News

Stakeholders Raise Concern As Nigeria’s Inflation Rate Rises To 31.70%

Published

2 years ago

March 19, 2024

The challenge of spiraling inflation and how to stem the tide has been central to stakeholders engagements in recent times.
According to analysts at CardinalStone Finance, an investment house, the rising inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa.
The analysts said that a material jump in prices of food stuff like rice, was a consequence of the increasing depletion of food reserves and incessant insecurity issues in food-producing parts of the country.
The Tide’s source reports that Nigeria’s inflation rate rose to 31.70 per cent in February from 29.90 per cent in January.
This is according to recent data from the National Bureau of Statistics (NBS).
The NBS said that the February headline inflation rate showed an increase of 1.80 per cent compared to the January headline inflation rate.
It said that on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year ( February 2023),” the NBS said.
The International Monetary Fund (IMF) also warned that 8.0 per cent of Nigerians are at a high risk of food insecurity if the current inflationary trajectory persisted.
The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said that the leading factors driving inflationary pressure in Nigeria included rising cost of energy.
Cardoso said that high fiscal deficits and lingering security challenges in major food -producing areas were also responsible for the high inflation rate.
He said that the apex bank had initiated a raft of inflation-targeting frameworks in its monetary policy measures.
He said that this informed the decision by the CBN to further raise the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent.
According to Cardoso, the move followed the success recorded in slowing down inflation in the past using the same mechanism.
Stakeholders, however, believe that the removal of petrol subsidy, closely followed by the decision to float the Naira were largely responsible for the spiraling inflation.
According to Okechukwu Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), President Bola Tinubu already took some sensitive policy decisions even before appointing the CBN governor and the finance minister.
“Floating the Naira was a major error that has exacerbated inflationary trend and caused the people so much pain,” he said.
Unegbu urged the government to fix the economy by looking beyond the Organisation of Petroleum Exporting Countries (OPEC) in selling its crude oil.
He also advised that the government should ignore economic prescriptions by the World Bank and IMF and produce indigenous solutions to the nation’s economic challenges.
“Nigeria should do something about pricing its oil in Naira. We should leave OPEC, price our oil independently.
“If inflation can be addressed; if we produce more food, things will improve. It will also address the issue of “dollarisation of the economy,’’ he said.
A renowned economist, Prof. Ken Ife, said that the CBN adopted inflation targeting as a basis for further tightening monetary policy rates, an indication of how serious government took the country’s rising inflation.
Ife, however, said that the support from the fiscal authorities was crucial to achieving monetary policy results.
“The CBN says it is going for inflation targeting, but there should be more support from the fiscal authorities because a lot of the issues with the economy are not really monetary.
“We have N500 billion going for social intervention annually, the money does not go into the productive sector,” Ife said.
He said that the import dependence nature of Nigeria’s economy was a major fuel to the inflation and weak Naira in the foreign exchange market.
According to him, not much has changed in terms of the structure of the economy over the years.
He said that Nigeria was part of an international division of labour, which confines it to the provision of raw materials and consumer of finished products.
“Any attempt to add value to our exports is usually met with stiff resistance.
“When a country is import dependent, it becomes so vulnerable to any external, global headwind, and it affects the economy
“The mortgage crisis in America and the Russian-Ukrainian war affected us because we are import-dependent. What we have is imported inflation,” he said.
Dr Chijioke Ekechukwu, an economist, said that while many countries were having their inflation rate reduced month-on-month, Nigeria’s inflation rate continued to rise because of volatile exchange rate regime.
Ekechukwu said that standard of living had dropped to the lowest ebb while the country’s external reserve was being eroded by inflation.
“Cost of living has become increasingly unbearable, crime has taken over the entire country, and investors are afraid to venture into the country.
“Companies are shutting down and leaving the country and jobs are lost every day.
“The government has to be very decisive as a matter of urgency to remedy the ailing economy by ensuring that the exchange rate improves to less than N800 to the dollar.
“The exchange rate must be stable to enable planning and to restore confidence in the economy,” he said.
Ekechukwu said that every possible avenue should be explored to diversify the country’s export base.
He advised the Federal Government to ensure that the country’s crude oil sales met the OPEC quota of 1.8 million barrels per day.
“The Federal Government should also ensure that revenue from crude oil sales came in on a daily basis through the CBN, “ he said..
He said that such a step would provide the country with enough liquidity to check inflation and other economic challenges.

