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Nigeria’s inflation rises to 33.95% in May

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Nigeria’s headline inflation rose for the 17th time to 33.95 per cent in May 2024 from 33.69 per cent in April.

The National Bureau of Statistics, NBS, disclosed this in the latest Consumer Price Index and Inflation report released on Saturday.

Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26 per cent points when compared to the April 2024 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 11.54 percentage points higher compared to the rate recorded in May 2023, which was 22.41 per cent. This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i.e., May 2023).

On a month-on-month basis, the headline inflation rate in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in April 2024 (2.29 percent). This means that in the month of May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.

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This comes as Nigeria’s inflation rose further to 40.66 per cent in May 2024 from 40.53 per cent in April.

The figure showed that Nigeria’s inflation continued to jump since the commencement of President Bola Tinubu’s administration in May last year when it stood at 22.41 per cent.

Recall that in April 2024, Nigeria’s inflation rose for the 16th time.

The last time Nigeria’s inflation eased was in December 2022, when it stood at 21.34 per cent.

CREDIT: DAILY POST

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We’ll be forced to export 97% of our petrol – Dangote Refinery warns

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Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.

Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.

Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.

This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.

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FIFA U-20 Women’s World Cup: Round of 16 fixtures confirmed [Full list]

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The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.

In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.

As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.

The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.

The full lineup for the Round of 16 is as follows:

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  • Spain vs Canada
  • Brazil vs Cameroon
  • Colombia vs South Korea
  • Mexico vs USA
  • North Korea vs Austria
  • Germany vs Argentina
  • Netherlands vs France
  • Japan vs Nigeria
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Nigerian Army debunks reported mass resignation of soldiers

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The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.

In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.

A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.

Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.

He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).

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Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.

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