The rise in Nigeria’s inflation rate to 20 per cent mark in August 2022, reflecting the rising cost of living crisis facing Nigerian families and firms and the signing of the gas pipeline project by Nigeria and Morocco are some of the trending stories in Nigerian newspapers on Friday.
The Punch reports that Nigeria’s inflation rate reached a 20 per cent mark in August 2022, reflecting the rising cost of living crisis facing Nigerian families and firms.
It was the biggest inflation numbers since October 2005 with the cost food hitting 23.12 per cent on a year-on-year basis, representing a 2.82 percent increase from 20.30 per cent in August 2021.
On a month-on-month basis, inflation rose to 20.52 per cent in the month of August, from 19.64 per cent in July, according to the latest Commodity Price Index report published by the National Bureau of Statistics on Thursday.
The CPI measures the average monthly change in the prices of goods and services in a nation.
According to the NBS, the inflation rate was 3.52 per cent points higher compared to the rate recorded in August 2021, which was 17.01 per cent.
This means that in August 2022, the general price level was 3.52 per cent higher relative to August 2021.
The percentage change in the average CPI for the 12-month period ending August 2022 over the average of the CPI for the previous 12- month period was 17.07 per cent, showing a 0.47 per cent increase compared to 16.60 per cent recorded in August 2021.
According to the statistics body, the Increases were recorded in all classifications of individual consumption by purpose divisions that yielded the headline index.
The newspaper says that the Independent Corrupt Practices and Other Related Offences Commission, on Thursday, disclosed that the N13.59trillion 2021 budget was padded by the various Ministries, Departments and Agencies, with duplicated projects worth N300bn.
The Chairman of the anti- graft agency, Professor Bolaji Owasanoye, during an interface with the Senate Committee on Finance, also disclosed that project duplication worth N100bn were also inserted into the N17.12trn 2022 budget by some MDAs, including a N49.9bn tracked as salaries for ghost workers between January and June this year .
Owasanoye expained that the N300billion duplicated projects in the 2021 budget and N100billion in the 2022 budget were tracked through scrutinisation carried out on approved projects for the various MDAs.
The ICPC boss stated, “Three hundred billion naira would have been wasted by the Federal Government on duplicated projects inserted into the 2021 budget and N100billion for the same purpose in the current fiscal year, if not tracked and intercepted by ICPC.
“The same preemptive move saved the country from spending N49.9billion for salaries of ghost workers put on fictitious pay rolls by the fraudulent MDAs between January and June this year.”
Owasanoye noted that the names of MDAs involved in project duplications were available and would be forwarded to the committee.
The Guardian reports that the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari, has said that the Nigeria-Morocco Gas Pipeline Project will create wealth, and improve the standard of living of countries within the African region.
Speaking yesterday during the signing ceremony of the Project’s Memoranda of Understanding among NNPC, ONHYM (the National Office of Hydrocarbons and Mines of Morocco) and ECOWAS; NNPC, ONHYM and SMH; and NNPC, ONHYM and PETROSEN in Morocco, Kyari said the gas pipeline project would also help in the mitigation against desertification and other benefits that will accrue as a result of reduction in carbon emission.
He described the event as an important milestone in the project, as it reaffirms the commitment of stakeholders to deliver on it.
Kyari explained that NNPC is well positioned to progress the project by leveraging on its experience and technical capabilities ranging from gas production, processing, transmission and marketing as well as our vast experience in executing major gas infrastructure projects in Nigeria.
From inception of the project to this stage, Kyari said concerted efforts have been made by the Nigerian and the Kingdom of Morocco, which led to the very commendable achievements recorded.
He expressed appreciation to His Royal Majesty, King Mohammed VI of Morocco and His Excellency, President Muhammadu Buhari for entrusting NNPC Ltd with this strategic project.
He said, “as you are aware, our countries stand to benefit immeasurably from the execution of the project which extends beyond the supply of gas to energise the countries along the route.
“Some of the benefits include, creation of wealth and improvement in standard of living, integration of the economies within the region, mitigation against desertification and other benefits that will accrue as a result of reduction in carbon emission.
“I am glad to say that NNPC is well positioned to progress the project by leveraging our experience and technical capabilities ranging from gas production, processing, transmission and marketing as well as our vast experience in executing major gas infrastructure projects in Nigeria.”
“On our part, NNPC Limited will facilitate the continuous supply of gas and provide other enablers such as the required land for the first compressor station for the pipeline to be deployed in Nigeria which is among the thirteen stations earmarked along the pipeline route.
“On behalf of the Federal Government of Nigeria, I would like to thank you all as we continue to strengthen our partnership for the benefit of our countries.”
The NMGP Project is aimed at monetization of Nigeria’s abundant natural gas resources, thereby generating additional revenue for the country, diversification of Nigeria’s gas export routes, and elimination of gas flaring.
The newspaper says that the Central Bank of Nigeria (CBN), yesterday, in Port Harcourt flayed the crave by Nigerians for foreign goods, which according to the apex bank, leads to rise in foreign exchange rates.
The CBN officials also educated residents of Rivers and Bayelsa states on business activities, including farming, trading, among others, that could enable them become financially viable and grow the economy.
Speaking during the Enlightenment Fair organised by the apex bank in both states, respectively, the CBN Fair Team Lead and Deputy Director, Corporate Communication Department, Sam Okagbue, said sensitisation was aimed at educating and enlightening participants on ways to survive the critical moments in the country in areas such as consumer protection, payment of currency operations, payment management systems, development finance and eNaira transactions.
He recalled that in the past 15 years, Nigeria survived challenges such as economic recession, COVID-19 pandemic, oil theft, insecurity and citizens’ unfavourable attitude towards foreign goods, saying the challenges had negative impact on the nation’s Gross Domestic Product (GDP).
“CBN is about the economy and the economy is about the people. We are here to interact with you about economy as to be conscious of what you are doing that impacts on the economy. In the last 15 years, we have passed through many problems such as economic recession, COVID-19, which have impacted on the economy. We are battling with insecurity, oil theft and the urge for foreign goods, which affects the nation’s GDP. We consumed foreign goods and all this affects the foreign exchange rates. Our attitude to foreign goods is affecting our economy.
This Enlightenment Fair will educate you on consumer protection, currency operations, payment management system, development finance and eNaira,” he said.
GIK/APA