News
UK Inflation Jumps To 40-Year Peak
Britain’s annual inflation rate surged to a 40-year high last month on rocketing energy costs, official data showed Wednesday, sparking opposition calls for the government to announce an emergency budget to combat a cost-of-living crisis.
The ONS estimated that April was the highest level since 1982, and the fastest rate since the current data series began in 1989.
Nations across the world are plagued by decades-high inflation as the Ukraine conflict pushes up energy and food prices, in turn forcing the Bank of England, the US Federal Reserve and others to ramp up interest rates.
The squeeze on UK household budgets tightened further in April due to tax hikes, while wages are failing to keep pace with inflation.
‘Global challenges’
“Countries around the world are dealing with rising inflation,” said British finance minister Rishi Sunak.
“Today’s inflation numbers are driven by the energy price cap rise in April, which in turn is driven by higher global energy prices.
“We cannot protect people completely from these global challenges but are providing significant support where we can, and stand ready to take further action.”
The main opposition Labour party, however, wants an emergency budget to help Britons cope with the cost-of-living crunch.
Labour finance spokeswoman Rachel Reeves described the inflation data as “a huge worry for families already stretched”.
“Today, Labour force a vote for an emergency budget and for a plan for growth.”
Labour is also calling for a windfall tax on the energy sector, which has been boosted as gas and oil prices rocketed on supply worries following key producer Russia’s invasion of Ukraine.
‘Apocalyptic’
Bank of England governor Andrew Bailey on Monday warned of an “apocalyptic” situation surrounding runaway food costs — which he said were fuelled by major wheat and cooking oil producer Ukraine finding itself unable to export its goods.
Addressing British MPs, Bailey spoke also of a “very real income shock” coming from surging energy and food prices.
Britain risks falling into recession with inflation expected to top 10 percent by the end of the year, the BoE warned earlier this month.
It came as the central bank hiked its main interest rate by a quarter-point to one percent to tackle inflation.
That was the fourth straight increase by the BoE, while its key rate now stands at the highest level since 2009.
Energy cap
UK consumer prices leapt in April after a cap on domestic gas and electricity was hiked due to spiking wholesale energy costs.
“Inflation rose steeply in April, driven by the sharp climb in electricity and gas prices as the higher price cap came into effect,” added ONS chief economist Grant Fitzner.
“Around three-quarters of the increase in the annual rate this month came from utility bills.”
Official data showed Tuesday that Britain’s unemployment rate has fallen further to a nearly five-decade low, but the value of wages continues to erode as inflation soars.
The economy shrank in March on the fallout from soaring consumer prices, data showed last week, increasing the prospect of the country falling into recession.
Raised rates have lifted borrowing costs for consumers and businesses, further impacting spending.
AFP
Development
Abiodun Promises More Infrastructural Development, Commissions Siun-Owode Road
Ogun State Governor Prince Dapo Abiodun on Thursday said his government will continue with its infrastructural drive, especially in the area of road construction as a catalyst for economic growth and development.
Abiodun spoke at the commissioning of the six kilometres (first phase) of the Siun-Owode-Ofada road in the Obafemi Owode Local Government of the state.
Speaking at the event, which was attended by the Kwara State Governor, Alhaji AbdulRahaman AbdulRasak, Governor Abiodun emphasized the importance of road construction in the overall development of the state.
The governor described the newly rehabilitated road as an alternative to the ever busy Lagos-Ibadan Expressway, adding that it would also impact positively on the socio-economic development of communities along the road.
He said the construction of the road was a testimony to the dedication to strategic and methodical development of infrastructure across the state to enhance the socio-economic landscape as enshrined in the “Building our Future Together” agenda of his administration.
“The road represents a vital link between communities to boost local economies and connect all those coming from Abeokuta to Siun, Owode up to Mowe. This local government is where people work in Lagos but reside and commune daily.
“The road is an alternative for people from Abeokuta to Lagos. It will significantly impact the socio-economy development of the state,” the governor noted.
He added that the road is the first to be commissioned this year, just as the Mowe-Ofada road has been completed, adding that his administration would soon commissioned more roads including the Ilaro -Owode road and the Gateway International Cargo Airport at Ilisan.
Governor Abiodun listed Obantoko, Gbonogun, Ikorita Meje-Aderinde-Olokotutu, Olomore-Sanni, Somorin- Kemta-Idi-Aba, Panseke-Adigbe as well as the Olusegun Osoba-Toyin- Agbado as some of the roads that have been attended to in Ogun Central Senatorial District, even as he pledged that more roads would be put in good shape soon.
Abiodun who spoke on why some road projects were delayed, blaming the development on the high price of construction materials.
He said: “We have had a slow down on construction due to the situation of things in the country in the last few months which has not allowed for objective pricing of construction materials.
“But for us, construction represents a lot. Besides the fact that road construction allows for movement of goods, services, and people, the construction industry is the largest employer of labour. So, we will continue to prioritize construction.
