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Nigeria’s inflation rises to 34.80% in December as CPPE calls for monetary policy adjustments

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Nigeria’s inflation rate surged to 34.80 percent in December 2024 from 34.60 percent in November.

This is according to the latest Consumer Price Index and inflation data released on Wednesday by the National Bureau of Statistics, NBS.

While the country’s inflation continues to rise, the Centre for the Promotion of Private Enterprise, CPPE, has identified tips for its moderation.

The December inflation data showed that the country’s inflation further rose marginally by 0.20 percent due to heightened demand for goods and services during the festive season.

On a year-on-year basis, the December inflation rate marked a significant increase of 5.87 percentage points compared to 28.92 percent in December 2023.

The untamed rise in the Nigeria’s inflation highlights the upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs and persistent supply chain disruptions.

“On a year-on-year basis, the headline inflation rate was 5.87 percent higher than the rate recorded in December 2023 (28.92 percent). This shows that the headline inflation rate (on a year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023),” NBS stated.

Meanwhile, NBS said Nigeria’s food inflation dropped marginally to 39.83 percent in December 2024 from 39.93 percent in November on a year-on-year basis.CPPE reacts

Reacting, the Chief Executive Officer at the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the inflationary pressures continue to be a troubling feature of the Nigerian economy as reflected in December’s inflation rate.

“Though the increase in the December headline inflation was marginal at 0.2% compared with November inflation figures.

”However, Yusuf is optimistic that Nigeria’s inflation would have a positive outlook in 2025 due to moderation in exchange rate volatility and improvement in foreign reserves.

“Meanwhile, the inflation outlook for 2025 promises to be positive for the following reasons: Sustained moderation in exchange rate volatility and improvements in foreign reserves.

“Prospects of easing geopolitical tensions with the inception of the Trump presidency in a few days time.

“And a strong base effect, given the high inflationary pressures experienced in 2024,” he stated.

The economic think tank group, CPPE, also decried the current fixation of the National Assembly on revenue, especially the arbitrary revenue targets for ministries, departments, and agencies.

“Excessive pressure on MDAs to boost revenue and increase IGR has profound inflationary implications.

“The reality is that such pressures are invariably transmitted to investors in the form of higher fees, levies, penalties, import duties, regulatory charges, etc. These outcomes are in conflict with government aspirations to boost investment, curb inflation, and create jobs.

“Revenue targets should be based on empirical studies, absorptive capacity of the economy, and due consideration of the wider economic implications.

“Obsession with revenue would hurt investments, worsen inflationary pressures, aggravate poverty, and impede economic growth.

There should be a careful balancing act between revenue growth aspirations, desire to boost investment, and commitment to moderate inflation,” CPPE stated.

How Nigeria’s inflation rate can drop – CPPE, CPPE highlighted that Nigeria’s inflation can moderate on pause of monetary tightening policy by the Central Bank of Nigeria, reducing fiscal risks.

“To ensure a further moderation in inflationary pressures, CPPE recommends as follows: “Pause on monetary policy tightening and interest rate hikes by the CBN to reduce business operating costs.

“Reduction in fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in growth of public debt,” the CPPE stated.

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BREAKING: NNPC Spokesman, Soneye resigns

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The Nigerian National Petroleum Company Limited (NNPCL) is expected to name a new spokesperson soon, following the resignation of the company’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye.

In a statement made available to the press in Abuja on Saturday, Soneye thanked his former employer and colleagues for their support during his tenure as CCCO.

He stated that his decision to step down was to enable him to devote more time to his family and attend to personal responsibilities that require his closer presence.

The statement read: “Dear Esteemed Colleagues, I extend my heartfelt gratitude to you all for the unwavering support, professionalism, and genuine commitment you’ve shown in helping to shape and amplify the NNPC Ltd story over the past 20 months.

“Your role in building a vibrant and effective communications presence for our national energy company has been nothing short of invaluable.

“I wish to inform you that I have stepped aside from my role as Chief Corporate Communications Officer of NNPC Ltd. This decision will allow me to devote more time to my family and attend to personal responsibilities that now require my closer presence.

“It has been a profound honour to serve both the Company and our country and to contribute in my own way to the ongoing transformation of NNPC Ltd.

I am deeply grateful for the trust reposed in me, the opportunities granted, and the incredible professionals—both within and outside the organization—with whom I have worked.

“I remain a steadfast supporter and ambassador of NNPC Ltd wherever I go. I enjoin you, dear colleagues, to continue your robust, balanced, and constructive reportage in support of the Company’s noble mission and strategic role in Nigeria’s energy future.”

Soneye was appointed as NNPCL’s spokesman in October 2023, following a company-wide reorganisation that saw him replace Garba Muhammad.When contacted by Tribune Online, Soneye confirmed the news, saying, “Yes, my bro! E ku weekend.”

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DR Congo: Heineken Forced to Withdraw Staff as Rebels Seize Facilities

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Heineken has lost operational control and withdrawn its staff from facilities in eastern Democratic Republic of Congo (DRC), CNN on Saturday quoted that the Dutch brewer announced on Friday.

In March, the company had suspended operations in three eastern cities, citing safety concerns after breweries were damaged and depots raided during clashes between government forces and rebels.

On Friday, Heineken said the situation had worsened. Armed groups have taken control of its sites in Bukavu and Goma—eastern Congo’s largest cities—as well as surrounding areas.

“The conditions required to operate responsibly and safely are no longer present and as of 12th June 2025, we have lost operational control,” it said in a statement.

Heineken’s local unit, Bralima, continues to operate in parts of the country not affected by the fighting. The company said it is monitoring developments closely.

Heineken owns four breweries in the DRC, producing its namesake beer along with local brands such as Primus. It previously said its Bukavu facilities employed about 1,000 people directly and indirectly.

“Our top priority is the safety and wellbeing of our employees,” Friday’s statement read.

Reuters also reported, “We have withdrawn all remaining staff from these sites and we have continued to support them financially.”

Nearly 14 per cent of Heineken’s total revenue comes from its Middle East and Africa operations, with Congo—home to over 100 million people—a significant market.

Before the suspension, operations in Goma, Bukavu, and Uvira represented roughly one-third of Heineken’s business in the country.

Conflict in eastern Congo has intensified in 2025, with the M23 rebel group making major territorial gains, sparking fears of broader regional instability.

Congo accuses Rwanda of backing M23 with troops and weapons—allegations Rwanda has consistently denied.

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MTN , Airtel , Glo Begin USSD Direct Charges from Today

The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds.

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Telecom subscribers in Nigeria will now be charged directly by their mobile network operators for Unstructured Supplementary Service Data (USSD) services, starting Wednesday, June 18, 2025.

This was disclosed by Mr Gbenga Adebayo, the Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Publicity Secretary, Mr Damian Udeh.

Adebayo said that the change is in line with the Nigerian Communications Commission’s (NCC) determination of USSD pricing and services, developed in collaboration with the Central Bank of Nigeria (CBN) and other stakeholders.

” The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds,” he said.

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