National-Growth-LS---230224
NSX
Forex
TOP STORIES

Lagos-Calabar Coastal Highway: FG stops payment of Compensation to Property Owners

The Federal Government says it is withholding payment of Compensation to affected Property Owners from Kilometer Seven on the Lagos-Calabar Coastal Highway Project, due to alteration on the Plan.

The Minister of Works, Dave Umahi, said this when he  inspected ongoing Works on Lagos-Calabar Coastal Highway and other Road Projects on the Lekki Free Trade Zone, Dangote Tax Credit Route and Eleko, among other axis, on Saturday in Lagos.

The Minister said that, to resolve most of the Compensation Issues where a lot of Critical Infrastructure were affected, the Government had reduced the entire Corridor from Phase Two, Section Two of the Coastal Route, to effective Pavements of 55km, including the 10 Train Tracks.

He said that the Government had released about N10bn so far in Compensations.

Umahi said, “We are going to withhold Compensation payment from Kilometer Seven because we have re-routed some of the Sections, like the White Sand Beach.

“I know the Indigenes have been praying very well. I think God has answered their prayers because we have also compressed the Corridor to 55 effective Pavements with the 10 Train Tracks.

“We reduced the 10 Tracks from 55 to 20, and we are taking it back also towards the beginning of this Project.”

The Minister said that after Review, Payment of the Compensation would  continue.

“For Section Two, we are going to have brand new Enumerators so that they will also give us their Opinions.

”It is going to be very, very fast,” the Minister said.

According to Umahi, many Property are going to be saved.

He said, ”We saved all those Cables and saved the whole Community of Okun Ajah, by not only re-routing, but re-routing entirely through a Swamp.

”I hear that some People are calling to protest that we are re-routing to the Swamp, that we should go to the Gazetted and then destroy the Cables.

“I wonder what kind of People we are dealing with. It is very funny.

”I believe that they will see reasons to be very reasonable.” 

 

Credit NAN: Texts excluding Headline

Lagos-Calabar Coastal Highway: FG stops payment of Compensation to Property Owners
News
16-Jun-2024

Nigeria’s inflation rate records 33.95% in May, says NBS Report

The National Bureau of Statistics (NBS), says Nigeria’s Headline Inflation Rate increased to 33.95 per cent in May 2024.

The NBS said this in its Consumer Price Index (CPI) and Inflation Report for May, which was released on Saturday in Abuja.

According to the Report, the figure is 0.26 per cent points higher compared to the 33.69 per cent recorded in April 2024.

It said on a Year-on-Year Basis, the Headline Inflation Rate in May 2024 was 11.54 per cent higher than the Rate recorded in May 2023 at 22.41 per cent.

In addition, the Report said, 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 at 2.29 per cent.

“This means that in 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.”

The Report said the Increase in the Headline Index for May 2024 on a Year-on-Year Basis and Month-on-Month Basis was attributed to the Increase in some Items in the Basket of Goods and Services at the Divisional Level.

It said these increases were observed in Food and Non-Alcoholic Beverages, Housing, Water, Electricity, Gas, and other Fuel, Clothing and Footwear, and Transport.

Others were Furnishings, Household Equipment and Maintenance, Education, Health, Miscellaneous Goods and Services, Restaurants and Hotels, Alcoholic Beverage, Tobacco and Kola, Recreation and Culture, and Communication.

It said the percentage change in the Average CPI for the 12 months ending May 2024 over the Average of the CPI for the previous corresponding 12-month period was 29.06 per cent.

“This indicates a 7.86 per cent increase compared to 21.20 per cent recorded in May 2023.”

The Report said the Food Inflation Rate in May 2024 increased to 40.66 per cent on a Year-on-Year Basis, which was 15.84 per cent higher compared to the Rate recorded in May 2023 at 24.82 per cent.

“The rise in Food Inflation on a Year-on-Year Basis is caused by Increases in Prices of Semovita, Oatflake, Yam Flour Prepackage, Garri, and Bean,

“Others are Irish Potatoes, Yam, Water Yam, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken-Live, Pork Head, and Bush Meat.”

It said on a Month-on-month basis, the Food Inflation Rate in May was 2.28 per cent, which was a 0.22 per cent decrease compared to the Rate recorded in April 2024 at 2.50 per cent.

“The fall in Food Inflation on a Month-on-Month Basis was caused by a decrease in the Average Prices of Palm Oil, Groundnut Oil, Yam, Irish Potato, and Cassava Tuber.

“Others are Wine, Bournvita, Milo, and Nescafe.”

The Report said that “all Items less Farm Produce and Energy’’ or Core Inflation, which excludes the Prices of Volatile Agricultural Produce and Energy, stood at 27.04 per cent in May on a Year-on-Year Basis.

“This increased by 7.21 per cent compared to 19.83 per cent recorded in May 2023.’’

“The exclusion of the PMS is due to the Deregulation of the Commodity by removal of Subsidy.”

