Nigeria’s food inflation has reached an all-time high of 40.87 per cent as the Bola Tinubu-led government embarked on reforms that have spiked the cost of living.

Figures released by the National Bureau of Statistics on Monday show that in June 2024, the headline inflation rate increased to 34.19 per cent relative to the May 2024 headline inflation rate of 33.95 per cent.

The country’s inflation has risen on a year-on-year basis by 11.40 per cent compared with the 22.79 per cent recorded last year.

Food inflation has also grown to 40.87 per cent on a year-on-year basis. Compared to last year, the figure is 15.62 per cent points higher compared to the rate recorded in June 2023 of 25.25 per cent.

NBS said food inflation on a year-on-year basis was caused by increases in prices: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine and Mudfish (Fish Class), etc.

NBS said, “On a month-on-month basis, the Food inflation rate in June 2024 was 2.55 per cent which shows a 0.26 per cent increase compared to the rate recorded in May 2024 (2.28 per cent).

“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class).”

In May last year, President Tinubu removed fuel subsidies which led to hike in energy cost while the Central Bank of Nigeria floated the currency leading to the depreciation of the currency to N1560 per dollar.

Also, banditry and kidnapping in the food-producing hub of the country have persisted as farmers for years do not have access to their farmlands.

In some areas, farmers pay fines to bandits to access their farms.

A Kano State High Court, on Monday, granted a perpetual injunction restraining the 15th Emir of Kano, Alhaji Aminu Ado-Bayero, and Four other dethroned emirs of Bichi, Rano, Gaya and Karaye from parading themselves as emirs.

The applicants are the Attorney General of Kano State, the Speaker Kano State House of Assembly and the Kano State House of Assembly, through their counsel Ibrahim Isah-Wangida Esq, filed a motion exparte dated May 27.

The applicants sought a court order restraining Ado-Bayero, and Four other dethroned emirs of Bichi, Rano, Gaya and Karaye from parading themselves as emirs.

The respondents are: Ado-Bayero, Alhaji Nasiru Ado-Bayero Bichi emir, Dr Ibrahim Abubakar ll, emir of Karaye, Alhaji Kabiru Muhammad-Inuwa, emir of Rano and Alhaji Aliyu Ibrahim-Gaya, emir of Gaya.
Others are the Inspector General of Police, Director of State Security Service, Nigeria Security and Civil Defence Corps and Nigeria Army.

Delivering the judgment, Justice Amina Adamu-Aliyu, held that the Kano State House of Assembly had powers to amend and propose a bill for the peace and good governance of a state under section 4 rule 6,7(b) of the 1999 Constitution as amended.

“The Kano State Governor has the right to ascent the proposed bill to law after being passed by the state assembly”

The court also restrained the Police and other security agencies from violating, disobeying or tempering the Kano State Emirate (Repeal) Law 2024.

“The deposed Emirs shall surrender all movable and immovable properties in their possession that belong to the Kano State Emirate Council to the state government” Adamu-Aliyu said
She held that the first respondent legal counsel withdrawal without notice to other parties is unprofessional and that moving their motion is as good as not filing it since it has been abandoned.

The judge said the act of the 6th to 9 respondent for smuggling the first respondent to Kano after the enactment of the Emirate Repeal Law 2024 disregards what they have sworn for the protection of life and property.

Earlier, Counsel to the applicant, Mr Ibrahim Isa-Wangida, urged the court to discount the respondent’s affidavit of facts under order 39 rules 1 and 2 of the Court.

Counsel to Ado-Bayero, Mr Abdul Muhammed SAN, informed the court that they have an affidavit of fact dated July 3, 2024, attached with a notice of appeal and a motion of stay of proceedings.
He urged the court to stay of proceedings pending the hearing and determination of the motion at the appeal court.

NAN reports that Ado-Bayero’s counsel on July 4, withdrew their legal services before the court.
Counsel to the 3rd, 4th and 5th respondents, Hassan Tanko-Kyaure, moved his application for an extension of time dated July 2 and counter affidavit in response to the originating motion.

He urged the court to set aside the Kano State Emirates Council (Repeal) law 2024, adding that due process were not followed and urged the court to dismiss the applicant’s application with a cost of N1 billion.

Counsel to the Inspector/General of Police, Mr Sunday Ekwe, told the court that he had nothing to present.

