The Nation Newspaper

Tag: increase

  • Prices of foodstuff increase in Ibadan

    Prices of foodstuffs in Ibadan, the Oyo State capital, have increased as Ramadan begins.

    The News Agency of Nigeria (NAN) reports that the commodities affected by the price rise include perishable and non-perishable ones.

    A NAN survey in two major markets in the Ibadan metropolis – Oja Oba and Bodija – showed that the increase in price resulted in reduced purchases, as traders complain of poor patronage.

    Staple foods, such as `garri’, beans, millet, corn, vegetables and yam were affected by the price increase.

    However, the prices of rice, vegetable oil, palm oil, meat, onions, tomatoes and salt remain stable.

    Also, prices of fruits and beverages are stable.

    At the Oja Oba Market, a measure of bean, which formerly sold for N250, now costs N350.

    A measure of `garri’, which had been selling for between N100 and N120, now goes for between N150 and N200.

    Also, a measure of corn, which was sold for N150 last week, now costs N200, while a measure of millet that sold for N200 is now selling for N300.

    At the Bodija Market, five tubers of yam, which formerly sold for N800, now go for N1, 500.

    Mrs Fatima Lukman, who sells rice and beans at the Bodija Market, attributed the increase to alleged killing of some traders in Borno State by suspected Boko Haram members.

    According to her, many traders in Ibadan have stopped going to the state to buy beans and some other foodstuffs.

    Mrs Idayatu Sanni, who sells rice at Oja Oba Market, told NAN that the price of the commodity had remained relatively stable.

    According to her, a 50kg bag of long grain rice is being sold for between N10,000 and N12,000.

    She said, the price of a 50kg bag of short grain rice reduced from between N8,000 and N9,000 to between N7, 500 and N8,000.

    NAN reports that the price of vegetable oil also reduced as 25 litres of the product now sells for N6,000 instead of N6, 500. (NAN)

  • Low inflation rate to increase equities’ return

    The National Bureau of Statistics (NBS) is expected to release a lower inflation rate for March 2013 today, setting the stage for subsequent increase in average real returns to investors in quoted equities.

    The Data Release Calendar of the NBS indicated that the new inflation figure would be released today. The inflation rate, for February 2013, stands at 9.5 cent.

    Analysts at FSDH Merchant Bank said all indices pointed to a reduction in inflation rate, which automatically would increase the inflation adjusted return of quoted equities.

    The stock market opened this week with average year-to-date return of 19.36 per cent.

    Estimates by the FSDH indicated probability of 60 points decrease in inflation rate from 9.5 per cent to 8.9 per cent.

    Inflation rate of about 8.9 per cent implies double-digit inflation adjusted return of about 10.5 per cent for the equities market. The double digit return will further enhance the attractiveness of equities, especially against the background of low and declining interest rates in the fixed-income market.

    According to analysts, in spite of the expected increase in Consumer Price Index (CPI) in March 2013, the base effect of an increase in March 2012 would produce a year-on-year inflation rate of 8.9 per cent, representing 60 basis points drop from February 2013 inflation rate.

    “The March CPI will have to increase by at least 1.6 per cent from February to produce an inflation rate that is higher than 9.5 per cent reported in February 2013. In our opinion, this is unlikely,” FSDH concluded.

    FSDH stated that analysis of the prices of a basket of consumer goods monitored across the country in March had showed that prices of some major components of the basket increased. The average prices of rice increased by about 25.98 per cent on account of increase in import duties. The price of yam increased by 26.67 per cent, price of Irish potato increased by 24.76 per cent, the prices of meat and vegetable oil increased by 3.33 per cent and 0.56 per cent respectively while the prices of onions and tomatoes dropped by about 12.59 per cent and 3.33 per cent. The price of palm oil also decreased marginally by about 3.33 per cent. However, the price of garri and that of beans remained stable during the period.

    FSDH noted that the observed increases in the prices of food items in March and the increase in the demand for non-alcoholic beverages during the Easter celebration should result to about 1.30 per cent increase in the Food and Non-Alcoholic Index pointing out that it also noticed increase in prices of transportation, clothing and foot wears, recreation and culture and restaurants and hotels.

    According to the FSDH estimates, the price movements in the consumer goods in March will increase the Consumer Price Index (CPI) to 144.46 points, an increase of 1.03 per cent month-on month.

