The Organised Private Sector has expressed worry over the continued hike in the inflation rate in Nigeria, stressing that this will further raise the cost of production, raw materials, logistics, and machinery, among others.

On Wednesday the National Bureau of Statistics reported that Nigeria’s inflation rate rose to 34.80 per cent in December 2024, reflecting a slight increase from the 34.60 per cent recorded in November.

According to the latest Consumer Price Index report, the marginal rise of 0.20 per cent was attributed to heightened demand for goods and services during the festive season.

On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 per cent in December 2023.

This highlights a continued upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs, and persistent supply chain disruptions.

According to the NBS report, the average inflation rate for the 12 months ending December 2024 stood at 33.24 per cent, up from 24.66 per cent recorded during the same period in 2023.

The report read, “In December 2024, the headline inflation rate was 34.80 per cent relative to the November 2024 headline inflation rate of 34.60 per cent.

“Looking at the movement, the December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 Headline inflation rate. This was due to December festive period increases in demand for goods and services.

“On a year-on-year basis, the headline inflation rate was 5.87 per cent higher than the rate recorded in December 2023 (28.92 per cent). This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).”

The rise reflects sustained pressures on the cost of living throughout the year, affecting both urban and rural areas.

The report highlighted that food and non-alcoholic beverages accounted for the largest share of the inflationary pressure, contributing 18.02 per cent to the overall figure.

Other key contributors included housing, water, electricity, gas, and other fuels, which added 5.82 per cent, and transport, which contributed 2.26 per cent.

Smaller contributions were noted from sectors such as health and communication, which accounted for 1.05 per cent and 0.24 per cent, respectively.

Urban inflation was higher than rural inflation during the period under review.

The urban inflation rate for December 2024 stood at 37.29 per cent on a year-on-year basis, representing a rise of 6.30 percentage points from 31.00 per cent recorded in December 2023.

On a month-on-month basis, urban inflation dropped slightly to 2.56 per cent from 2.77 per cent in November.

Rural inflation, on the other hand, rose to 32.47 per cent year-on-year, 5.37 percentage points higher than the 27.10 per cent recorded in December 2023.

However, the month-on-month rural inflation rate also experienced a marginal decline, dropping to 2.32 per cent from November’s 2.51 per cent.

The report further revealed that food inflation continued to surge, reaching 39.84 per cent on a year-on-year basis in December 2024, compared to 33.93 per cent in December 2023.

The rise was attributed to increases in the prices of staples such as yams, rice, maize, and dried fish.

Despite this, food inflation on a month-on-month basis eased slightly to 2.66 per cent from 2.98 per cent in November, driven by price reductions in items like local beer, soft drinks, and tubers.

Core inflation, which excludes volatile agricultural produce and energy, stood at 29.28 per cent year-on-year in December, up from 23.06 per cent in December 2023.

The NBS noted that the sharpest price increases were observed in transport fares, meals at local restaurants, and personal grooming services.

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The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the continuous upward trend in the inflation rate means that the cost of production would be going higher.

He said, “The cost of raw materials, logistics, machinery, and other important inputs of manufacturing will be going up. This means that the prices at which such products will be sold will become higher. People’s ability to pay for those goods, especially the locally manufactured ones, will be reduced, leading to higher inventory. And it’s a vicious cycle.

“The danger there also is that if the cost of imported goods is cheaper than those that are made locally, people will tend to buy the imported products. And that may mean more business closures. It is, however, ironic.”

“Let me observe that despite the continuous hike in interest rates, which is supposed to fight inflation, inflation still keeps going up. What that means is that the Nigerian economy is defying economic theories.”

On his part, the National President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said the rising inflation has negatively impacted the private sector and the economy as a whole.

He said, “This is because inflation has led to a loss of consumers purchasing power, increased production costs, and a reduction in profitability. Inflation has made our businesses less attractive for investors and by extension, the economy.

“It has also led to reduced exports as it has made our exports less competitive in the international market. On the economy, it has reduced our economic growth, Increased unemployment, and led to a fall in our national income, ultimately leading to increased poverty.

“Rising Inflation has eroded the value of our savings and investment in the private sector and the economy. It has significantly increased the cost of governance.”

The Director-General of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Olusola Obadimu, said the hike in inflation in December will be difficult to contain, especially given the cost-push inflation type.

“It will be difficult to contain inflation given the present realities as what we’re experiencing arises from cost-push effects,” Obadimu stated.

He observed Nigeria’s inflation continued to rise despite the Central Bank of Nigeria’s repeated monetary policy rate hike, explaining it was never going to effectively cushion inflationary pressures.