“We have harvested priority roads in each local government area. We will begin our reconstruction all over again as a result of the price stability. Our contractors will go back to sites. All the roads harvested during our last town hall meetings, you will begin to see construction on the roads.”
He called on the people to take ownership of the road and other infrastructure provided by the government by protecting them as they were commonwealth and taxes were used in providing them.
The Kwara State Governor, who is also the Chairman, Nigerian Governors’ Forum (NGF), Alhaji Abdulrahaman Abdulrasak, praised Governor Abiodun for the infrastructural revolution going on in the state.
According to him, the Abiodun-led administration has judiciously invested the commonwealth of the people.
He said he has visited other states in the country but was impressed with the level of development in Ogun State.
He called on his colleagues from other parts of the country to take a cue from Ogun State by providing their people with the needed infrastructure to enjoy the dividends of democracy.
The Senator representing Ogun Central Senatorial District, Shuaib Afolabi Salis, recalled that the road was pencilled down for reconstruction in 2022 and expressed appreciation to the governor, for not abandoning the road like his predecessors.
He called on the people to make good use of the road as it belongs to them.
The state Chairman of the All Progressives Congress (APC), Chief Yemi Sanusi, described the road as historic to the Egba people because of its interconnectivity to various communities and its importance to the commercial activities in the communities along the road.
The Chairman, Obafemi Owode Local Government Area, Hon. Adesina Ogunsola appreciated the state government for reconstructing the road and for providing a 7.5 KVA transformer to Owode to restore power to the town.
In his welcome address, Commissioner for Works and Infrastructure, Engr. Ade Akinsanya said the road, which was in bad shape for many years, was reconstructed with a standard drainage system to conform with the federal government’s specification for highways.
The event was attended by prominent dignitaries, including the Deputy Dovernor, Engr. Noimot Salako-Oyedele, former deputy governors, members of the National and State Assemblies, traditional rulers, party stalwarts, among others.
News
GOVERNOR AIYEDATIWA NOMINATES 12 NEW COMMISSIONERS
The Governor of Ondo State, Honourable Lucky Orimisan Aiyedatiwa, has nominated twelve individuals for the position of Commissioner with the aim of enhancing the efficiency of governance and fostering continued progress across various sectors
According to a press statement issued by the Chief Press Secretary to the Governor of Ondo State, Prince Ebenezer Adeniyan, the announcement underscores Governor Aiyedatiwa’s unwavering commitment to fortifying the state’s leadership framework. The nominees, representing a diverse range of talents and expertise, have been selected based on their demonstrated dedication to the advancement of Ondo State.
The list of nominees, forwarded by Governor Aiyedatiwa to the Speaker of the House of Assembly, Rt. Honorable Olamide Oladiji, includes: Pastor Segun Ayerin, Mr. Olaolu Akindolire, Alhaji Hamidu Takuro, Dr. Banji Ajaka,
Mr. Boye Ologbese, Mr. Sunday Akinwalere, Deaconess Lola Fagbemi, Mr. Saka Yusuf Ogunleye, Mr. Rasheed Badmus, Mr. Olayato Aribo, Mr. Adewale Akinlosotu and Barrister Gbenga Olaniyi
Each nominee brings a wealth of knowledge, experience, and dedication to public service, underscoring Governor Aiyedatiwa’s commitment to assembling a proficient and capable team.
Governor Aiyedatiwa emphasized his confidence in the nominees’ capabilities to serve the state diligently. He urged the House of Assembly to expedite the confirmation process, recognizing the significance of having a fully constituted executive team to address the needs and aspirations of the people of Ondo State effectively.
As the state embarks on this pivotal phase of governance, Governor Aiyedatiwa reaffirmed his administration’s dedication to transparency, accountability, and inclusive decision-making processes that prioritize the welfare and progress of all citizens.
News
Kano State Government subsidises Hajj fares
Governor Abba Yusuf of Kano State has extended a helping hand to intending pilgrims by subsidising their Hajj fares.
Under the auspices of the Kano State Pilgrims Welfare Board, each Kano intending pilgrim is set to receive N500,000 to facilitate their journey for this year’s Hajj pilgrimage.
The Director General of the Board, Alhaji Lamin Rabiu Dan Baffa, announced this while addressing journalists on Wednesday.
Dan Baffa emphasised that the decision was prompted by the recent hike in Hajj fares by the National Hajj Commission of Nigeria, NAHCON, attributed to the volatility of the forex exchange rate.
Acknowledging the prevailing economic hardships, Dan Baffa underscored the significance of easing the financial burden on intending pilgrims.
He urged all beneficiaries to settle the balance before March 28, 2024, in compliance with NAHCON’s directives.
He said the subsidy initiative targets those who have already initiated part-payments with the board, benefiting over 2,900 intending pilgrims thus far.
NAHCON’s recent announcement of a N1,918,032.91 increase in Hajj fares brings the total to N6,617,032.91. Fresh intending pilgrims are required to pay N8,254,464.74 for the full Hajj fare this year.
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