News

Drug Party: NDLEA Arrests Over 100 Suspects At Lagos Night Club

Published

2 days ago

October 27, 2025

The Tide

Operatives of the National Drug Law Enforcement Agency (NDLEA) yesterday arrested over 100 suspects at Proxy Night club located at No. 7, Akin Adesola Street, Victoria Island, where a drug party was going on.

Spokesman of the Agency, Femi Babafemi, who disclosed this yesterday, said the suspects arrested include the owner of the club, Mike EzeNwalieNwogu, alias Pretty Mike, who was taken into custody for screening.

“Cartons of illicit substances, including Loud and laughing gas, were recovered from suspects at the party and the club’s store,” Babafemi said.

The raid followed intelligence about the drug party. NDLEA operatives who were embedded in the party between 11 pm on Saturday, 25th October, however, disrupted the gathering at 3 am on Sunday, 26th October, in line with Standard Operating Procedures (SOPs).

Similarly, NDLEA said a total of 70 parcels of cocaine factory packed in walls of cocoa butter formula body cream containers heading to London, United Kingdom, were uncovered at the export shed of the MurtalaMuhammed International Airport (MMIA), Ikeja, Lagos, with three suspects arrested in a series of follow-up operations across Lagos.

According to the statement, “The cocaine consignments weighing 3.60 kilograms were discovered on 14th October 2025 during examination of cargoes packaged as personal effects going to London, UK on an Air Peace flight.

“A cargo agent, Lawal Mustapha Olakunle, who presented the consignment for airfreight, was promptly arrested while investigations stretching into two weeks led to the arrest of two principal suspects linked to the attempt to export the concealed Class A drug to the UK.

“In a follow up operation on 18th October, a female healthcare worker OgunmuyideTaiwo Deborah was arrested following which Mutiu Adebayo Adebiyi, the Chief Executive Officer of a travel agency, MutiuAdebiyi& Co, was arrested at his 23 LadokeAkintola Street, Ikeja GRA Lagos office on Monday 20 th October”.

In a similar development, an attempt by a 35-year-old Lesotho national, Lemena Mark, to export 103.59 grams of methamphetamine concealed in a diabeta herbs coffee tea pack to the Philippines on an Ethiopian Airlines flight from the AkanuIbiam International Airport (AIIA) Enugu on Wednesday, 22nd October, was thwarted by NDLEA officers who arrested him and recovered the illicit drug.

No fewer than 21,950 capsules of tramadol 250mg concealed inside a 100-litre water heater were recovered from a suspect, Umar Abubakar, 40, who was arrested by NDLEA operatives at Bode Saadu, Morro local government area of Kwara state, following credible intelligence on Tuesday, 21st October.

In Taraba, the duo of Auwal Musa, 26, and SalihuBala, 22, were arrested on Tuesday, 21st October, with 450,000 pills of tramadol and Exol-5 at Dan-anacha checkpoint while conveying the consignment in a truck loaded with building materials from Onitsha, Anambra state, to Mubi, Adamawa state.

Also, NDLEA officers on patrol along the Okene/Lokoja highway, Kogi state, seized 162.200kg skunk, a strain of cannabis, from a truck on Friday, 24th October. Operatives in Nasarawa state on Wednesday, 22nd October, recovered 128kg of the same psychoactive substance from a suspect, Abubakar Muhammad, 55, in the Keffi area of the state.

A mother of two, Oyonumoh Glory Effiong, who is a major distributor of Canadian and California Loud, both strong strains of cannabis, in Lekki, Ajah, Ikoyi, Victoria Island and VGC areas of Lagos, has been arrested by NDLEA operatives on Friday, 17th October, during a raid at her Lekki home, where 500 grams of the illicit substances were recovered.

In the Ikorodu area of Lagos, NDLEA officers on Thursday, 23rd October, raided the home of a suspect, OgunyaboAdenigbigbe, at Solomade estate, where 275 litres of skuchies, a new psychoactive substance produced with black currant drink, cannabis and opioids, were recovered.

