Nigeria’s inflation rate drops for third consecutive month

Nigeria inflation

The National Bureau of Statistics, NBS, on Tuesday said the Consumer Price Index which measures inflation dropped from 17.26 per cent in March to 17.24 per cent in the month of April.
The NBS in the report stated that the 0.02 per cent points in inflation rate made it the third consecutive month of decline in the CPI.

This is an indication that the high food and non-food prices in the country, as well as the unfavourable base effects of the 2016 prices have started easing out.
“The Consumer Price Index which measures inflation increased by 17.24 percent (year-on-year) though at a slower pace in April 2017, 0.02 per cent points lower from the rate recorded in March (17.26) per cent”, it reads in part.
“This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in the already high food and non-food prices, as favourable base effects over 2016 prices.”

Recall that the NBS had released the Internally Generated Revenue at State level for January to December 2016.
The statistics showed that Lagos State recorded the highest Internally Generated Revenue (IGR) figure of N302.42bn in Full Year 2016.
Lagos with a population of above 20 million, earned 81,097,954,616.12 from federal allocation, FAAC.

The nation’s commercial hub was closely followed by Rivers State with N85.29bn.
Ebonyi generated the lowest the Internally Generated Revenue; the State generated N2.34bn.
NBS said a total of N801.95 bn was generated by 35 states that have reported their Full Year 2016 Internally Generated Revenue figure.
The revenue was generated across the following types – PAYE, Direct Assessment, Road Taxes, Revenue from Ministries, Departments and Agencies and other taxes.
Lagos, Abia, Kano, Benue, Bauchi, Osun and Akwa Ibom emerged top 7 earners of Self-Assessment tax across the country.