All Posts in "Day: April 15, 2024"

Nigeria’s Inflation Records 33.2% Increase In March -NBS

Mohammed Shosanya

The National Bureau of Statistics (NBS),says Nigeria’s headline inflation rate increased to 33.20% in March 2024 relative to the February 2024 headline inflation rate which was 31.70%.

The agency noted that the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

“In March 2024, the headline inflation rate increased to 33.20% relative to the February 2024 headline inflation rate which was 31.70%. Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e, March 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024”.

The NBS stated; “The percentage change in the average CPI for the twelve-month period ending March 2024 over the average of the CPI for the previous twelve-month period was 27.13%, showing a 6.76% increase compared to 20.37% recorded in March 2023.

“On a year-on-year basis, in the month of March 2024, the Urban inflation rate was 35.18%, this was 12.11% points higher compared to the 23.07% recorded in March 2023. On a month-on-month basis, the Urban inflation rate was 3.17% in March 2024, this was 0.0001% points marginally and insignificantly lower compared to February 2024 (3.17%).

“The corresponding twelve-month average for the Urban inflation rate was 28.96% in March 2024. This was 7.96 % points higher compared to the 21.00% reported in March 2023..

“The Rural inflation rate in March 2024 was 31.45% on a year-on-year basis; this was 10.37% higher compared to the 21.09% recorded in March 2023. On a month-on-month basis, the Rural inflation rate in March 2024 was 2.87%, down by 0.20% points compared to February 2024 (3.07%).

“The corresponding twelve-month average for the Rural inflation rate in March 2024 was 25.50%. This was 5.71% higher compared to the 19.79% recorded in March 2023”.

admin by — April 15, 2024 in News 0
Police Parade 21 Suspected Yoruba Nation Agitators In Ibadan

Mohammed Shosanya

Twenty one suspected Yoruba Nation agitators,including a female and two elderly men in their sixties,were Monday paraded at the Oyo State Police Headquarters, Eleyele Ibadan.

The suspected agitators were paraded for their involvements in forceful invasion of Oyo state government Secretariat in Saturday.

They were arrested by the joint security operatives at the state government Secretariat while attempting to take over the state House of Assembly after hoisting the Yoruba Nation Flags.

The Commissioner of Police in Oyo,Adebola Hamzat,confirmed arrest of the 21 suspected agitators and send a signal to other people that have criminal mindset to leave the state.

He noted that the offence is a treasonable felony, stressing that the investigation is still ongoing. He noted also that there we’re no death casualties during the gun exchange with the agitators, stressing that one Amotekun officer was injured.

admin by — April 15, 2024 in Crime/Metro 0
Tariff Hike:We Can’t Guarantee Safety Of Electricity Workers,Says NUEE

Mohammed Shosanya

The National Union of Electricity Employees (NUEE),says it cannot guarantee the safety of its members in the employ of electricity distribution companies on account of the recent increase in electricity tariff in the country.

Specifically,the union lamented that its member are at risk of being attacked by people in the community when they visit for disconnections of electricity.

Dominic Igwebike,Acting General Secretary,who conveyed this in a statement,said the recent hike in electricity tariff from N68 /kwh to N225 /kwh is absurd in a country where the majority of the masses are grappling with basic survival and an electricity access rate of about 55%.

He faulted the position of Nigerian Electricity Regulatory Commissionthat the hike is attributed to only Band A consumers who make up only 15% of electricity consumers and utilize 40% of the nation’s electricity consumption.

It begs to understand the sensibility of the person(s) that uttered such a statement purporting that it would not affect the general public,he said.

He added:”They need to answer these questions: Who are the Band A consumers? What do they do? Who are the customers of the Band A consumers? Who bears the brunt of the electricity hike?

“The general public is the one that will be most affected by this. They are the customers and end- users of the Band A products and services. The additional costs will be transferred to the common man, so they are indirectly being exploited, notwithstanding their dwindling purchasing power and increasing impoverishment”.

He reasoned that,the hike in the electricity tariff is grossly detrimental to the economic diversification, growth, and well-being of Nigerians,adding that,”a country that genuinely has the interest of its people at heart and wants to grow will ensure that the real sector is given the most support it can get not putting a nail in its coffin”.

He disclosed the Minister of Power and NERC did not consult with the stakeholders in the sector before the increase.

He added:”The Minister of Power has relegated himself as the spokesperson for the DISCOs where he is justifying Cost Reflective Tariffs. What of Service Reflective Tariffs as it relates to consumers? We as a stakeholder don’t know the Energy policy of this present administration.