The NACCIMA DG submitted, “Continual increment in MPR rates wouldn’t work in this situation. It can only work in a demand-pull inflation environment where prices are going up as a result of excess demand over supply and you then increase rates to tame consumption. That is not our case here.”

Obadimu explained inflation thrives with any cost input actions in the economy, using the manufacturing sector – which has repeatedly lamented bearing the brunt of inflation – as an example.

He stressed, “For Manufacturers, ex-factory prices are rising as a result of rising costs of inputs/ factors of production. Interestingly, capital accessible through loans is also an input cost. “So, an increase in interest rates for accessible capital will automatically further propel rising costs of products and services.”

NACCIMA urged inflation-lowering policy directions to focus on addressing input costs so prices would come down.

He explained the steps to achieve such input cost reduction, including increasing local business competitiveness and imbibing fiscal discipline, especially in the public sector.

“We need to make our businesses competitive, particularly in our quest to drive exports of value-added non-oil products and services,” the NACCIMA DG declared. “We need to also control our consumption taste for foreign goods and exhibit greater fiscal discipline, particularly as it concerns the cost of governance.”

He also encouraged paying more attention to infrastructure to ensure increased ease of doing business and fostering an environment that encourages startup ideas and business growth.

“That’s where more employment will come from and that’s where more tax revenue will come from,” Obadimu added

The Director of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf noted that while the increase in December headline inflation was marginal at 0.2 per cent compared to November’s figures, the inflationary trend is still troubling.

However, Yusuf observed the inflation outlook for 2025 promises tends to be positive due to “Sustained moderation in exchange rate volatility, improvements in foreign reserves, the prospects of easing geopolitical tensions with the inception of a (second Donald) Trump presidency (of the USA) in a few days and a strong base effect, given the high inflationary pressures experienced in 2024.”

The CPPE recommended pausing further monetary policy rate hikes, reducing public sector debt, and fixation on revenue generation of ministries, departments, and agencies, to ensure a further moderation in inflationary pressures.

The CPPE director advised, “Pause on monetary policy tightening and interest rate hikes by the CBN to reduce business operating costs and reduce fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in growth of public debt.

“Excessive pressure on MDAs to boost revenue and increase Internally Generated Revenue has profound inflationary implications.”

Yusuf further denounced what he described as “arbitrary revenue targets for MDAs,” explaining that the “reality is that such pressures are invariably transmitted to investors in the form of higher fees, levies, penalties, import duties, regulatory charges etc (whose) outcomes are in conflict with government aspirations to boost investment, curb inflation and create jobs.”

Rather, Yusuf suggested, the government’s revenue targets should be based on empirical studies, the absorptive capacity of the economy and due consideration of the wider economic implications.

“Obsession with revenue would hurt investments, worsen inflationary pressures, aggravate poverty and impede economic growth. There should be a careful balance act between revenue growth aspirations, desire to boost investment and commitment to moderate inflation,” the economist maintained.

Ghana’s newly elected President, John Mahama, has announced plans to probe the $400 million National Cathedral project initiated by his predecessor, Nana Akufo-Addo, describing it as a contentious symbol of fiscal mismanagement.

The ambitious religious landmark, which has been stalled for years, became a major point of criticism during the last election.

Mahama’s National Democratic Congress (NDC) secured a decisive victory in December, as voters punished Akufo-Addo and his New Patriotic Party (NPP) for economic hardship and skyrocketing living costs.

Originally conceived by Akufo-Addo as a tribute to God following his 2016 electoral win, the cathedral was presented as a privately funded venture.

However, revelations that $58 million in public funds were spent on the project, coupled with allegations of financial irregularities, sparked widespread outrage.

In late 2024, Ghana’s Commission on Human Rights and Administrative Justice (CHRAJ) recommended an audit into the project, highlighting procurement violations.

According to AFP, President Mahama confirmed at a recent thanksgiving service that his administration would soon launch an investigation.

While not ruling out completing the project, he stressed that any future decisions would emphasize accountability and align with the nation’s priorities.

The cathedral, envisioned to occupy a 23,000-square-metre site in Accra, was designed to include a 5,000-seat auditorium, chapels, a baptistery, a choir school, an art gallery, and versatile spaces.

Yet, three years after construction halted, the site remains an empty pit. Many critics believe the project contributed significantly to Akufo-Addo’s electoral defeat.

“This cathedral represents everything wrong with governance – opaque processes, lack of accountability, and misplaced priorities.