NAN reports that the applicants, 3,4and 5th respondents moved their applications, for extension of time, notice of preliminary objection, setting aside exparte order, joinder application, examining deponent, application for the Judge to recuse herself and originating summon.

NAN reports that the State House of Assembly on May 23, dissolved all the four newly created Emirate council’s in the state and Gov. Abba Kabir-Yusuf, reappointed Lamido Sanusi, as the Emir of Kano

The North Central All Progressives Congress (APC) Forum has issued a warning against the planned nationwide protests purportedly aimed at the administration of President Bola Tinubu.

During a press briefing in Jos, Plateau State, the forum’s Chairman, Saleh Mandung Zazzaga, argued that such protests could disrupt the nation’s progress and urged the organizers to reconsider.

Zazzaga highlighted that the motives behind the protests appear to stem from selfish interests rather than genuine concern for national development.

He emphasized that the current administration under President Tinubu is making significant efforts to steer the country towards growth and stability, and such actions could serve as unnecessary distractions.

Furthermore, Zazzaga appealed to potential protesters to consider the security challenges in the North Central region and other parts of the North, which are already under strain.

He stressed that any form of unrest could exacerbate the situation, detracting from the government’s efforts to address these issues.

The APC leader called for unity and support for the government’s initiatives, suggesting that constructive dialogue is the preferable path forward rather than disruptive protests.

He warned that staging protests in the already volatile North Central could pose additional risks to the region’s security.

He said, “Therefore, any protest in the region can be highjacked by hoodlums to cause mayhem and threaten the lives and properties of law-abiding citizens.

“The issue of kidnappings, banditry and other criminal activities the region has been going through over the years is already overwhelming on the region, and it cannot afford to have another restiveness added to it.

“Besides, protests in parts of the region and the North often take an ethno-religious dimension, which also culminated in killings of one another between Christians and Muslims.

“An example of such a protest which often turns violent and takes an ethno-religious crisis, is that of the #EndSARS protest across the country, which took such dimension in Jos, the Plateau State capital, and we have to do a lot to tame it.

“I, alongside other eminent persons in Jos, went around calming the people down to stop the violence, and we ensured that Christians were protected in Muslim areas, and vice versa, and thereafter handed those protected from harm over to the police to unite them with their families safely.

“So, I call on all our members across the region to mobilise vigorously and campaign against any form of protest in the region, and I also urge the governors, religious leaders, traditional rulers and other eminent personalities and opinion leaders in the North Central region to call all their wards to order and advise them against participating in any form of protest due to the peculiar situation of our region.”

Governor of Enugu State, Dr. Peter Mbah, has announced a cash reward of N50 million to Rangers International Football Club of Enugu, winners of the 2023/2024 Nigeria Professional Football League, NPFL.

The governor announced this when he treated the Nigerian champions to a state banquet at the Government House, Enugu, during the weekend, thanking them for etching Enugu State on the African and global map.

 “We are indeed very proud of you.  I cannot tell you enough what this NPFL title that you have brought right here before us represents and means to us. 

 “Rangers International transcends generations; it is a unifying factor for us. It is not just about winning a trophy or about making us proud. It is putting Enugu State in the hearts and minds of the people of this country and beyond.

 “You have made us proud and we will in turn also make you happy. We are going to provide the sum of N50 million to you in addition to other non-cash rewards that will implant you in our state and immortalise you,” he stated.

He further said: “I commend the General Manager, who has guided this team with a deep sense of purpose and also fuelled your optimism, reinforcing the ‘Never Say Die’ spirit that you are all known for. I thank most sincerely the coach, Fidelis Ilechukwu, who through his professional ethics and consistency, has continued to do us proud. 

“The captain and all the players, you are a true embodiment of the ‘Never-Say-Die’ spirit. The fans are not left out. I also commend the commissioner, who has shown deep commitment to the success of Rangers through his tireless efforts and sacrifice.

 “However, recall that I had always said to you that success abhors complacency. We still have quite a huge space in our trophy cabinet.”

So, we still need more. I am sure we are all getting ready for the CAF Champions League and other tournaments.  

“Let me assure you that we will never get tired of supporting you.  If anything, we are going to double down and reinforce our support.”

