foreign direct investment rose by 84.8 per cent from $184.3m in the second quarter to $340.64m in the third quarter, while other investments rose by 7.8 per cent to $561.6m from $520.6m.

It stated, “In the third quarter of 2016, portfolio investment was the largest component of imported capital and accounted for $920.32m. Although portfolio equity declined by 28.12 per cent relative to the previous quarter, this is outweighed by large increases in other types of portfolio investments.

“Bonds increased from zero in the second quarter, to $369m in the third, and money market instruments increased from $57.5m to $350.2m over the same period, an increase of 509.03 per cent.

“This is the first quarter since the 2007 second quarter in which equity was not the largest part of portfolio investment. At $201.12m, this type of portfolio investment remains considerably subdued relative to previous highs of $4.9bn in the first quarter of 2013 and $3.87bn in the second quarter of 2014.”

The report explained that the highest amount of investment inflow for the third quarter of this year was recorded in the month of August when $894m was brought into Nigeria by investors.

This, according to the report, is the highest monthly amount brought into the country by investors since July 2015.

The report explained further that in the month of September, the country recorded a total investment inflow of $649.76m.

This, it noted, was still more than any monthly investment inflow recorded during the first and second quarters of this year.

“The total value of capital imported into Nigeria in the third quarter of 2016 was estimated to be $1.82bn, which represents an increase of 74.84 per cent relative to the second quarter,” the report added.

Explaining the reason for the quarterly increase in investment inflow, the report stated that most of the increase in the value of capital importation came from debt financing.

For instance, it said that out of the total quarterly increase, 85 per cent was accounted for by increases in portfolio investment in bonds and money market instruments.

In terms of country of origin of the investment inflows, the report stated that the country from which Nigeria imported by far the most capital was the United Kingdom, which accounted for $1.09bn, or 60.24 per cent of the total.

It added that since 2010, the United Kingdom had accounted for the highest value of capital importation to Nigeria.

This is followed by the United States, which accounted for $426.98m, or 23.43 per cent of the total.

Inflation In Nigeria Hits 13.72 For April

The National Bureau of Statistics (NBS), on Monday morning released inflation data for the month of April, revealing that the headline rate stood at 13.72 per cent year-on-year, 0.4 per cent rise above the 12.77 per cent recorded in the corresponding period of March.

According to details made available, imported inflation again recorded the most significant rise of 16.33 per cent, as against 15.13 per cent in March, just as urban inflation increased by 15.05 per cent in April, from 13.48 per cent and 2.17 per cent from 2.02 per cent month-on-month. Rural inflation also increased by 12.77 per cent from 12.04 per cent year-on-year in March, while month—on-month it rose by 2.14 per cent.

Core inflation year-on-year stood at 13.35 per cent from 12.17 per cent in March. Food inflation rose by 13.19 per cent year-on-year, as against 12.74 per cent in the preceding month, while on a month-on-month basis, it climbed 1.30 per cent, lower than the 2.29 per cent recorded in the previous month.

Headline fastest risers on a year-on-year basis were listed as: fish bread and cereals, vegetables meat oil and fats and fruits, while breads and cereals oils and fat, meat, fish, rose faster on a month by month basis.

Core fastest risers year on year were: electricity, cars, liquid fuel, passenger transport by road, vehicle spare parts, furniture and furnishing shoes and other footware books and stationery solid fuels fuels and lubricants for personal transport.

NBS listed month on month risers as: electricity, motor cars, liquid fuel, postal services,fuels and lubricants for personal transport, solid fuels, wine, passenger transport by road, vehicle spare parts

During the period under review, lowest price of petrol in Lagos was N92.59 per liter, as Nigerians basically depended on black market sources for the product. In Abuja, the average price per litre was N107; Oyo, N113.65; and Zamfara, N114.54.

Highest price of petrol were in Imo, N203.48 per litre, Ekiti, N202.78; Osun, N193.85; and Anambra, N193.85.

Average price of petrol in the month of April was therefore N162.82 according to NBS, compared to N135.69 in March( up 56% year on year and 20% m on month).

Nigeria Spends N20.2tr On Fuel Imporation In Five Years

The Nigerian Bureau of Statistics (NBS) has said that the country spent N20.2 trillion to import petrol, diesel and kerosene between January 2010 and September 2015.

Figures jointly compiled by both the NBS and the Petroleum Products Pricing Regulatory Agency (PPPRA) released at the weekend indicate that N12, 529, 746, 397, 978. 48 was spent on the importation of 102,374,588,480.91 litres of petrol (Premium Motor Spirit).

An amount of N6,450,576,065,479.43 was spent to import 16,679,065,103 litres of diesel (Automotive and Gas Oil).

Between January 2012 and September 2015, N1,271,500,290,241 was spent on the importation of 9,448,409,070 litres of kerosene.

The Nation