By Amaka Ifeakandu Lagos
Th e recent infl ation data released by the National Bureau of Statistics for the month of june showed that Nigeria’s consumer prices decreased year-on-year to 16.10 per cent in June, dropping from a 16.25 per cent rise in May. Th e sustained decline in annual headline infl ation followed a faster y-o-y decrease in core infl ation to 12.50 per cent in June from 13.0 per cent in May which off set a faster y-o-y increase in food infl ation to 19.91 per cent in June from 19.27 per cent in May. Analysts said that moderation in headline infl ation rate was partly due to further monthly decrease in foreign exchange rates – parallel market exchange rate declined month-on-month by 4.17 per cent to average of N364.25 to a Dollar in June.
Th e index for “clothing and footwear” infl ation decline to 15.73 per cent in June against 16.33 per cent recorded in May, “transport” infl ation also slower to 12.25 per cent in June from 13.30 per cent in May and “imported food” infl ation accelerated slower to 14.19 per cent in June from 14.96 per cent in May. In another development, report on fi scal activity of the public sector showed that federally-collected gross revenue, increased quarteron-quarter by 12.23 per cent and year-on-year by 17.57 per cent to N1.50 trillion in the fi rst quarter of 2017. Th is was however 36.3 per cent lower than the provisional quarterly budget estimate of N2.38 trillion. Th e quarterly increase in gross revenue was attributed to the quarterly boost in oil receipts and non-oil receipts by 21.45 per cent and 2.89 per cent to N817.48 billion and N684.46 billion respectively.
Th e quarterly improvement in oil revenue, although 7.6 per cent lower than the provisional quarterly budget estimate, was due to relatively higher global crude oil prices amid eff orts by Opec members and their cohorts to rein in supply glut; and in spite of disruptions of hydrocarbon exports on account of maintenance repairs at some NNPC terminals and incidences of pipeline vandalism which led to production shut downs
