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Govt palliative worsening food inflation, says Cardoso

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By Kayode Sanni-Arewa

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the huge purchase of foodstuffs by the government as palliatives is contributing to the galloping food inflation in the country.

He stated this in his contributions during the March Monetary Policy Committee, which was published on the website of the CBN.

The MPC increased the benchmark interest rate to 24.75 per cent, from 22.75 per cent.

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The committee had said that its hawkish stance was to tackle inflation.

However, the country’s inflation rate accelerated to 33.2 per cent in March, with the food inflation rate reaching 40.01 per cent, a year-on-year increase of 15.56 percentage points from 24.45 per cent in March 2023.

According to the National Bureau of Statistics, the surge in food inflation could be attributed to rising prices for items such as garri, millet, yam tuber, water yam, and others.

Following the removal of fuel subsidy, the Federal Government approved N5bn for each state and the Federal Capital Territory to enable them to procure food items for distribution to the poor in their respective states.

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In his comments, the CBN governor noted that inflationary pressure had failed to abate despite the hike in the interest rate in February.

He said, “Despite notable stability in the foreign exchange market resulting from decisions taken at that 293rd MPC meeting, inflationary pressure remains unabated. While there is the argument that the significant tightening since the last MPC meeting is yet to fully permeate the system and yield its expected impact, the risk of galloping inflation persists. If such a hyperinflationary scenario is to become reality, available options to control inflation could be severely constrained. From the facts presented to the MPC, there is a clear indication that the monetary factors contributing to inflation are diminishing in their significance.

“This could be considered as evidence of the impact of decisions reached at the 293rd MPC meeting. Staff reports show that the principal drivers of acceleration in inflation are hikes in food and energy prices which are associated with structural factors. Further, new dimensions of inflationary pressure are emerging. First, ‘seller inflation’ arising from the oligopolistic structure of commodity markets such as noticed in the prices of local commodities is gaining significance. In addition, huge purchases by the government for distribution as palliatives to vulnerable citizenry is adding another dimension to the food price inflation, with seasonal factors of food price increases during religious fasting and festive periods, adding price cyclicality

He further said that the new sources of inflation were better addressed by the fiscal authorities to complement the efforts of monetary policy.

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Another member of the committee, Bala Bello, echoed a similar sentiment about the rising inflationary trend, saying, “Both food and core inflation rose in February 2024, underpinning acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month. This continued rise in inflation was mainly due to persisting high production costs, lingering security challenges and exchange rate pressures.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.

According to Bala, the Federal Government’s initiatives at addressing food insecurity, such as the release of grains from the strategic reserves, distribution of seeds and fertilisers, and support for dry season farming, are important and commendable.

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BREAKING: Court Quashes MultiChoice Request To Uphold ‘GOtv, DStv Price Increases’ In Nigeria

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By Kayode Sanni-Arewa

The Federal High Court in Abuja has quashed a suit filed by MultiChoice Nigeria, the parent company of DStv and GOtv, challenging the Federal Competition and Consumer Protection Commission’s (FCCPC) intervention in its recent subscription price hike.

Delivering judgement on Thursday, Justice James Omotoso ruled that the suit constituted an abuse of court process as similar proceedings were already pending elsewhere.

He stressed that the plaintiff should have pursued its arguments in that court, rendering the current filing procedurally inappropriate.

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Justice Omotoso noted that while the FCCPC has investigative powers under its establishing Act, it lacks the authority to fix or suspend prices unless specifically delegated by the President through a gazetted instrument. No such delegation was presented to the court.

“The power to fix prices is exclusively that of the President. Any decision taken without such delegation is a nullity,” he stated.

He added that Nigeria operates a free market system, and service providers like MultiChoice retain the right to set their prices, with consumers free to accept or reject them.

The judge further ruled that FCCPC’s actions, including directing MultiChoice to suspend its price increase, breached the company’s right to fair hearing and appeared selectively targeted.

