Geopolitical Zones in Nigeria With Highest Food Inflation as FG Prepares to Take VAT From Traders

Geopolitical Zones in Nigeria With Highest Food Inflation as FG Prepares to Take VAT From Traders

  • The South East and the South-South saw the highest increase in the prices of food items in May
  • Imo State recorded the highest food prices, while Kogi recorded the most negligible prices in prices
  • The development comes as the Federal Inland Revenue Service (FIRS) said it would begin to collect VAT from market traders in Nigeria

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According to the National Bureau of Statistics (NBS), the South East and South-South recorded the highest increases in food prices in May 2023.

In a published report on Tuesday, July 4, 2023, the statistic body revealed that the selected price watch for May indicated that the average price of 1kg beef, boneless sold at N2,520, a 24.19% increase on a year-on-year basis, from N2,029 recorded the same period last year.

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Food inflation. FIRS
Nigerian government begins to task market traders as food prices rise across the country Credit: NurPhoto / Contributor
Source: Getty Images

Tomato, Onion, and beef prices increased

It increased by one percent month-on-month from N2,495.69 in April 2023.

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Also, the average price of 1kg of tomato spiked by 17.68% yearly from N432 in 2022 to N498 in May 2023.

The report said:

“On a month-on-month basis, the average price of this item increased by 2.73 percent in May 2023. The average price of 1kg of local rice (sold loose) rose by 24.06 percent yearly from N447 in May 2022 to N555 in May 2023. On a month-on-month basis, it increased by 1.54 percent from N546 in April 2023.”

For 1kg of onions, it increased by 17.12% on a year-on-year basis from N387 in May 2022 to N453 in May 2023, and on a month-on-month basis, it increased by 2.83%

NBS revealed that the average price of 1kg of yam tuber increased by 22.84% yearly from N372 in May last year to N457 in May 2023.

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It increased by 2.83% from N444 in April 2023.

Imo has the highest prices of food items

Daily Trust reports that Imo State recorded the highest price of 1kg of beef, while Kogi saw the lowest price of 1kg.

“The highest average price of 1kg of tomato was recorded in Edo with N957, while the lowest was in Kogi with N215.
“Regarding the average price of 1kg of rice local (sold loose), Ondo recorded the highest price with N724, while Jigawa recorded the least with N369. Cross River recorded the highest average price of 1kg of onion bulb with N960, while the lowest was reported in Katsina with N334.
“The highest average price of 1kg of yam tuber was recorded in Akwa Ibom with N924, while the lowest was recorded in Benue with N214,” NBS stated.

On a zone-by-zone analysis, the average price of 1kg of beef sold was the highest in the South East with N3,278, followed by the South-South with N2,699, while the North Central recorded the lowest at N2,131.

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NBS said:

“The average price of 1kg of tomato was highest in the South-South and South East with N866.36 and N665 respectively, while the lowest was recorded in the North East with N276.
“The South-South recorded the highest average price of 1kg of rice local (sold loose) with N654, followed by the South West with N619, while the lowest was recorded in the North West with N477.
“The average price of 1kg of onion bulb was highest in the South-South with N687, followed by the South East with N649, while the North East recorded the lowest with N261.
“The South West recorded the highest average price of 1kg of yam tuber with N632, followed by the South East with N600, while the North East recorded the least with N229.

FG begins to tax market traders in Nigeria

The Nigerian government, via the Federal Inland Revenue Service (FIRS), said it would commence VAT collection market traders across Nigeria.

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The FIRS launched the VAT Direct Initiative, which enabled the government to take Value Added Taxed from the informal sector and reduce multiple taxations in the informal economy.

Punch reports that FIRS stated that it would partner with the Market Traders Association of Nigeria to collect and remit VAT from its members, especially those in the informal sector, using a unified systems technology.

Ondo leads list of states with the lowest prices for cooking gas as prices for refilling 5kg, 12kg drops

Legit.ng reported that the National Bureau of Statistics has revealed that the cost of refiling 5kg and 12kg Cylinders of Liquefied Petroleum Gas (Cooking Gas) dropped in May 2023.

NBS disclosed this in its latest price watch report released on its website and obtained by Legit.ng.

The data shows that the average retail price refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined to N4,360.69 in May 2023 from N4,642.27 recorded in April 2023.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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