“Investigating this project isn’t just about the money; it’s about restoring public trust in government,” said a campaigner with Crusaders Against Corruption, Emmanuel Wilson Jnr.

The project’s suspension coincides with Ghana’s economic struggles, marked by soaring inflation, unsustainable debt levels, and dependence on a $3 billion International Monetary Fund (IMF) bailout to stabilize the economy.

Finance Minister Cassiel Ato Forson recently informed Parliament that government funding for the cathedral had been halted as part of broader austerity measures.

“The government cannot justify pouring scarce resources into an unfinished project when Ghanaians are struggling to afford basic necessities,” Forson stated.

With contractors abandoning the site due to unpaid bills and at least five board trustees resigning, public confidence in the project has dwindled further.

Veteran Nollywood actor, Chidi Mokeme, has recounted the experience of a fire incident at his home in the United States of America five years ago.

Naija News reports that the thespian made this known while commiserating with the ongoing Los Angeles wildfire victims.

Chidi said such trauma stays with people forever after coming in contact with fire in its full glory.

He thanked firefighters for their relentless support and prayed for the safety of those still struggling.

He wrote, “OUR HOUSE GOT BURNT ? Coming face to face with fire in its full glory is one of the scariest and most terrifying experiences anyone can ever have. The trauma stays with you forever.

“Exactly 5 years ago, on this day, at this exact time, what started like an ordinary day with bright sunshine and a beautiful weather, quickly became a nightmare. And the eventual loss of everything. The whole world is in agreement that fire is the most destructive force of nature. And that’s why most are afraid to die. The fear of hell.

“Even the Almighty God gives us a clue into this, by choosing, when angered, to use water to destroy the world, but he saved the FIRE for the END. Isn’t fire the main character in hell? So I can only imagine how it must feel, what it must feel like, to be one of the victims of the devastating destruction currently occurring in Los Angeles.

“My heart goes out to everyone out there. Please say a prayer for them. May the souls of the departed rest in peace ?️?

“I say a big thank you to the men and women of the fire service. The fire fighters who put their lives on the line to save ours. The ones who run towards the danger, and run into the scorching flames when everyone else is running in the opposite direction. The ones who, even though might have their own homes and families going through the same thing, are sworn to sacrifice themselves for the good of others. We know that you are giving 1000% of yourselves to contain the fires. We encourage you. Stay strong. Y’all are the real heroes. We salute you ?. God Bless you.”

Deputy Governor of Ogun State, Engr Noimot Salako-Oyedele on Wednesday escaped being attacked when her convoy ran into the procession of students of Moshood Abiola Polytechnic (MAPOLY) who were protesting the school fees hike by management of the institution in Abeokuta, the state capital.

Salako-Oyedele’s convoy, which was on its way to 35 Artillery Brigade Alamala, Abeokuta to represent Governor Dapo Abiodun at the reception marking the year 2025 edition of the Armed Forces Remembrance day celebrations ran into the protesting students at the Oke-Ilewo axis of Abeokuta metropolis, close to the State Secretariat of the Nigeria Union of Journalists (NUJ).

Armed with placards bearing different instructions, the protesting MAPOLY students had trooped to the streets of Abeokuta chanting different “aluta” choruses that decrying the school management’s policy that led to hike in school fees by 150 percent.

The students were also protesting non-release of their Higher National Diploma (HND) final year results, which they claimed denied them from being mobilised for the one year compulsory National Youth Service Corps (NYSC) service.

The protest, which entered its 3rd day however, brought vehicular movement to a total halt at the Iwe Irohin axis as students shunned the plea from the Police led by the Metro Area Commander, Zone II.

On sighting the protesting MAPOLY students however, the deputy governor’s convoy hurriedly made a detour to avoid being caught up by the protesters who were advancing towards her convoy from the opposite direction.

Notwithstanding, the protesting students still caught up with Salako-Oyedele’s convoy, compelling her security details to fire several shots into the air to enable them escape with their principal from danger.

Reacting to the shooting, the Special Adviser to Governor Abiodun on Media and Strategy, Kayode Akinmade said the irate MAPOLY students were armed with sticks and other dangerous objects during the protest.

“All efforts to allow the convoy pass proved abortive as immediately the students realised it was the Deputy Governor, they became even more restive and rushed to attack her convoy with the aim of demobilising it, despite her security operatives as well as other police officers on grounds persuading them to stay calm and allow the convoy to pass.

“This informed her convoy’s decision to make an immediate detour to her lodge for the protesting students to pass peacefully before she left for the function she was slated to attend.

