Entertainment

Nigeria’s Economy Hits Lowest Ebb Ever, World Bank Warns

Published

4 years ago

June 17, 2022

From the World Bank came a frightening report, yesterday, that the Nigerian economy has sunk into its lowest level in the nation’s history as it recommended the deployment of sound fiscal and monetary policies to tow it out of the doldrums.
The gloomy picture, which was contained in global bank’s Development Updates on Nigeria, presented in Abuja, said inflation would push seven million more Nigerians into poverty by the end of 2022.
The report stated that petrol subsidies could cost Nigeria as much as N5.4trillion in 2022, much higher than “all of the resources allocated to health, education, and social protection together”.
It also projected that net oil/ gas revenue for 2022 will fall to N1.6trillion from N2.6trillion recorded in 2021.
The startling report was presented by the Lead Economist for Nigeria at the World Bank, Dr. Marco Hernandez, who attributed the economic nightmare to a plethora of policy distortions on the part of the Nigerian government and global shocks that have fuelled inflation.
He painted a particularly worrisome picture of the Nigerian situation, that it was not just the price of imported products that were skyrocketing, but includes locally-produced goods.
Hernandez noted that the high inflation has crashed the value of the national minimum wage of N30,000 ($82), which is now worth N22,000 ($37).
The fast-eroding minimum wage aside, the World Bank reckoned that most Nigerian families earn N15,000 monthly which was worsening the poverty situation in the country.
He further stated that there is a nexus between foreign exchange rate and inflation, adding that when the former’s rates go up at the parallel market, inflation rate follows automatically.
He said: “suboptimal exchange rate management is fuelling inflation due to FX supply constraints and lack of predictability, which is ultimately leading to a rise in the parallel exchange rate which is closely associated with inflation.
“Import and FX restrictions reduce the supply of food and key staples, increasing their prices and those of associated goods. The monetisation of fiscal deficits by the Central Bank of Nigeria (ways and means) and CBN’s subsidised lending to firms add to inflationary expectations”.
The report noted that despite that the rising price of crude in the international market due to the Russia-Ukraine war, Nigeria’s oil production and revenue have continued to slump because of several factors.
The bank said it was quite concerned about Nigeria’s fiscal side, emphasizing that Nigeria needs to address fiscal deficits most urgently.
Reacting to the report, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who spoke virtually noted that the huge amount spent on petrol subsidy has put the economy on ventilators and threatening its survival.
She passed the buck on subsidy removal to Nigerians.
“We really are at a crossroads and there are very difficult times. It is actually paradoxical. At a time when growth is accelerating there are so many other challenges that have gathered and are impacting the lives of the people.
“On our part, we are going to reduce the fiscal pressures caused by the increase in our deficit caused by increase in PMS subsidies. These PMS subsidies are costing us an additional N4trillion than was originally planned.

Entertainment

Funke Akindele’s Behind The Scenes Crosses ?1.77bn

Published

5 days ago

January 9, 2026

The Tide

Funke Akindele’s Behind The Scenes becomes Nollywood’s highest-grossing film of 2025, earning ?1.77bn in under four weeks.

Multi-award-winning actress and producer Funke Akindele has done it again, and this time, the numbers speak louder than applause.

Her latest film, Behind The Scenes, has officially emerged as the highest-grossing Nollywood film of 2025, pulling in an astonishing ?1.767 billion in less than four weeks.

The Tide Entertainment reports that Funke Akindele Makes Box Office History as Behind The Scenes Crosses ?1.77bn
Earlier in its release cycle, the film’s distributor, FilmOne Entertainment, revealed that Behind The Scenes smashed five opening-weekend records, including the highest single-day gross ever recorded on Boxing Day, with ?129.5 million in one day. That announcement already hinted that something unusual was unfolding.

Reacting to the milestone, FilmOne described the moment as both surreal and communal, crediting audience loyalty for pushing the film to the top spot once again as the number-one movie of the weekend. And that sentiment feels accurate. This wasn’t just ticket sales; it was momentum.

What makes this achievement even more striking is that Behind The Scenes is Funke Akindele’s third film to cross the ?1 billion mark. Before now, there was A Tribe Called Judah, and then Everybody Loves Jenifa, a film that didn’t just open big, but went on to become the highest-grossing Nollywood film of all time. At this point, it’s no longer a fluke. It’s a pattern.