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He dismissed the FCCPC’s claim that MultiChoice held a dominant market position, calling the argument untenable.

The use of services like those provided by the plaintiff is discretionary and not essential. Nigeria can do without it,” he added.

He warned that attempts to fix prices by regulatory bodies could scare off investors and harm the economy.

The court held that while the FCCPC may investigate market practices, it cannot impose price controls without proper legal backing.

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MultiChoice had increased subscription rates by up to 25% on March 1, 2025, citing inflation and operational cost pressures.

The FCCPC opposed the move and threatened to sanction the firm.

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Police demote officer, reprimand two others for assault in Imo

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By Francesca Hangeior

The Imo State Police Command has demoted a sergeant, Anayo Ekezie for assaulting a road traveller using a smoke gunner along the Owerri-Aba Expressway.

The Command also announced the reprimand of two Police Inspectors, Ofem Obongha and Obinna Okereke, for failing to exercise supervisory control during the incident which occurred along the Owerri-Aba highway.

Police spokesperson for Imo State Command, DSP Henry Okoye made the disclosure on Wednesday night.

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According to him, the three men all attached to the Safer Highway unit were found guilty of breach of the Police Force code of conduct and human rights standards.
He said Anayo Ekezie was found guilty and was demoted from a Sergeant to a Corporal as punishment for his action, while the other two Inspectors were reprimanded for failing to exercise appropriate supervision.

Okoye said, “The Imo State Police Command, in response to a viral video showing police officers assaulting a man along the Owerri–Aba Road, has identified the officers involved and initiated disciplinary action. The officers are Inspector Ofem Obongha, Inspector Obinna Okereke, and Sergeant Anayo Ekezie, all from the Safer Highway Unit.

“Following a review of the video, the Command conducted an orderly room trial in line with Nigeria Police Force disciplinary procedures. Sergeant Anayo Ekezie was found guilty of using his issued smoke gunner in the assault and has been demoted to the rank of Corporal.

“Inspectors Obongha and Okereke were severely reprimanded for failing to exercise proper supervisory control, which allowed the unprofessional conduct to occur, ” Okoye said.

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On his part, the Commissioner of Police for Imo State, Aboki Danjuma condemned the action of the men which he said ran foul of the Force’s code of conduct and human rights standards.

Danjuma maintained that there was zero tolerance for police misconduct and promised appropriate action on those found guilty.

Meanwhile, the Imo State Police Command has called on the public to report any incidents of Police misconduct through the Complaints Response Unit (CRU), X-Squad unit, or via 08033424051 or 0814 802 4755 saying they are committed to transparency, professionalism, and protecting citizens’ rights.

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Peter Obi dismisses criticism accusing him of de-marketing Nigeria

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*Says, telling the truth is not de-marketing the country

By Francesca Hangeior

Former Anambra State Governor and Labour Party presidential candidate in the 2023 election, Peter Obi, has dismissed recent criticism accusing him of de-marketing Nigeria, saying truth-telling about the country’s challenges is essential to national growth.

Obi, in a post on X on Thursday, said his remarks about Nigeria’s economic and political realities are meant to strengthen, not tarnish, the country’s image.

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Although he did not mention names, Obi’s comments come a week after Lagos State Governor Babajide Sanwo-Olu accused him of speaking negatively about Nigeria abroad.

“I tried reminding those who argue that I de-marketed Nigeria by telling the truth about its economic and social status vis-à-vis the rest of the World that truth does not in any way demarket a nation,” he said.

He added, “Rather, it refines and strengthens it. But the moment we begin to weaponise the truth for political convenience, we dishonour the legacy of those who came before us. We betray the very essence of their sacrifices, their struggles, their hopes, and their dreams.”

Obi spoke after attending the memorial lecture in honour of elder statesman, Chief Edwin Clark, alongside former President Goodluck Jonathan and ex-Head of State Yakubu Gowon.

