A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Akinola Ajibade
Nigeria heading for the worst economic crises, in the event that the Federal Government, fails to put in place measures to stem the rising inflationary rates in the country.
The measures include improving the value of naira relative to other currencies such as dollars and pound sterlings, reducing importation of goods and services, upping domestic production by establishing more companies, vigourosly pursuing economic diversification progresmmes in order to reduce reliance on crude oil's exports among others.
This happens, as Nigeria's inflationary rates kept on rising amidst increasing Food And Commodity Prices in the country.
According to the latest report from the National Bureau of Statistics (NBS), the nation’s inflation rate for the twelve months period ending June 2022 was 18.60%.
On a month-on- month increase, this indicates a 1.82% rise in Nigeria’s inflation when compared to the figure for May 2022, which was 17.71%.
According to NBS, in June 2022, Nigeria’s inflation rate increased to 18.60 percent on a year-on-year basis, 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.
This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021).
Increases were recorded in all the Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index, according to the national statistical office.
“On a month-on-month basis, the Headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).
“The percentage change in the average composite CPI [consumer price index] for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021,” the NBS stated.
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