The commissioner for Youth and Sport Development, Barr. Lloyd Ekweremadu, who hailed Rangers for the successful title chase, thanked the governor for his personal and official support that transformed the club.

Also, the general manager and CEO of Rangers International, Amobi Ezeaku, who went down memory lane, appreciated Governor Mbah for taking Rangers as his special pet project.

 “For two years, the club played away from home, but in a twinkle of an eye, the club came back to the Cathedral. That is why 28th  December 2023 when we returned to the Cathedral will forever be engraved in the hearts of not just Ndigbo, but all true lovers of Rangers and football.

 “Today, we thank you for easing the stress of our trips, for approving for corporate sponsors to get on board, for coming to watch our matches, and for braving the turbulence of the weather on that day to fly to Jos to witness the lifting of this trophy.

 “It is also under you that the Rangers jersey is proudly instituted at the FIFA museum in Zürich, Switzerland. It is under you that the Rangers jersey is now known at the headquarters of African Football in the 6th  of October City, Giza, Egypt. And as we speak, Rangers have been nominated in many categories by the league bloggers award,” Ezeaku said.

Actress Tonto Dikeh has shared insights on her personal growth journey, along with new photos of herself.

She expressed amazement at the continuous nature of self-improvement, noting that just when she felt she had made progress, new areas for growth appeared.

Tonto likened personal development to unlocking endless levels, emphasizing that there is always room for improvement.

“It is wild how working on yourself is a never-ending journey.

Just When you think you have improved, there’s always more to tackle.

It’s like unlocking endless Levels of growth!!”, she said.

Recall that earlier in the week, she celebrated her new chapter, acknowledging her progress and growth.

Banks are increasing lending to the private sector with an average monthly N1.6 trillion facility over the past two months.

 The N1.6 trillion pushed credits to the private sector to N74.31 trillion.

Latest data from the Central Bank of Nigeria (CBN) indicates that credit to the private sector (CPS) rose by 65.9 percent or N29.52 trillion to N74.31 trillion last May compared to N44.79 trillion recorded in the same period last year.

A month-on-month breakdown shows sustained growth in lending over the past two months with additional credits of N1.39 trillion and N1.71 trillion in May and April 2024 respectively.

The CPS includes loans, trade credits, other account receivables, and banks’ support to the private sector within a period.

The CPS is a global measure of the banking sector’s balance sheet resilience and contribution to the national economic agenda.

The growth in lending and support to the private sector underlines the resilient balance sheet of banks and their responses to the CBN’s push for increased lending to bolster economic activities.

The data illustrate the importance of the banking sector emerging as the backbone of the country’s economic renewal agenda.

Banks’ lending and support to the private sector rose from N71.21 trillion in March 2024 to N72.92 trillion in April. They rose to  N74.31 trillion in May 2024, representing a month-on-month increase of 1.9 percent and 2.4 percent for May and April 2024 respectively.

The latest CPS data came on the heels of a recent report on capital importation which showed that banks attracted nearly two-third of capital importation.

Analysts had said this was a measure of confidence in  Nigerian banks as foreign investors gradually took a more active stance in the nation’s economy.

Experts agreed that increased private sector credit implies a major boost for the economy as there is a link between credit to the private sector and economic growth.

Some studies have continuously found that increased lending by banks directly leads to an increase in Gross Domestic Product (GDP).

Experts at Cordros Capital said they expected the re-enforcement of  CBN’s limit on the loans-to-deposits macro-prudential ratio for Deposit Money Banks (DMBs) to continue to drive the willingness of commercial banks to create risk assets.

A study by the CBN concluded that “credit is growth-enhancing, even when trade openness, monetary policy, investment climate, and infrastructure are low.” The study found that private-sector credit increases economic growth.’’ 

The balance sheet strength of banks also determines the flow of credits, with the continuing increase in lending amidst macroeconomic headwinds underpinning Nigerian banks’ resilience and stability.

In a study on ‘Balance Sheet Strength and Bank Lending During the Global Financial Crisis’, researchers at International Monetary Fund (IMF) examined the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy.

The study found that “banks with strong balance sheets were better able to maintain lending during the crisis.”

According to the study, banks that were ex-ante more dependent on market funding and had lower structural liquidity reduced the supply of credit more than other banks.

