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Indicators of hunger: N200 Sachets Of Rice Now In Nigerian Markets As Bag Hits Over N90k

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By Kayode Sanni-Arewa

In a bid to make rice more affordable for Nigerians, sachets of rice have been reintroduced into the market, following the surge in prices of the staple food.

The media learned that a 50kg bag of local rice now costs between N78,000 to N90,000 in the country, depending on the location and brand.

These values are higher than the average Nigerian’s monthly earnings.

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The country’s minimum wage is now set at N70,000, and many institutions, both private and public, have yet to adopt it.

This situation, among other reasons, is why eating rice has been a luxury in many Nigerian households.

The media has further learnt that an indigenous rice producing company, Big Bull, has started manufacturing sachets of their products to enable Nigerian populations to eat rice.

The company fixed the price at N200 per sachet.

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In July, a publication by the National Bureau of Statistics (NBS) showed continual increase in prices of food items.

According to the release, as of June 2024 , the average price of 1kg beans brown (sold loose) stood at N2,292.76.

This represents a rise of 252.13% in price on a year-on-year basis from N651.12 recorded in June 2023 and a 14.11% rise in price on a month-on-month basis from N2,009.23 in May 2024.

Also the price of Tomatoes (1kg) increased on a year by year basis, with a significant price of 320.67% from N547.28 in June of last year (2023) to N 2,302.26 in June 2024.

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295.79% from N 510.77 in June 2023 to N 2,021.55 in May 2024.

On a month-on-month basis, it increased by 52.87% from N 1,322.36 in May 2024 to N 2,021.55 in June 2024.

The highest average price of 1kg of Tomato was recorded in Abuja at N3992.61 while the lowest was in Kebbi State at N1200.

Also 1kg of yam tuber sold highest in Lagos state at N 3,376.54, while Adamawa recorded the lowest price at N1100.

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Gombe recorded the highest average price of 1kg Garri white sold loose at N 1,619.27, while the lowest was reported in Taraba at N900.

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Before final liquidation, NDIC set to auction Heritage bank properties

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In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

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The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

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“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

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Naira slumps in parallel market

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The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.

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Sad! Body of COAS, Lt General Taoreed Lagbaja, ready to be airlifted to Abuja(Photos)

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Body of the Chief of Army Staff, Lt General Taoreed Lagbaja, ready to be airlifted to Abuja.

SEE PHOTOS BELOW:

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