    FSDH however indicated possibility of increase in inflation rate to more than 9.5 per cent in April, calling for balance in financial and investment planning.

     

  • Planned increase in petrol price illegal, says Falana

    Planned increase in petrol price illegal, says Falana

    Activist-lawyer Femi Falana (SAN) yesterday said it would be immoral and illegal for the Federal Government to increase the price of petrol under any guise.

    He described as “provocative” an announcement by President Goodluck Jonathan about a planned full deregulation of the downstream of the petroleum sector.

    Falana, in a statement, said another hike in the pump price of petrol under the pretext of deregulation would inflict harsh economic hardship on hapless Nigerians.

    He said doing so would also be illegal, as a court last week declared deregulation illegal.

    Falana warned that should Federal Government go ahead with the plan, it should be ready to face the wrath of Nigerians who would be ready to make the country “completely ungovernable.”

    He said: “The provocative announcement has been made at a time that Nigerians are paying more for epileptic electricity supply and other deteriorating social services.

    “While the masses are asked to tighten their belts, the pampered members of the ruling class are granted duty waivers, oil blocks, huge loans from intervention funds etc.

    “Others are allowed to collect double or multiple salaries through ghost workers or direct theft of pension funds.

    “The Banks which became distressed as a result of mismanagement and the failure of the so called ‘captains of industry’ to pay back huge loans have been bailed from public funds to the tune of N3 trillion.

    “To facilitate uncontrolled capital flight from the country by corrupt public officers, importers and traders, the National Assembly has legalised currency trafficking.

    “The Central Bank of Nigeria (CBN) promotes such capital flight by selling millions of dollars to all manners of forex dealers on a weekly basis.

    “Owing to such unprecedented diversion of public funds by plutocratic ruling elite, the Federal Government is unable to fund the national budget. Hence, the resort to the callous decision to increase the pump price of petrol.”

    According to the former West African Bar Association President, it would be illegal for the government to deregulate the sector.

    He cited the case of Bamidele Aturu v Attorney-General of the Federation in which a Federal High Court, Abuja, presided over by Justice Adamu Bello declared illegal and unconstitutional the deregulation policy of the Federal Government.

    Falana said the import of the judicial decision is that since the proposed increase of price of petrol is anchored on deregulation, it is illegal in every material particular.

    Therefore, as the judgment is valid and subsisting, the Federal Government would be engaging in executive lawlessness if it goes ahead to announce any increase in the price of petrol, the lawyer said.

    “In the interest of the Rule of Law President Jonathan is advised to jettison the insensitive, immoral, contemptuous and illegal policy forthwith.

    “However, if the Federal Government has decided to increase the pump price of petrol, it should be prepared to sign its death warrant as Nigerians will be mobilised to make the country completely ungovernable,” Falana said.

    He said: “A few weeks ago, President Jonathan paid glowing tributes to the late President Hugo Chavez of Venezuela for channelling the oil wealth of his country to improve the lives of his people.

    “President Jonathan should emulate Chavez, who never increased the price of any petroleum product while he was in power for 14 years.

    “But it requires courage and commitment on the part of the state to nationalise the major sectors of the economy.”

    Falana said instead of engaging in incessant increase in the price of petrol, Jonathan should collaborate with the National Assembly to pass the Petroleum Industry Bill (PIB).

    Doing so, he added, would be in line with Article 21 of the African Charter on Human and Peoples Rights which has imposed an obligation on all African States to ‘eliminate all forms of foreign economic exploitation by international monopolies so as to enable their people to fully benefit from the advantage derived from their natural resources.’A

  • Why govt must increase education funding

    Why govt must increase education funding

    The University of Ibadan (UI) has matriculated freshers admitted for degree programmes in the institution. The ceremony, which held last Friday, was held in the newly-built International Conference Centre. The Vice-Chancellor, Prof Isaac Adewole, in his address, harped on seriousness and focus towards the academic work.

    “Today you begin a new chapter of your life. I congratulate you on this unique opportunity of studying in Nigeria’s premier university especially now that the university is experiencing great changes in its academics and infrastructure. The university has taken steps to make your stay a remarkable one,” the VC said.

    Prof Adewole said the management would continue to invest resources in facilities that will improve the teaching and learning in the university. Describing cultism as evil alliance, the VC advised the freshers to always investigate before they join any club on campus.