“As a critical stakeholder in the Power Sector who is concerned with Nigerians getting constant and affordable power supply, we state categorically that the hike in the electricity tariff is not beneficial to Nigerians and should be withdrawn”.

admin by — April 15, 2024 in Labour/Human Resources 0
Barrister Bayo Lawal:Celebrating A Man With Compassionate Heart

By Rasheed Komolafe

In a world where compassion often feels like a scarce commodity,it’s heartening to celebrate individuals who embody its essence effortlessly. Today, as we extend our warmest wishes to the esteemed Oyo State’s Deputy Governor, Barr Bayo Lawal, we commend his unwavering dedication to touching lives with love and empathy.

Barrister Bayo Lawal’s journey has been one of grace, resilience, and boundless compassion. As a pillar of support,he has seamlessly merged his roles as a father, mentor, and compassionate leader, leaving an indelible mark in the hearts of many in Oyo State.

His commitment to philanthropy knows no bounds. Through his numerous initiatives, Barr Lawal has been a beacon of hope to the less privilege, offering assistance, guidance, and solace to the needy. Whether it’s advocating for women’s rights, championing education for the underprivileged, or spearheading healthcare initiatives, her tireless efforts have uplifted countless lives and communities.

As a father,the Ba’mofin of Kishiland, exemplifies humanism in its purest form. His dedication to his family reflects his unwavering commitment to love, support, and cherish those closest to him. Beyond his immediate family, he extends this love to the wider community, embracing all with open arms and a warm smile.

It’s not out of place to reflect on the profound impact he has had on our lives and the lives of those around us. May his light continue to shine brightly, illuminating the path for others to follow in his footsteps of compassion,kindness, and love.

In honouring Barr Bayo Lawal,I also heartilly extend our gratitude to his wife,Yeye Bamofin of Kishiland, his wife, Mrs.Lawal, for her inestimable and immeasurable support,which impact positively on the deputy governor’s sterling performance in office.

Without mincing words,this uncommon partnership paves way for formidable team dedicated to serving the people of Oyo State with compassion, integrity, and humility.

Happy Birthday, Your Excellency, Your compassionate heart is a gift to us all, and we are forever grateful for your rewarding presence in our lives. May your day be filled with joy, love, and countless blessings, as you continue to inspire us with your remarkable spirit.

admin by — April 15, 2024 in Opinion 0
Grid Collapses:Expert Seeks Use Of Battery Service To Boost Power Supply

Mohammed Shosanya

Due to epileptic power supply and frequent national grid collapses plaguing Nigeria, the novel Battery as a Service (BasS) has been recommended to boost the country’s electricity supply storage and management.

Energy Policy Analyst, Dr. Emmanuel Onyeuche,made the recommendation in an industry report he authored for renowned public policy think-tank, Nextier.

He explained that while the traditional model of energy storage involves large-scale, fixed infrastructure, BaaS offers energy storage solutions as a service, which means that instead of purchasing and maintaining batteries outright, users can access the benefits of energy storage through a service agreement.

“In simple terms, BaaS provides battery storage solutions to customers on a subscription or pay-per-use basis, eliminating the need for upfront capital investment. Service providers install, maintain, and operate the battery systems, while customers benefit from reliable energy storage without the burden of ownership”, he stated.

To enhance the viability of the innovation, BaaS agreements often include performance guarantees and SLAs that define the expected service levels, uptime, efficiency, and response times, providing customers with assurance of reliable and consistent service delivery.

It also offers customers flexibility in scaling up or down the battery capacity based on evolving energy needs, market conditions, and technological advancements, enabling agile and cost-effective solutions, Dr. Onyeuche stressed.

According to him, Battery as a Service represents a disruptive force in the power industry, reshaping stakeholders conceive and manage energy storage.

“From bolstering grid resilience to facilitating renewable energy integration and challenging traditional utility models, the impact of BaaS is profound and far-reaching.

“As the energy landscape continues to evolve, embracing innovation in energy storage would be pivotal in building a sustainable and resilient power infrastructure for the future. Overcoming the challenges of implementing BaaS in Nigeria’s power system dynamics requires a coordinated effort from policymakers, regulators, utilities, investors, and technology providers.

“Nigeria can unlock the transformative potential of BaaS to enhance grid reliability, integrate renewable energy, and accelerate its transition to a sustainable energy future. As Battery as a Service continues to gain traction, its impact on power industry dynamics will evolve”, he stated.

He noted though, that implementation of BaaS in the Nigerian context is not without challenges, but balancing the benefits with the challenges would be integral to its successful integration into the power industry.

admin by — April 15, 2024 in Power 0