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
Nigeria's economy has reached a feverish level,as headline inflation hits 20.52 per cent in August, this year, the National Bureau of Statistics (NBS) revealed in its monthly reports recently.
Headline inflation is the raw figure reported through the Consumer Price Index( CPI) , that is released monthly by NBS. The CPI calculates the cost to purchase a fixed basket of goods to determine how much inflation is occurring in a broad economy.
The country has for some time, been experiencing a two-digit inflation figures, owing to the fact prices of commodities have reached astronomical level, without commensurate increase in production of goods and services.
This development, according to the National Bureau of Statistic (NBS) was fuelled by the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation and general increase in the cost of production.
The headline inflation had a Year on Year (YoY) increase to 20.52% in August 2022 compared to the 19.64% YoY figure recorded in July 2022.
On the other hand, food and core inflation which excludes the prices of volatile agricultural produce YoY figure increased to 23.12% and 17.20% in August 2022 showing a 1.1% and 0.94% point rise when compared to 22.02% and 16.26% recorded in the previous month.
Month on Month (MoM), the rate of the inflation in Nigeria increased by 1.77% compared to the 1.82% recorded in the previous month due to decline in current month food index and relative stability in transportation cost.
On a month-on-month basis, the food inflation rate in July stood at 1.98%, this is 0.07% lower than 2.04% recorded in the previous month.
The rise in food inflation was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam and other tubers, meat, fish, oil.
The core inflation rate was 1.59% in August 2022 MoM. This was down by 0.17% when compared to 1.75% recorded in July 2022.
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