Part of Behind The Scenes’ success lies in strategy. The film enjoyed advanced screenings on December 10 and 11, quietly building curiosity and conversation before its nationwide release on December 12. By the time it officially hit cinemas, audiences already felt like they needed to see it.

Then there’s the cast. The film brings together a lineup that feels deliberately stacked: Scarlet Gomez, Iyabo Ojo, Destiny Etiko, Tobi Bakre, Uche Montana, and several others. Familiar faces, strong fan bases, and performances that kept word-of-mouth alive long after opening weekend.

Still, beyond timing and casting, there’s something else at work here. Funke Akindele understands Nigerian audiences. Their humour, their pacing, their emotional buttons. She doesn’t guess, she calculates, experiments, listens, and refines. That understanding has slowly turned into box-office dominance.

Behind The Scenes crossing ?1.77 billion isn’t just another headline; it’s confirmation. Funke Akindele has moved from being a successful actress to becoming one of the most reliable commercial forces Nollywood has ever produced. Three-billion-naira films don’t happen by luck. They happen when storytelling, business sense, and audience trust align.

And right now, that alignment seems firmly in her hands.

Entertainment

Adekunle Gold, Simi Welcome Twin Babies

Published

5 days ago

January 9, 2026

The Tide

Popular Nigerian music stars, Adekunle Kosoko, widely known as Adekunle Gold, and his wife, Simi, have become parents again this time to twins.

The award-winning singer shared the joyful update on his Snapchat story on Wednesday, confirming the expansion of their family.

“Asked God for another child and he blessed me double,” she wrote.

While the couple has not yet disclosed the gender of the newborns, the announcement has sparked an outpouring of warm wishes from admirers, fellow celebrities, and industry colleagues.

Speculation had intensified in December when Simi posted a video on Instagram accompanied by the caption, “From my baby, for my babies.”

The clip showed her with a growing baby bump, fueling anticipation that another child was on the way.

Their latest blessings arrive just weeks after Simi highlighted a scene from Adekunle Gold’s newly released music video, “My Love is the Same,” further stirring excitement among fans.

The Tide Entertainment reports that Adekunle Gold and Simi who tied the knot in 2019 after a long history of friendship and musical synergy remain one of Nigeria’s most admired entertainment power couples. Both artistes were once signed to X3M Music before soaring into mainstream acclaim.

The pair welcomed their first child, Adejare Kosoko, fondly called Deja, in May 2020.

Entertainment

Jesse Flames Opens 2026 With ‘Praise The Lord’ Featuring Magnito

Published

5 days ago

January 9, 2026

The Tide

After closing out 2025 with the release of “Praise the Lord” featuring Magnito, Jesse Flames enters the new year with renewed clarity and purpose, continuing to build a body of work rooted in intention rather than noise. In a moment where Afrobeats is moving faster and louder than ever, his approach remains measured and deliberate, prioritizing meaning, craft, and longevity over momentary attention. The official music video arrives January 10.

Following the momentum of his breakout single “FLEX,” “Praise the Lord” represents a shift from celebration to grounding. Reflective and soulful, the record centers gratitude, growth, and perspective, capturing a quieter confidence that resonates beyond a single moment.

“This song is about recognizing the full picture,” Jesse shares. “The work people see and the work they don’t. The lessons, the setbacks, the growth.”

The collaboration with Magnito, a respected voice in Nigerian hip hop known for his sharp lyricism and cultural authenticity, adds depth and weight to the record, reinforcing its themes of resilience, faith, and self reflection.

Released in December at the height of Detty December, “Praise the Lord” became a natural soundtrack for both celebration and reflection as the year came to a close. With the video arriving in January, the record takes on new meaning, opening the year as a tone setter rather than a reset.

Born in the United States, raised in Festac, Lagos, and now based in London, Jesse Flames brings a global perspective to his sound, blending Afrobeats, hip hop, and melodic soul into something sleek and intentional. His music reflects lived experience and cultural nuance rather than trend chasing.

The Tide Entertainment reports that with over 11 million streams, performances at O2 Brixton Academy and OVO Arena Wembley, and coverage from The Guardian and Business Post Nigeria, Jesse’s rise has been steady and self made. Looking ahead to 2026 and 2027, he is preparing for collaborations with Ice Prince, M.I Abaga, and Smurlee.

“Praise the Lord” ft. Magnito is available now on all streaming platforms.