Twist of Fates: Inflation, Nollywood, Shekau and Attahiru
April Inflation: Don’t get it twisted
There has been a widespread misunderstanding of a statement in a recent National Bureau of Statistics report that “The consumer price index, (CPI) which measures inflation increased by 18.12 per cent (year on year)in April 2021. This is 0.05 per cent points lower than the rate recorded in March 2021 (18.17) per cent.”
The report further states that “On month on month basis, the headline index increased by 0.97 per cent in April 2021, this is 0.59 per cent rate lower than the rate recorded in March 2021 (1.56) per cent.”
Many misunderstand the NBS statements to mean that the prices of goods in April this year is less than the prices of goods in April last year and that the prices of goods in April this year was lower than the price of goods in March this year.
The general prices of goods in Nigeria did not go down at all! Neither the people’s market realities nor the NBS data and statements indicate any drop in the price level.
Prices have risen again this April above that in March, and above the prices of things this time last year, in April 2020. But the price level did not increase as much as it did last month, March, as with 20 previous months.
When the price of 376.1 in April 2021 is compared with 318.4 in April last year, there is a price increase rate of 18.12%.
But when the price of 372.5 in March this year is compared with 315.2 in March last year, there is a price increase rate of 18.17%. So, this 18.12% rate of increase in April is less than the 18.17 rate of increase in March by 0.05%
Thus the National Bureau of Statistics (NBS) stated that year on year headline inflation in April is lower than that in March by 0.05%, in its consumer price index data released this week.
Besides, the food price inflation, which measures the rate of increase in the prices of food items alone, decreased by 0.23% year on year, while the inflation on all items less farm, akin to core inflation increased by 0.07% year on year.
Across the states, only Ogun state (-1.39) and Rivers state (-0.83) had a reduced Month-on-month food inflation rate. This is going by the Combined data (Urban And Rural) State Consumer Price Index.
Buhari’s Bludgeoning Debt
While commodity prices are increasing, the government's non-debt revenues are not, inducing a lavish government to borrow more and more loans around the world.
In the past five years, 2016-2020, Nigeria borrowed each year over 28% of the incomes of its citizens. In 2020, the figure was 35.1% of the people’s Gross Domestic Product.
Fuel prices decrease
The price watch data for all petroleum products for the month of April was released by the National Bureau of Statistics (NBS). The data revealed the price variation of all products sold across the country indicating the states that sold at higher prices and vice-versa.
PMS
PMS generally had a decline in the average price across the country. The average price fell from N172.68 in March to N166.38 in April, showing a 3.65% decline.
Premium Motor Spirit (PMS) sold on average at N166.38 per litre across the country in the month of April. Plateau state recorded the highest average price sale of N178 per litre Kano and Abia states recorded the second and third highest average sales in the same month. A litre of PMS sold at N177 per litre in Kano state and N175.92 in Abia state.
However, residents and motorists in Gombe, Katsina and Borno bought the product at lower average prices with Borno recording the lowest. Residents in Gombe bought the product at N157.11 per litre. Whereas, those residing in Katsina bought it lower at N156.60 and those in Borno bought fuel the cheapest at N152.30 per litre.
DPK
The average price of Dual Purpose Kerosene (DPK) closed at N362.68 per litre in the month of April. Data showed that there was a decline from N361.29 to N362.68, indicating a 0.38% fall in price.
The product sold highest at N478.89 per litre in Taraba state whereas it sold lowest at N250 per litre in the Federal Capital Territory (FCT).
AGO
The price of Automotive Gas Oil (AGO) sold averagely at N237.19 in the month of April across the country.
AGO sold highest at N264.75 in Benue state. It recorded the lowest of N211,92 price per litre in Anambra state.
LPG
Across the country, the average price of 5kg of LPG was N2,041.29 in the month of April. The data record shows that the price decreased from N2057.71 to its current price.
Nollywood's rising stars and Kaduna's declining staff
The Kaduna State government is set to decrease its costs of hiring labour in the public service.
According to the Alliance On Surviving COVID-19 And Beyond (ASCAB), from April 2021, the state government has been dismissing perhaps as many as another 17,000 workers. This includes 6,000 local government and primary health care workers who have all received their marching orders.
The remaining 11,000 workers from the state ministries have been listed for dismissal on account of having spent 30 years and above in service and/or being on level 14 and above.
The cost-benefit of dismissing or retaining workers in spite of dwindling state revenues remains a subject of public policy debate.
However, careers in Nollywood appear to be more secure.
NBS data showed that a total of 416 movies were released in the first quarter of 2021, an increase in the output compared to the same period in 2020.
The number of movies produced and released increased from 407 in the first quarter of 2020 to 416 in the same period in 2021. This indicates a 2.2% increase in production recorded in Nollywood.
Production by location shows that Lagos had the highest output of movies in the first quarter of 2021. The state produced a total of 149 movies. This accounted for 35.8% of the total movies produced in the period. Onitsha accounted for 140 movies, representing 33.7% of the movies produced.
The FCT produced 25.7% of the movies in the first quarter. A total of 107 movies were released from the capital city. Port-Harcourt, Kano, Benin and Bauchi collectively produced 20 movies to complete the figure of movies released.
Shekau and Attahiru
The army lost its Chief of Staff, Ibrahim Attahiru last Friday evening in a plane crash alongside other officers of the army and the airforce.
This comes two days after the army's decade long rival terror group, Boko Haram lost its militant leader, Abubakar Shekau on Wednesday.
According to a Premium Times report, the late chief of army staff had once been seconded to lead the fight against Boko Haram.
"At a time, he was the Theatre Commander of the Operation Lafiya Dole until he was sacked in 2017 for alleged incompetence.
"Under his watch, suicide bombings and attacks on military formations were on the rise."
"Barely a month after he assumed office, Boko Haram insurgents attacked Maiduguri, the Borno State capital." Premium Times reported.
While the former theatre commander outlived his arch-rival, sadly, the terrorist organisation he fought gallantly outlives him.
We are cooking something with a touch of the globe… stay tuned!