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UK’s inflation leapfrogs than expected three percent in January

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By Kayode Sanni-Arewa

The U.K.’s inflation rate rose sharply to 3 per cent in January, coming in above analysts projections according to data released by the Office for National Statistics (ONS) on Wednesday.

Economists polled by Reuters had expected a reading of 2.8 per cent in the twelve months to January.

Britain’s consumer price index (CPI) fell to a lower-than-expected 2.5 per cent in December, with core price growth also slowing further.

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Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.7 per cent in the 12 months to January, which was up from 3.2 per cent in the previous month.

Notably, the core services annual rate rose from 4.4 per cent to 5.0 per cent, the ONS said.

“Inflation increased sharply this month to its highest annual rate since March last year. The rise was driven by air fares not falling as much as we usually see at this time of year, partly impacted by the timing of flights over Christmas and New Year. This was the weakest January dip since 2020,” Grant Fitzner, the ONS’ chief economist, commented Wednesday.

After falling this time last year, the cost of food and non-alcoholic drinks increased, particularly meat, bread and cereals. Private school fees were another factor, as new VAT [a sales tax] rules meant prices rose nearly 13 per cent this month,” he said, in comments on the X social media platform.

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Responding to the latest data, U.K. Chancellor Rachel Reeves said that delivering economic growth and “getting more money in people’s pockets” were her priorities, while acknowledging that “millions of families are still struggling to make ends meet.”

The British pound was little changed against the dollar following the data release, trading at $1.2615.

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FG terminates 98km Oyo-Ogbomoso road contract from RCC

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The Federal Government has said the delay in the completion of the 98-kilometre Oyo-Ogbomoso road project awarded to Reynolds Construction Company (RCC) necessitated the termination of the contract.

Works Minister Dave Umahi announced this yesterday in Ibadan, the Oyo State capital, at a stakeholders’ meeting on the condition of federal roads in the state.

The News Agency of Nigeria (NAN) reports that the engagement was premised on Enhancing Federal Roads in Oyo State: Challenges and Sustainable Solutions.

Umahi noted that the prolonged delay in completing the project had caused hardship among commuters and slowed economic activities in the area.

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The minister assured the people that the project would soon be re-awarded to a new contractor.

He said President Bola Ahmed Tinubu’s administration was committed to delivering the Oyo-Ogbomoso road project in the shortest possible time.

“The Oyo-Ogbomoso road project has dragged on for too long. So, we cannot continue to watch as businesses and means of livelihoods suffer due to its non-completion.

“In view of this, the Federal Government will take a decisive action to ensure the project is completed without further delay,” Umahi said.

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Stakeholders at the meeting, which was facilitated by the All Progressives Congress (APC) lawmaker representing Egbeda/Ona Ara Federal Constituency in the House of Representatives, Akin Alabi, frowned at RCC for not completing the road project on time.

They urged the Federal government to accelerate the completion of the project without further delay.

They also urged the government to fast-track the rehabilitation of Ibadan-Ilesa dual carriage way and other federal roads in Oyo State and the Southwest region.

Also, the Federal Government has announced plans to rehabilitate an 18-kilometre section of the Lagos-Ota-Abeokuta expressway with reinforced concrete pavement.

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Umahi announced this yesterday while assessing the condition of the road and the progress so far made in its rehabilitation.

The minister said the government was committed to completing the project.

He said the 78-kilometre expressway, initially awarded to Julius Berger Plc eight years ago, had faced numerous challenges.

According to him, while Julius Berger completed one carriageway, the project remained unfinished.

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Umahi said: “We are here to look at the Lagos-Ota-Abeokuta Expressway. The total kilometer is 78. It was awarded to Julius Berger about eight years ago. Berger has completed one carriageway fully. The Ogun State government has taken off the section that is within Ogun State. That is about 60 kilometres. So, we are left with 18 kilometres.

“What we intend to do is to award this 18 kilometres on reinforced concrete pavements and then wait for the Ogun State government to finish its own.

“Then we take both over and then do it, operate and maintain it through a concession agreement.”

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FG  to hold promotion exam for senior paramilitary officers

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The Federal Government has announced plans to commence screening and examinations for senior cadre officers in the nation’s paramilitary services to address existing vacancies at top management levels.

The Chairman of the Civil Defence, Corrections, Fire and Immigration Service Board and Minister of Interior, Olubunmi Tunji-Ojo, disclosed this during a media briefing following the board’s meeting in Abuja on Thursday.

Tunji-Ojo stated that the vacancies exist at senior managerial levels across the four paramilitary agencies: the Federal Fire Service, the Nigeria Immigration Service, the Nigerian Correctional Service, and the Nigeria Security and Civil Defence Corps.

To fill these gaps, he said officers below the ranks of Deputy Controllers and Assistant Controllers will be considered for promotion to these positions within the next month.

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“Most of our services now do not have Deputy Controller-Generals, and if we have, there are not many. Therefore, in line with the federal character principle, these positions have to be filled. It was one of the key decisions taken during our meeting that these positions should be occupied with immediate effect, including that of Assistant Controller-General,” he said.

Represented by the Controller-General of the Federal Fire Service, Engineer Jaji Abdulganiyu, the minister emphasised that a rigorous screening exercise would be conducted, followed by an examination to select eligible officers for these key positions.

Highlighting the significance of these ranks in enhancing service efficiency and management, the minister noted that some agencies currently have officers covering duties without formal appointments, which is not ideal for effective governance.

He said, “As a result of that, the board has decided that this process will commence from Monday, March 9, when the accreditation of officers for the exercise will take place. The accreditation will run from March 9 to March 11.

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“By the end of March, the exercise should have been concluded. That is the decision of the board for the positions of Deputy Controller-General and Assistant Controller-General in the four services.”

Tunji-Ojo also revealed that discussions were held on the official handbook for the board, adding that an approval process is underway.

According to him, the handbook, once finalised, will be circulated to all services and made accessible to the public.

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See photos of bowing competition at IBB’s book launch as Obj, Tinubu, Jonathan, Gowon grace event

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President Bola Tinubu was on Thursday captured bowing to greet former President Olusegun Obasanjo at the fundraising ceremony for the Ibrahim Badamasi Babangida (IBB) Presidential Library and the presentation of IBB’s autobiography titled “A Journey in Service”.

This came a few months after Obasanjo attacked Tinubu, describing Nigeria as a “failing state” under him and accusing the current administration of widespread corruption and leadership failure.

Obasanjo, during a lecture at the Chinua Achebe Leadership Forum at Yale University in November 2024, attributed Nigeria’s woes to weak leadership and corruption and referred to Tinubu’s leadership as uninspiring.

The former president used terms like “Baba-go-slow” and “Emilokan,” in his criticism of Tinubu’s administration.

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“What is happening in Nigeria – right before our eyes – is state capture, where public institutions are subject to undue influence from vested interests,” Obasanjo had said in his keynote lecture titled “Leadership failure and the state of corruption in Nigeria” delivered at the Chinua Achebe leadership forum at Yale University.

In response to Obasanjo’s remarks, the presidency dismissed the former leader’s criticisms.

Tinubu’s spokesman, Bayo Onanuga, said Obasanjo had a history of publicly criticising subsequent administrations pointing despite his alleged failure to address Nigeria’s challenges during his time in office.

The presidency described Obasanjo as a hypocrite, citing various scandals and governance failures during his tenure, including corruption allegations and poor management of national infrastructure.

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Meanwhile, President Tinubu, at the IBB book launch, praised Babangida’s political contributions.

See photos below:

 

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