By Hosea Parah, Abuja

Nigeria’s inflation rate has surged to 32.70% in September 2024, up from 32.15% in August, according to Prince Adeyemi Adeniran, the Statistician-General of the Federation and CEO of the National Bureau of Statistics (NBS). This represents a monthly increase of 0.55% and a year-on-year rise of 5.98 percentage points from 26.72% in September 2023.

Is a statement released on Tuesday by the NBS stated that the continuous rise in inflation is alarming for consumers and policymakers, driven by significant price increases in several key areas. The NBS noted that prices for Food & Non-Alcoholic Beverages rose by 16.94%, Housing, Water, Electricity, Gas & Other Fuel by 5.47%, and Transport by 2.13%.

September’s month-on-month inflation rate reached 2.52%, a slight uptick from August’s 2.22%. The twelve-month average Consumer Price Index (CPI) also rose sharply, reaching 31.73%, up from 22.90% a year earlier.

Food inflation has been particularly severe, with the Food Sub-index increasing to 37.77% year-on-year, a jump of 7.13 percentage points from 30.64% in September 2023. Essential food items such as grains, tubers, and cooking oils have seen substantial price hikes, with month-on-month food inflation rising to 2.64% from 2.37% in August.

Core inflation, which excludes volatile food and energy prices, reached 27.43% year-on-year, a 5.59 percentage point increase from 21.84% in September 2023. Notable price increases were observed in housing rents, transportation, and medical expenses.

Urban consumers reported a year-on-year inflation rate of 35.13%, up 6.46 percentage points from 28.68% in the previous year, while rural areas faced a 30.49% inflation rate, a 5.55 percentage point rise.

Regionally, Bauchi experienced the highest inflation rate at 44.83%, followed by Sokoto (38.74%) and Jigawa (38.39%). In contrast, Delta, Benue, and Katsina reported the slowest inflation rates, below 27.71%. Sokoto also led in food inflation, with an alarming 50.47% increase year-on-year.

As Nigeria confronts these rising costs, the NBS underscores the urgent need for effective policies to address the root causes of inflation and alleviate the burden on consumers. The government is under increasing pressure to stabilize prices and ensure economic stability amid escalating living costs.

The Statistician-General highlighted the importance of continuous monitoring of inflation trends to inform policy decisions and mitigate their negative impact on citizens. With Nigeria’s economic challenges intensifying, the implications of this inflationary trend are expected to be a central focus for policymakers, businesses, and consumers in the months ahead.

The Coalition of civil Society for Good Governance in Nigeria, Tuesday, staged a peaceful protest at the Police Force Headquarters, Abuja, demanding for urgent investigation of the alleged is infractions at Guaranty Trust Bank (GTB), under the leadership of Segun Agbaje

Speaking during the protest, the Chief Convener, Comrade Tijani Usman, insisted that the Police should focus more on digging deep into the allegations hanging on the neck of Segun Agbaje with a view to bringing him and his co-travelers to book.

He said: “Today we are here in continuous struggle to stamp out corruption and fraud, which have clogged the wheels of Nigeria’s socio-economic development since we gained independence in 1960.

“Today in history will be remembered as a day when corruption took another dimension to the extent that the Banking Sector which is supposed to drive the economy is now failing without much attention from the relevant Regulatory and Crime Fighting Agencies.

“The latest development is the ongoing infractions in Guaranty Trust Bank Limited (GTB), a subsidiary of Guaranty Trust Holding Company Plc where Segun Agbaje presently holds sway as Group Chief Executive Officer.

“We have read in the media how GTB is enmeshed in unwholesome activities including Corruption, Unsolicited Accounts Opening, Declaration of Fictitious Profits, Round-Tripping, Money Laundering, Terrorism Financing and Use of Customers/Investors’ Funds to Pay Penalties.

“Our expectation was that the Nigeria Police Force being the Lead Crime Fighting Agency would take side with the masses by acting on certain recommendations put forward by other sister Civil Society Organizations.

“As a matter of fact, the weighty allegations levelled against GTB under the watchful eyes of Segun Agbaje ought to have opened room for further investigation and prosecution of the culprits involved. Unfortunately, this never happened till date for reasons unknown to us.

“Whilst we acknowledge the powers of the Nigeria Police Force under Section 4 of the Police Act 2020 and other extant laws to investigate crimes and prosecute offenders, we strongly feel that they must be used properly so that “the hunter does not become the hunted”.

“We are here this morning to insist that the Police should focus more on digging deep into the allegations hanging on the neck of Segun Agbaje with a view to bringing him and his co-travelers to book. Having said that, we call on the Central Bank of Nigeria, Economic and Financial Crimes Commission, Nigerian Financial Intelligence Unit, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services not to sit on the fence. All hands must be on deck to ensure that President Bola Ahmed Tinubu succeeds in his bid to revamp the ailing economy through the fight against corruption.

“Let it be known to you all that GTB operations are failing in Nigeria. Just recently we witnessed how their payment channels were down for days all in the name of system upgrade. One can only imagine the huge losses recorded by GTB account holders and users all over the world within this period.

“We submit that the earlier its Management Team stop chasing shadows and redirect their energy towards saving the soul of the Bank, the better for the Nigerian economy. The amiable, gallant and performing Inspector-General of Police, Mr. Kayode Egbetokun should note that the ripple effect of the damage being caused by GTB to the entire Nigerian economy will be devastating in the long run, unless something is done as a matter of urgency.

“In conclusion, we submit Segun Agbaje has loads of questions to answer on corruption, fraud and economic sabotage. He must not be allowed to benefit from his own wrongs and go scot-free, considering the overwhelming evidence available to prove that his present handling of GTB is not only fraudulent but illegal and detrimental to the interest of customers and investors.

“It is our DEMAND that the Inspector-General of Police hears our cry and urgently investigate the activities of GTB under the leadership of Segun Agbaje. We shall continue to engage peacefully with the relevant Regulatory and Crime Fighting Agencies on this matter. We shall leave no stone unturned until justice is not only done, but seen clearly by all men and women of goodwill to have been done to customers and investors of GTB.”

More pictures:

The protest

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