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In his address, the former Anambra State governor questioned the silence of once-vocal critics who had protested fuel and food price hikes under Jonathan, saying the situation has worsened today.

He stated, “I asked some very vital rhetorical and reflective questions, like what has suddenly happened to the protesting voices in this country, where are those who, in 2012/13, protested vigorously when increases in fuel, exchange rate, food and transport prices were moderate and manageable under President Jonathan.

“Where are those who called President Jonathan all sorts of names, “Clueless, corrupt, ineffective and lifeless government”? Where are they now that the Prices of everything have increased tenfold?”

“We are also losing innocent lives daily through insecurity, poverty, poor healthcare, and avoidable hardship. This is not the Nigeria our founding heroes envisioned.

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“We must not reduce their sacrifices to mere ceremonial tributes. The best way to honour Chief Edwin Clark and others like him is to restore integrity in governance, rebuild trust in our public institutions, and ensure that truth and justice are the foundations of our national journey.

“Nigeria must work for all Nigerians, not just for a privileged few,” he said.

Sanwo-Olu had, in a statement on Monday, April 28, accused Obi of making “disparaging” comments about Nigeria during his recent appearance at Johns Hopkins University in the United States.

The Lagos governor said prominent Nigerians travelling abroad should promote the country’s image rather than de-market it, especially in front of a global audience.

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Peter Obi dismisses criticism accusing him of de-marketing Nigeria

*Says, telling the truth is not de-marketing the country

By Francesca Hangeior

Former Anambra State Governor and Labour Party presidential candidate in the 2023 election, Peter Obi, has dismissed recent criticism accusing him of de-marketing Nigeria, saying truth-telling about the country’s challenges is essential to national growth.

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Obi, in a post on X on Thursday, said his remarks about Nigeria’s economic and political realities are meant to strengthen, not tarnish, the country’s image.

Although he did not mention names, Obi’s comments come a week after Lagos State Governor Babajide Sanwo-Olu accused him of speaking negatively about Nigeria abroad.

“I tried reminding those who argue that I de-marketed Nigeria by telling the truth about its economic and social status vis-à-vis the rest of the World that truth does not in any way demarket a nation,” he said.

He added, “Rather, it refines and strengthens it. But the moment we begin to weaponise the truth for political convenience, we dishonour the legacy of those who came before us. We betray the very essence of their sacrifices, their struggles, their hopes, and their dreams.”

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Obi spoke after attending the memorial lecture in honour of elder statesman, Chief Edwin Clark, alongside former President Goodluck Jonathan and ex-Head of State Yakubu Gowon.

In his address, the former Anambra State governor questioned the silence of once-vocal critics who had protested fuel and food price hikes under Jonathan, saying the situation has worsened today.

He stated, “I asked some very vital rhetorical and reflective questions, like what has suddenly happened to the protesting voices in this country, where are those who, in 2012/13, protested vigorously when increases in fuel, exchange rate, food and transport prices were moderate and manageable under President Jonathan.

“Where are those who called President Jonathan all sorts of names, “Clueless, corrupt, ineffective and lifeless government”? Where are they now that the Prices of everything have increased tenfold?”

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“We are also losing innocent lives daily through insecurity, poverty, poor healthcare, and avoidable hardship. This is not the Nigeria our founding heroes envisioned.

“We must not reduce their sacrifices to mere ceremonial tributes. The best way to honour Chief Edwin Clark and others like him is to restore integrity in governance, rebuild trust in our public institutions, and ensure that truth and justice are the foundations of our national journey.

“Nigeria must work for all Nigerians, not just for a privileged few,” he said.

Sanwo-Olu had, in a statement on Monday, April 28, accused Obi of making “disparaging” comments about Nigeria during his recent appearance at Johns Hopkins University in the United States.

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The Lagos governor said prominent Nigerians travelling abroad should promote the country’s image rather than de-market it, especially in front of a global audience.

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