30 Nov

Daily Watch – Inflation eases in October, David Mark marked out of the game

  • Nigeria’s October inflation rate rose by 9.3% compared to 9.4% in September, according to the monthly CPI report released by the National Bureau of Statistics. This was the first time Nigeria’s inflation rate will drop month on month since November 2014 when it dropped 7.93%. The NBS noted that food prices edged lower in October due to slower price increases in staple food. However, All Items less farm produce increased year on year by 8.7% as prices of alcoholic beverages, clothing, furnitures and utilities all inched higher.
  • Over 600,000 Nigerians are involved in illegal mining activities in the country.The Minister of State to the Ministry of Mines and Steel Development, Bawa Bwari, has said. Bwari also disclosed that measure are in place to encourage casual miners to begin to mine using best standards practices. “There are plans in place to curb illegal miners and there are also plans, from what we have been briefed so far, to bring these artisans that we call illegal together to harness their potential and encourage them to conduct their mining in the best standard practice. We do not see them as illegal miners but as artisans,” he said.
  • The Court of Appeal, sitting in Makurdi, Benue State, faulted the decision of the Independent National Electoral Commission to declare David Mark, the candidate of the Peoples Democratic Party, winner of the March 28 senatorial election in Benue South. A rerun of the poll must be conducted within 90 days, the court ruled. Mark was Senate President during the final eight years of the PDP government, and has been a Senator since 1999.
  • The Lagos State Internal Revenue Service (LIRS) has shut 13 companies for failure to remit N33.78 million Personal Income Tax of members of their staff to the government. Head, Distrain Unit of LIRS, Ajibike Oshodi-Sholola, said that the companies were sealed during a tax law enforcement exercise. She said that the tax liabilities of the companies were for between 12 months and six years. She said that eight companies were sealed for N18.39 million on November 25, while the other five companies were shut for N15.39 million on November 26. She added that of the 16 firms expected to be sealed within the two-day exercise, two companies had relocated to an unknown destination, while one had been liquidated.