“Noteworthy is that there was obstruction of vehicular movement, while some of her security vehicles were damaged and her security operatives were also hurt in the process of maintaining law and order contrary to the news making rounds in the press,” Akinmade said.

But in his reaction, chairman of the National Association of Nigeria Students (NANS) in the state, Comrade Adeyanju Francis said there was no confrontational attack on the deputy governor’s convoy.

Adeyanju explained that the students assembled themselves when they saw the convoy of the Deputy Governor, thinking that she was coming to address them on the matter.

He also disclosed that there were six Divisional Police Officers (DPOs), including a deputy commissioner of police in charge of operations present with the students during the peaceful protest.

The House of Representatives has announced the passing of its Deputy Chief Whip, Rt. Hon. Adewunmi Oriyomi Onanuga, who represented the Ikenne/Sagamu/Remo North Federal Constituency of Ogun State in the House.

She passed away on Wednesday, January 15, 2025, following a brief illness.

The announcement was made by the House Spokesperson, Rep. Akin Rotimi Jr., who described Onanuga’s demise as a profound loss to the National Assembly and the nation at large.

“It is with profound sorrow that the House of Representatives announces the passing of Rt. Hon. Adewunmi Oriyomi Onanuga, who, until her demise, served as the Deputy Chief Whip of the House, representing the Ikenne/Sagamu/Remo North Federal Constituency of Ogun State. She passed away earlier today, January 15, 2025, after a brief illness,” Rotimi said.

Born on December 2, 1965, Rep. Onanuga was a dedicated public servant and a passionate advocate for her constituents. She first joined the House in 2019 after being elected on the platform of the All Progressives Congress (APC). During the 9th Assembly, she served as the Chairperson of the House Committee on Women Affairs and Social Development, where she championed policies to empower women and promote social welfare.

Re-elected in 2023, she assumed the role of Deputy Chief Whip in the 10th Assembly. According to Rotimi, she demonstrated exceptional leadership and unwavering commitment to legislative discipline, particularly during parliamentary sittings.

Fondly referred to as ‘Ijaya’, Rep. Onanuga, 59, was admired for her intellect, humility, and dedication to excellence. “Her impactful contributions to Nigeria’s political landscape reflected her passion for creating a better society and her tireless dedication to public service,” Rotimi said.

The House extended its condolences to her family, friends, associates, the Government and People of Ogun State – particularly her constituents in the Ikenne/Sagamu/Remo North Federal Constituency – and the entire National Assembly.

“As we mourn the loss of this vibrant and committed lawmaker, whose life was devoted to improving the lives of Nigerians – especially her constituents – her legacy of service and dedication will continue to inspire future generations,” Rotimi added.

“Funeral arrangements will be announced by her family in due course. May her soul rest in perfect peace, and may her legacy continue to inspire generations to come”, the statement concluded.

The Magistrate’s Court No. 70 in Kano State has remanded four persons in prison custody for conspiracy to commit theft.

The accused, Nuhu Auwalu, Yakubu Bala, Emmanuel Luka, and Safianu Abdullahi, allegedly stole 80 aircraft brake units from Azman Airlines at the Malam Aminu Kano International Airport (MAKIA) in Kano.

According to the charge sheet, the security guard of Azman Airlines conspired with the accused to commit the theft, which was reported by Otaru Bashir, an employee of the airline, on December 11, 2024. The accused, however, denied any the allegations.

During the court session, it was revealed that three brake units were found in Yakubu Bala’s possession during the investigation.

The court, presided over by Justice Faruk Ibrahim Umar, remanded the accused persons in a correctional facility and scheduled the next hearing for February 11, 2025.

Super Eagles Team B will be up against Senegal, Sudan and the Republic of Congo in Group D of the 2024 African Nations Championship (CHAN), which has now been postponed to August 2025.

The tournament will be jointly hosted by Tanzania, Kenya and Uganda.

At the draw for the championship held inside the famous Kenyatta International Convention Centre in Nairobi, Kenya, on Wednesday evening, joint-hosts Kenya head group A that also includes Morocco, Angola, Democratic Republic of Congo and Zambia.

Kenya and 2018 winners Morocco will clash in the opening match of the tournament.

Tanzania, another joint-hosts, head group B, and will confront Madagascar, Mauritania, Burkina Faso and Central African Republic – conquerors of Cameroon. All five will fight for two slots in the knockout rounds.

Uganda, the third joint-hosts, will battle Niger Republic, Guinea and two wild card holders to be determined by the Confederation of African Football, in group C.