It said the highest Increases were recorded in Prices of Actual and Imputed Rentals for Housing Class, Bus Journey Intercity, and Taxi Journey per Drop.

“Others are Accommodation Service, X-Ray Photography, Consultation Fee of a Medical Doctor, Laboratory Service, among others.”

The NBS said on a Month-on-Month Basis, the Core Inflation Rate was 2.01 per cent in May 2024.

“This indicates a 0.18 per cent decrease compared to what was recorded in April 2024 at 2.20 per cent.”

“The average 12-month Annual Inflation Rate was 23.45 per cent for the 12 months ending May 2024, this was 5.34 per cent points higher than the 18.11 per cent recorded in May 2023.”

The Report said on a Year-on-Year Basis in May 2024, the Urban Inflation Rate was 36.34 per cent, which was 12.61 per cent higher compared to the 23.74 per cent recorded in May 2023.

“On a Month-on-Month Basis, the Urban Inflation Rate was 2.35 per cent, which decreased by 0.32 per cent compared to April 2024 at 2.67 per cent.’’

The Report said on a Year-on-Year Basis in May 2024, the Rural Inflation Rate was 31.82 per cent, which was 10.63 per cent higher compared to the 21.19 per cent recorded in May 2023.

“On a Month-on-Month Basis, the Rural Inflation Rate was 1.94 per cent, which increased by 0.024 per cent compared to April 2024 at 1.92 per cent.’’

On States’ Profile Analysis, the Report showed that in May, all Items’ Inflation Rate on a Year-on-Year Basis was highest in Bauchi at 42.30 per cent, followed by Kogi at 39.38 per cent, and Oyo at 37.73 per cent.

It however, said the slowest rise in Headline Inflation on a Year-on-Year Basis was recorded in Borno at 25.97 per cent, followed by Benue at 27.74 per cent, and Delta at 28.67 per cent.

The Report, however, said in May 2024, all Items Inflation Rate on a Month-on-Month Basis was highest in Kano at 4.24 per cent, followed by Gombe at 4.06 per cent, and Bauchi at 3.75 per cent.

“Ondo at 0.57 per cent, followed by Kwara at 1.19 per cent and Yobe at 1.24 per cent recorded the slowest rise in Month-on-Month Inflation.”

The Report said on a Year-on-Year Basis, Food Inflation was highest in Kogi at 46.32 per cent, followed by Ekiti at 44.94 per cent, and Kwara at 44.66 per cent.

“Adamawa at 31.72 per cent, followed by Bauchi at 34.35 per cent and Borno at 34.74 per cent recorded the slowest rise in Food Inflation on a Year-on-Year Basis.’’

The Report, however, said on a Month-on-Month Basis, Food Inflation was highest in Gombe at 4.88 per cent, followed by Kano at 4.68 per cent, and Bayelsa at 3.62 per cent.

“While Ondo at 0.02 per cent, followed by Yobe at 0.95 per cent and Adamawa at 1.02 per cent, recorded the slowest rise in Inflation on a Month-on-Month Basis.”

 

Credit NAN: Texts excluding Headline

Nigeria’s inflation rate records 33.95% in May, says NBS Report
Economy
15-Jun-2024

Beware of Meme Coins, SEC warns Nigerians against investing in $Davido

The Securities and Exchange Commission, Nigeria (SEC), has warned Nigerians against investing in Meme Coins, known as “$Davido”, allegedly linked to popular Nigerian Singer, David Adeleke, known as Davido.

In a Statement on its Website, SEC said that it does not recognise $Davido as an Investment Product or Investable Asset class under its Regulatory purview.

The Regulator noted that, consequently, Individuals who invest in it do so at their own risk.

“Generally, Meme Coins are Cryptocurrencies inspired by Memes and Internet jokes.

“They are often envisaged as a fun, light-hearted Cryptocurrencies promoted through a Social Media Community and sometimes through Celebrity Endorsements,” it said.

According to SEC, Meme Coins are not intended to serve as a Medium of Exchange accepted by the Public as payment for Goods and Services or as Digital Representation of Capital Market Products.

The Commission listed such Capital Market Products as Shares, Debentures, Units of Collective Investment Schemes, Derivatives Contracts, Commodities or other kinds of Financial Instruments or Investments.

The Regulator said: “The General Public is hereby advised that Meme Coins lack Fundamental Value and are purely speculative.

“The General Public is further warned that investing in Meme Coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

“Capital Market Operators are by this Notice warned not to associate with Instruments that fall outside the SEC’s Regulatory Purview.

“Such Instruments should not in any manner be distributed or monitored through any Capital Market Mechanism.

SEC stated it would continue to monitor Developments within the Ecosystem and would not hesitate to deploy its Regulatory Powers as needed. 

 

Credit NAN: Texts excluding Headline

Beware of Meme Coins, SEC warns Nigerians against investing in $Davido
Economy
15-Jun-2024

News