    “You have to be wary before you honour any invitation to a social or religious gathering. Let me assure you that the university has a strict policy against sexual harassment, cultism and other anti-social vices,” he added.

    Speaking on Balancing the protest culture among undergraduates with making the best use of the golden opportunity for academic excellence, Prof. Innocent Modo, a lecturer from the University of Uyo (UNIUYO), noted that the protest culture amongst students should not deter them from achieving excellence in their studies.

    The don expressed concern over poor funding of university education, urging the Federal Government to increase allocation to tertiary institutions to make education attractive to youth. He urged corporate organisations to complement effort of the government to educate the citizens. He said the Federal Government’s insistence on removing subvention for hostel accommodation had placed the burden on internally-generated revenue of tertiary institutions.

    He said: “It is important to appreciate that 45 per cent of the University of Ibadan students, who desired to be in halls of residence are accommodated. The University of Ilorin (UNILORIN) can only accommodate 8.8 per cent of its students. I sincerely advise students to shun cultism and prostitution. Face your studies and manage your time well,” Prof Modo said.

    Abdulazeez Oladejo, one of the inductees, expressed joy, saying he was determined to graduate with good grade.

  • NBA: increase judiciary funding

    President of the Nigeria Bar Association Okey Wali (SAN) has advocated for an increased funding for the Judiciary.

    Wali regretted that while budgetary allocation to other arms of government is increasing that of the judiciary is decreasing.

    He spoke yesterday in Asaba, the Delta State capital, at the National Executive meeting of the association.

    The NBA President recalled that in 2009, budgetary allocation to the Judiciary was N78 billion; in 2010 and 2011 it was N91 billion and N95 billion.

    He said the allocation dropped to N75 billion and N67 billion in 2012 and 2013.

    The NBA President said it is wrong to reduce the budgetary allocation of the Judiciary if the nation wants a modern judicial system.

    Wali said a modern judicial system is instrumental to an orderly society and enjoined the Federal Government to comply with the constitutional provisions of S.81 (3) S.121 (3) and S.162 (9) and ensure the independence of the Judiciary.

  • Cross River: Children’s kidnappers increase ransom to N10m

    The kidnappers of the two children, who were abducted in Calabar, the Cross River State capital, on Tuesday, have increased the ransom from N5 million to N10 million, it was learnt yesterday.

    Emmanuel (10) and Agbo (4) were snatched from their mother, Mrs. Juliet Eko, on the Murtala Mohammed Highway by gunmen.

    On Tuesday, a family source said the kidnappers had reduced the ransom from N30 million to N5 million.

    But the source said the ransom was increased to N10 million yesterday.

    It was learnt that the victims’ father, Mr. Johnson James Eko, told the kidnappers that he has only raised N1 million, but the hoodlums said he was joking.

    The source said the kidnappers said the girl, Agbo, was ill.

    The source said: “The girl had fever when she was abducted. Right now, she is ill, but the boy is alright. Eko is optimistic that God would touch the kidnappers’ hearts.”

    The source described

  • Ajimobi seeks increase in Oyo’s education intervention fund

    Ajimobi seeks increase in Oyo’s education intervention fund

    Oyo State Governor Abiola Ajimobi yesterday urged the Federal Government to increase the state’s education intervention fund.

    He said this would help his administration actualise its education agenda.

    Ajimobi spoke in his office in Ibadan, the state capital, while receiving members of the Senate Committee on Education, led by the Chairman, Mr. Uche Chukwumerije.

    The governor, who was represented by his deputy, Chief Moses Alake Adeyemo, said a huge amount was required to reposition the education sector.

    He said Oyo was one of the states with the highest number of public schools in the country, hence the need for an increase in the intervention fund.

    Ajimobi described education as the bedrock of meaningful development in any society.

    Chukwumerije said the visit was in fulfilment of his committee’s oversight function, aimed at ensuring the judicious use of intervention fund by various educational institutions in the state.

    He hailed the visionary leadership of the governor and the achievements recorded by his administration.

    Chukwumerije said: “We are visiting a distinguished senator, who, when he was in the Senate, was very popular. Ajimobi left an indelible mark in the Senate and we are happy with his visionary leadership. We are very happy with the execution of projects in Oyo State, particularly in the education sector.”

    He regretted that Oyo State had not accessed the 2011/2012 intervention fund and said the committee would help the state actualise this.