OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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INFLATION TO HIT 30% BY DECEMBER 2023, KPMG NIGERIA PREDICTS.(PHOTO).

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Inflation to hit 30% by December 2023, KPMG Nigeria predicts

KPMG Nigeria says it anticipates that the current inflationary pressure in Nigeria will persist till the end of 2023.

In September 2023, headline inflation rose to 26.72 percent — up from 25.80 percent in the previous month.

The figure marked the ninth consecutive rise in the country’s inflation rate this year.

In its November report on Friday, titled ‘Macroeconomics Review H1 2023 & Outllook for H2 2023’, the multinational firm projected that the trend will continue till December 2023.

According to KPMG, headline inflation will rise to about 30 percent by December this year.

“Headline and food inflation are unlikely to ease soon as the depreciation of the naira continues to reinforce the inflationary impact of fuel subsidy removal via higher input prices and production costs caused by imported inflation,” the report said.

“Specifically, our model suggests that the combined influence of fuel subsidy removal and foreign exchange liberalisation may drive headline inflation to about 30% by December 2023.”

Meanwhile, the professional services firm said it expects the Nigerian economy to grow by 2.6 percent in 2023 — lower than both the revised World Bank’s 2023 forecast of 2.8 percent and the 3.1 percent growth rate achieved in 2022.

In addition to the effect of the naira redesign policy, according to KPMG, the weak growth for 2023 will be driven by low crude oil output, high inflation which weakens consumer demand, and weak growth of the private sector as several corporate organisations continue to declare huge foreign exchange losses in the first half of 2023.

The firm said other factors are foreign exchange and subsidy reforms which are further expected to weaken consumer demand and raise the cost of doing business even for the rest of the year.


 

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