“However, higher and better-quality capital mitigated this effect. Our results suggest that strong bank balance sheets are key for the recovery of credit following crises, and provide support for regulatory proposals under the Basel III framework,” the IMF report stated.

Managing Director, Arthur Steven Asset Management Olatunde Amolegbe, said the growth in credit to the private sector could be attributable to an increase in economic activities.

He, however, pointed out that other factors such as inflation and devaluation could moderate such increase

Chief Executive Officer, the Centre for the Promotion of Private Enterprise (CPPE) Muda Yusuf, said the credit outlook remains cautious. He called for an expansive distribution of credits across all tiers of companies and sectors.

According to him, there are major concerns in terms of the distribution of credits across sectors and companies with small businesses, which contribute more to job creation and economic inclusion, not likely to benefit much.

He noted that banks tend to be wary of credit risk concerns associated with lending to small businesses and certain sectors. Yusuf added that efforts should be made to drive inclusive and stable credit access to all sectors, including growth and employment elastic sectors such as agriculture, manufacturing, real estate, and mining and construction. 

CBN Governor  Olayemi Cardoso had said the ongoing recapitalisation would strengthen banks further to drive the $1 trillion national economic target and support stable economic growth.

According to him, additional capital would not only provide a substantial buffer for banks against potential economic challenges but also enhance Nigeria’s banks’ capability to support massive economic growth and play competitively globally.

Experts agree that considering the increase changing dynamics in the banking sector and the overall economy since the last recapitalisation, it has become necessary to strengthen the banks’ financial positions.

The owner of Dangote Refinery, Aliko Dangote, has announced August 2024 as the new date to roll out fuel supply in the Nigerian market.

Dangote disclosed this on Sunday while speaking to journalists.

He noted that it has resolved its crude oil supply issues with the help of the Nigeria National Petroleum Company Limited, NNPCL and the Nigerian federal government.

He stressed that the crude supply challenge was resolved last week after the federal government intervened.

The journalists were on a guided tour of the 650,000-barrel-per-day refinery, which is located at Lekki Free Trade Zone in Lagos.

Outside fuel supply, he said that the refinery’s fertiliser unit would resume production in two weeks.

This would give farmers more access to fertiliser for their farm products.

“Ramping up production to reach 500 kbpd (15 crude cargoes a month) by next August, 550 kbpd by end of the year, and 650 kbpd by Q1 2025.

“Gasoline production to commence in July with sales from August,” a report released by the company stated.

This showed a long walk to the commencement of full-scale production at the Dangote Refinery, which was commissioned on May 22, 2023.

Dangote had earlier stated that the facility would kick off the supply of fuel in Nigeria in mid-July 2024.

In a similar development, the company announced that NNPCL no longer has a 20 per cent but a 7.2 per cent stake in the refinery.

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, on Sunday, said the police have the right and power to initiate any approach to curb crimes and criminality in Nigeria, as is applicable in other climes.

DAILY POST recalls that the NBA Section on Public Interest had earlier issued a seven-day ultimatum to Egbetokun to stop the directive requiring vehicle owners to register and obtain a CMRIS certificate for a fee of not less than N6,000.

NBA-SPIDEL questioned the legal basis for the Nigeria Police Force’s issuance of the CMRIS Certificates, stating that no law had granted the police the authority to issue such licences or certificates to vehicle owners following vehicle registration at the appropriate offices.

It made the call in a letter addressed to the Inspector General of Police, and co-signed by NBA-SPIDEL Chairman, John Aikpokpo-Martins; and Secretary, Funmi Adeogun.

But while reacting in a statement on Sunday, Adejobi faulted the report saying no agency can take the police up on the initiative, adding that the police have been issuing CMR for decades, so it’s not a new strategy or document.

“This is unfounded, fake, and misleading. The NBA as a body will react to this. Stop spreading fake news. Who are those who made the statement or declaration, and in what capacity?

“I challenge you to share the press statement with me, then we can talk.

“Do your investigation on this. The police have the right and powers to initiate any approach to curb crimes and criminality in Nigeria, as it’s applicable in other climes.” It said

According to the statement, no agency can take the police up on this initiative, adding that they will rather key into it, harmonise the system for the good of the country, and its citizenry

A Senior Advocate of Nigeria, Dr Olisa Agbakoba, has faulted the the agitation for the creation of additional states in the South-East, insisting it would not solve the problem of the region.

