Business & Economy
Food Inflation Reaches Alarming Levels, Deepening Food Security Concerns in Nigeria

Food inflation in Nigeria has surged to an alarming 40.66 percent in May, making it increasingly challenging for Nigerians to afford basic sustenance. The cost of food has risen by a staggering 61 percent from June 2023 to May 2024, underscoring the growing burden on the cost of living in the country.
These findings come from the latest analysis of the Consumer Price Index and Inflation report released by the National Bureau of Statistics. The Consumer Price Index measures the average change in the prices of goods and services consumed for day-to-day living.
According to the report, headline inflation rose by 0.26 percent to reach 33.95 percent in May, marking a 28-year high since March 1996. This surge in inflation can be attributed to the significant increase in food and transport prices.
Major contributors to headline inflation in May 2024 included food and non-alcoholic beverages (17.59 percent), housing, water, electricity, gas, and other fuels (5.68 percent), and clothing and footwear (2.60 percent).
A detailed breakdown of the data reveals a steady increase in the price of food commodities over the past year. From June to December 2023, the food inflation rate rose from 25.25 percent to 33.93 percent. In the following months, it continued to climb, reaching 35.41 percent in January, 37.92 percent in February, surpassing the 40 percent mark in March, and peaking at 40.66 percent in May.
The National Bureau of Statistics identified various food items that contributed to the year-on-year increase in food inflation. These included staples such as semovita, oatflake, yam flour, garri, beans, Irish potatoes, yams, water yams, palm oil, vegetable oil, stockfish, mudfish, crayfish, beef, chicken, pork, and bush meat.
Comparing May 2024 to the same period in the previous year, the food inflation rate rose by 15.84 percent points. The average annual rate of food inflation for the twelve months ending in May 2024 was 34.06 percent, recording a significant increase of 10.41 percent points from the average annual rate in May 2023 (23.65 percent).
Furthermore, Bauchi, Kogi, and Oyo emerged as the three most expensive states in Nigeria, experiencing the highest all-items inflation in May 2024. Bauchi recorded the highest inflation rate at 42.30 percent, followed by Kogi at 39.38 percent, and Oyo at 37.73 percent. Conversely, Borno, Benue, and Delta had the slowest rise in headline inflation on a year-on-year basis.
The continuous increase in food prices, along with other factors such as the removal of subsidies on petrol, has severely impacted the purchasing power of Nigerian citizens. Many households are struggling to afford daily meals, raising concerns about food security in the country.
Addressing this issue requires urgent action from the government, policymakers, and relevant stakeholders. It is essential to implement measures aimed at stabilizing food prices, supporting local agricultural production, and implementing social welfare programs to alleviate the burden on vulnerable populations.
As Nigeria continues to grapple with the mounting cost of living, efforts to ensure food affordability and security must be prioritized to safeguard the well-being of its citizens.
Business & Economy
Pastor Reuben Initiative extols founder’s philanthropic gesture

By Idibhar Agadaga, Baylesa
The Director General Pastor Reuben Initiative for Good Leadership and Accountability (PRIFGLA), Eseimokumo Frank Soko has commended Pastor Reuben Wilson’s selfless contributions to the development of Bayelsa State and the Niger Delta region.
Speaking on an enlighment program on Royal FM, 95.5, Eseimokumo Frank Soko, highlighted Wilson’s commitment to education, noting that he has sponsored over 200 students across various universities in the region.
According to Soko, Wilson’s philanthropic efforts extend beyond education, as he has also provided monthly stipends to members of the Initiative ànd numerous individuals in need.
He particularly extolled Wilson’s selfless and sacrificial lifestyle which have positively impacted the lives of many Bayelsans.
He emphasized that Wilson’s charitable works is not limited to any particular political party or affiliation as beneficiaries come from diverse backgrounds including PDP, APC and Labour Party members.
On his part, PRIFGLA’s National Secretary and Special Adviser on Student Matters and Scholarships, Ogbomo Erepamowei, shared Wilson’s inspiring personal story, which has driven his passion for helping others.
Ogbomo noted that despite facing challenges in his own educational journey, Wilson has demonstrated remarkable resilience and generosity, supporting students in various institutions across the Niger Delta.
He added that over 200 students are under scholarship sponsored by Pastor Reuben Wilson in various universities across the Niger Delta region.
In a final statement, Soko expressed gratitude to Wilson, describing him as a “sacrificial leader” who has positively impacted the lives of those working with him.
Business & Economy
Three Oil Coys admit owing FG over $5.5m *As Reps Issue 2-Weeks Ultimatum For Payment