GROUP A: Kenya, Morocco, Angola, DR Congo, Zambia

GROUP B: Tanzania, Madagascar, Mauritania, Burkina Faso, Central African Republic

GROUP C: Uganda, Niger Republic, Guinea, Wild Card 2, Wild Card 1

GROUP D: Senegal, Congo Brazzaville, Sudan, Nigeria

The National Assembly, through its joint committee on Finance has cleared the Joint Admissions and Matriculation Board (JAMB) of the financial impropriety it had earlier alleged.

On Monday, during a budget defence session with the JAMB Registrar, Professor Ishaq Oloyede, the committee alleged that the examination body spent N1.1 billion on meals and N850 million on fumigation, among other expenses, which it described as outrageous.

Although the JAMB Registrar made a spirited effort to explain the expenditures, he was prevented from doing so and was instead asked to furnish the committee with details of the Board’s budgetary appropriations and spending for 2024 and 2025.

However, 48 hours later, the chairman of the joint committee, in a personally signed statement, clarified that Professor Oloyede and JAMB had been wrongly accused of reckless spending based on the latest documents submitted to the committee.

The statement, titled: “Clarification on the JAMB Report on Revenue,” reads: “For the purpose of clarity, the comprehensive report provided by JAMB indicates that the line items mentioned during Monday’s hearing on revenue do not suggest any mismanagement or misuse of the Board’s funds.

“On the contrary, the report highlights the responsible and prudent use of resources under the leadership of the Registrar.”

The Chairman further commended the Registrar, stating: “Professor Is-haq Oloyede deserves commendation for demonstrating financial discipline and accountability in managing the Board’s resources effectively.

“This level of stewardship serves as a model for public institutions across the nation.”

The House of Representatives has identified weaknesses in the auditing and accounting systems as factors encouraging corruption in the country.

Chairman, Public Accounts Committee of the House, Hon. Bamidele Salam stated this at the budget defence session with the Office of the Auditor General for the Federation (OAuGF).

Salam noted that the resultant pervasive corruption is depriving government of much needed revenue to function and deliver the needed development in the country.

He said, “There are a lot of monies that ought to accrue to government that we are losing as a result of weaknesses in our accounting systems, weaknesses in auditing, weaknesses in general financial management architecture. And this also has reflected even in the budget performance of the Auditor General’s office.

“The committee raised a few observations also on the need for the Auditor General to expand its coverage of major Ministries, Departments and Agencies of government in a manner that will put greater attention on the places that have more of the revenue.

“There are some of the major agencies of government that have not been well audited in the last couple of years. And if you don’t audit properly, you are giving an indication that there is less attention on certain agencies and that may promote a lot of impunity happening in those agencies.

“And we decided, even though the Auditor General has limitations because of budgetary constraints, because of personnel constraints, the office is mandated to audit almost 1,000 Ministries, Departments and Agencies of government, do periodic audits, appoint auditors for those that they are not going to audit directly.

“And all this will require a lot of resources and manpower. We saw these gaps again in the presentation made today, and we are going to work as a parliament in cooperation with our sister committees that directly oversight some of these agencies in a manner that will make the work of the Auditor General to be more impactful, to be more result-oriented.

“We believe very strongly that if the Auditor General’s office is well-funded, if the Auditor General’s office is well-staffed, cases of corruption will be minimised drastically in Nigeria. We will be preventing corruption rather than fighting corruption after it happens. And that is the direction that we are looking into”.

Salam also decried the poor implementation of the capital component of the 2024 budget which he said has a negative effect on the overall governance system as well as development projections in the country.

“The implementation of the capital component of the 2024 budget has not been encouraging. We have expressed this observation when we had a meeting with the Accountant General of the Federation about a week ago, that we think that there is a need for our government to work more on the revenue side of budgets in a manner that will make us less dependent on borrowing,” he added.

In his presentation, the Auditor General for the Federation, Shaakaa Kanyitor Chira told the committee that there are various challenges hindering the operations of the office.

He noted that the office was grossly underfunded and understaffed to discharge its enormous responsibilities resulting in late compilation and submission of the annual reports.

Chira however said with adequate funding and increased staff, the office will overcome the challenges, assuring that his office was on track to address the backlog of the reports for submission.

“My commitment is to submit 2022 in the month of March. That’s the one that has to do with the non-compliance. That’s the domestic report.

“By first week of March, I will submit the results and that’s all, to also give you the consolidated financial report by February, then by the end of March, I will do it,” he noted.