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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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March 2023: Nigeria's inflation of 22.04% may move up further if.....



By Favour & Akinola Ajibade


Nigeria may not achieve its economic growth plans soon, in the event that the country's rate of  inflation increases further from 22.04 per cent unchecked. 

The National Bureau of Statistics( NBS), released 22.04% for the month of March this year.

This happens, as the country suffered  increase in inflationary rate on twelve occasions in recent times and may experience more growth in IR in the event that the Federal Government is unable to check it. 

Last weekend, the Bureau announced that the rate of inflation has increased from 21.91 percent in February to 20.04 per cent in March, a development, which might have informed the decision of apex banking regulatory authorities to try to halt by mopping up more funds from circulation, northwithstanding the consequences on average Nigerians, who are yet to come out of the problems provoked by the introduction and implementation of cashless policies in the country.

Records showed that the  country’s inflation rate has now risen three times in a row since the first quarter of  2023. 

For instance, March inflation data shows a 0.13 per cent increase from the 21.91 per cent recorded in February 2023.

Year on year, the country’s inflation rate increased by 6.13 per cent from 15.92 percent in March 2022.

“On a month-on-month basis, the all-items index in March 2023 was 1.86 percent, which was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 percent),” the report added.

The NBS statistics also showed that the rate of food inflation in March increased to 2.07 per cent , 0.16 per cent more than the 1.90 per cent reported in February.

The country’s inflation rate has now risen three times in a row since the beginning of the year.

March inflation data shows a 0.13 per cent increase from the 21.91 per cent recorded in February 2023.

Year on year, the country’s inflation rate increased by 6.13 per cent from 15.92 percent in March 2022.

“On a month-on-month basis, the all-items index in March 2023 was 1.86 percent, which was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 percent),” the report added.

The NBS statistics also showed that the rate of food inflation in March increased to 2.07 per cent , 0.16 per cent more than the 1.90 per cent reported in February.

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