Rather than create more states, Agbakoba,  a former President of the Nigerian Bar Association, said the National Assembly should amend the constitution or put together a completely new one that would return Nigeria to regional governments.

The lawyer expressed the view in an interview with the News Agency of Nigeria on Sunday in Lagos.

NAN reports that the House of Representatives recently passed for second reading a bill seeking the creation of Etiti State out of Abia, Anambra, Ebonyi, Enugu and Imo states from the South-East geopolitical zone.

The bill  was jointly sponsored by Godwin Ogah, Miriam Onuoha, Kama Nkemkama, Princess Nnabuife and Anayo Onwuegbu.

Leading the debate on the general principles of the bill, Ogah, representing Abia State, said the establishment of Etiti State was not just a matter of administrative convenience, but a step towards ensuring balanced regional development and effective governance.

The lawmaker said the bill was a response to the aspirations of the people of a very important region to the country and aligned with the principles of equity and inclusivity enshrined in the country’s democratic idea.

Similarly, some lawmakers and stakeholders have also called for the creation of Anioma State from states in the South-South and South-East regions.

One of those leading the call, Senator Ned Nwoko( PDP-Delta North), said the creation of Anioma State would correct what he described as the marginalisation of the South-East geo-political zone.

However, speaking with NAN on Sunday, Agbakoba said  though  an average person from the South-East would support an additional state in the region, anyone who could see the big picture could tell that the creation of additional states would not guarantee development.

He said, “This agitation will arise because it is on the basis of the number of states that federal allocation flows.

“So the fact that the South-East has five states means to them that they are losing revenue and that is a one point of view and also an emotional point of their agitation.

“However, a pragmatic developmental point of view, which I go for, is that even if you create a sixth state in the South-East to give them a sense of belonging, will this new state in addition to the 36 states take us towards the path of development?

“Will it reverse the hunger, insecurity, poverty and unemployment in the land? Absolutely not.

“We need to do away from state creation to regional system of government.”

Agbakoba explained that he was not in support of additional states because most of the 36 states are economically unviable, insolvent and not capable of bringing about infrastructural development and even paying the proposed minimum wage.

“State creation at this present harsh economic will, no doubt, lead to an increase in the number of National Assembly members, ministers, local governments, and others, which would further increase the cost of governance in the country.

“This is coming at a time when most Nigerians are starving due to rise in the food prices. Insurgents, bandits and terrorists are abducting people for ransom in other states of the country.

“Therefore, the National Assembly should, instead return the country to the regionalism by collapsing the 36 states into six to eight regions or geopolitical zones, each of which will have a leader.

“This means that the present Nigeria 1999 Constitution would be amended or a new one written to accommodate this proposal.

“This is because making a new constitution for Nigeria has become an overriding imperative based on the fact that new political realities and conundrums have cropped up in the country,” Agbakoba said.

Agbakoba, a human rights activist, said regional governments were once successfully run with Chief Obafemi Awolowo in charge of the South-West, Chief Michael Okpara in charge of the South-East and Ahmadu Bello in the North.

Agbakoba said since Nigeria left the modernity of regionalism, the states had been unviable, apart from Lagos and Rivers.

President Bola Tinubu has praised the “enterprising spirit” of Nduka Obaigbena, chairman of ThisDay and Arise media group. 

The president spoke in a birthday message to Obaigbena, who turns 65 on Sunday.

Tinubu also “prays for greater achievements for the renowned publisher, whose philanthropic efforts, especially in education, have demonstrated his passion for human development”.

Obaigbena started ThisWeek magazine before establishing ThisDay newspaper in 1995.

He forayed into broadcast media in 2013 when he founded Arise News Channel, which has bases in Lagos, London, New York City, and Johannesburg, South Africa.

He is a former president of the Newspaper Proprietors’ Association of Nigeria (NPAN).

Obaigbena is a recipient of the national honour of the Commander of the Order of the Niger (CON) and has also earned the highest journalistic honour of the fellowship of the Nigerian Guild of Editors (FNGE).

He is also a lifetime achievement awardee of the 2023 Diamond Awards for Media Excellence (DAME).

According to the organisers, Obaigbena earned the honour because of his “contribution to the media and his dedication to mentoring leaders in the industry”.