Business & Economy
New Bayelsa Secretariat: Govt Appeals To Host Communities To Maintain Peace

By David Owei, Bayelsa
The Bayelsa State Government has appealed to the people of Yenagoa and Ovom communities currently locked in a dispute over ownership of the land, where the new 9-storey secretariat is sited, to sustain their age long unity and peaceful coexistence.
The Deputy Governor, Senator Lawrence Ewhrudjakpo, made the appeal at separate meetings with the leaders and critical stakeholders of both communities in Government House, Yenagoa on Tuesday.
Senator Ewhrudjakpo, in a statement by his Senior Special Assistant on Media, Mr Doubara Atasi, pointed out that there was no need for both communities to feud over the land as government had acquired it for development purposes several decades ago.
According to the Deputy Governor, every land acquired by government with compensation paid becomes its property, stressing that all the communities lying within 15-kilometre radius from Yenagoa make up the Bayelsa State capital.
While acknowledging the sacrifices being made by the communities hosting the state capital, he assured that government would continue to protect their interests by performing its corporate social responsibility.
Senator Ewhrudjakpo, however, warned that the present administration would not fold its arms and watch any community or group of people cause crisis to disrupt the prevailing peace in the state for whatever reason.
He particularly cautioned the youths of Ovom against the alleged unwholesome practice of going to ministries, departments and agencies to demand a change in the letterheads and signboards of MDAs to reflect Ovom.
His words: “There is no long-term benefit in conflict. People can disagree, but they can reconcile their differences through the roundtable.
“Yenagoa and Ovom communities have a long history of peaceful coexistence as two sister communities in the Atissa Kingdom in the Yenagoa Local Government Area.
“As communities in the epicenter of the state capital, Ovom and Yenagoa have made huge sacrifices, and they cannot afford to fight themselves over land already acquired by government.
“Our position is that none of the communities own the land of the project site for the new state Secretariat; the ownership of that land now belongs to the Bayelsa State Government by virtue of the Capital City Development Law.
“However, government will continue to protect the interest of the communities who have donated the lands for public use and development.
“We are also receiving reports that some youths of Ovom are going to ministries, departments and agencies demanding for a change of address to reflect Ovom. That attitude is not right, and therefore, must be stopped forthwith.
“We should all know that like any other capital city in this country, the name of Yenagoa has influence over all other communities lying within the 15-km radius of the state capital, and as such Yenagoa is reflected in all addresses.”
In her remarks, the Member representing Yenagoa Constituency 1 in the State House of Assembly, Hon. Ayibanengiyefa Egba, expressed gratitude to the state government for its swift intervention and called on the communities to embrace peace as brothers to foster development and progress.
Others who spoke briefly at the two meetings include the former Technical Adviser to the Governor on Conflict Resolution, Chief Boma Spero-Jack, Hon. Markson Fefegha, Chief Couple Anyamalem, Chief Stephen Abaribote, and Chief Loveday Abaribote.
Top government functionaries present included the commissioners for works, information, marine and blue economy, lands and survey, and that of community development.
Also in attendance were the Chairman of Yenagoa Local Government Area, Hon. Bulodisiye Ndiware, the Acting Surveyor General of Bayelsa State, Geku Tonye Margareth; the Technical Adviser to the Governor on Boundary Matters, Hon. Salem Vote, among others.
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