A 75-year-old grandpa, EchenduOnuoka, was arrested on Wednesday, 22nd October, at Ovum village, Obingwa LGA, Abia state, with 4.7kg skunk seized from him, while a 60-year-old grandma, Aukana John, was nabbed with 225 grams of the same substance at Apanta village, in the same LGA.

While a 150kg skunk was recovered during a raid operation at Lot camp, IkunAkoko, Ondo state, two suspects: Bashir Mohammad, 50, and Samini Ahmed Tijjani, 35, were nabbed with 234.5kg of the same substance at Yan aya ,Saminaka in Lere LGA, Kaduna on Friday, 24th October, just as another set of suspects: IsahUsman, 50, and Salvation Okoler, 18, were arrested with 8,600 pills of tramadol 225mg and rohypnol along Abuja/Kaduna highway.

At the Seme border area of Lagos, NDLEA operatives on Wednesday, 22nd October nabbed Jacob Ojugbele with 55kg skunk at Ashipa area of Badagry, while AmusaOluwabukola was arrested with 121.3 litres of skuchies at ItogaBadagry.

In Zamfara state, NDLEA operatives on patrol along Gummi-Anka road on Monday, 20th October arrested a suspect, Abubakar Ibrahim, 30, in possession of an AK-47 rifle and 1,746 assorted calibres of ammunition, for AK-47 and GPMG rifles while moving them from Sokoto to Bagega forest, Anka LGA, Zamfara. Both the suspect and the exhibits have since been handed over to the appropriate security agency for further investigation.

With the same vigour, Commands and formations of the Agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, workplaces, and communities, among others, in the past week.

These include: WADA sensitization lecture to students and staff of Asabari Grammar School, IluwaIsaleOke, Saki West LGA, Oyo; Government Day Girls Secondary School, BirninKebbi, Kebbi; St. Mark’s College, Nsude, Enugu; Kusaki Secondary School, Gboko North, Benue; Government Day Secondary School, Serti- Baruwa, Gashaka LGA, Taraba; Police Children School 2, Port Harcourt, Rivers and Hajara Ahmad International School, Tudun Wada, Kano state, among others.

While commending the officers and men of MMIA, AIIA, Lagos, Kwara, Abia, Nasarawa, Kogi, Ondo, Anambra, Taraba, Kaduna, Seme and Zamfara Commands for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed BubaMarwa (Rtd) urged them and their colleagues across the country to continue the Agency’s balanced approach to drug control efforts.

News

SERAP Demands NNPCL Account For Oil Revenues, Threatens Legal Action

Published

2 days ago

October 27, 2025

The Tide

The Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), BayoOjulari, to provide a detailed account of oil revenues reportedly flagged by the Auditor-General of the Federation in the 2022 annual report.

The report, published on September 9, 2025, raised questions over the management of multi-billion-naira transactions, including over N22 billion, $49 million, £14 million, and €5 million in oil-related revenue, handled by the national oil company.

In a letter dated October 25, 2025, and signed by SERAP’s Deputy Director, KolawoleOluwadare, the organisation called on Ojulari to ensure transparency by identifying those responsible for any unaccounted funds and forwarding the findings to the appropriate anti-corruption agencies.

“These findings raise serious concerns about transparency and accountability in the management of public resources,” SERAP said.

The group urged the NNPCL to recover any unremitted or misapplied funds and return them to the national treasury, stressing that proper management of oil revenues was crucial for national development.

“The allegations, if not promptly and transparently addressed, could undermine public confidence and economic stability,” SERAP stated.

According to the organisation, the Auditor-General’s report drew attention to issues such as irregular payments, uncompleted projects, and documentation lapses relating to oil sector transactions.

SERAP argued that corruption and financial mismanagement in the oil sector had long hindered Nigeria’s ability to channel its vast petroleum wealth into improved public services.

“Despite the country’s enormous oil resources, citizens continue to face hardship due to a lack of accountability and transparency in revenue management,” the statement noted.

The organisation maintained that if the flagged funds were properly accounted for, more resources could be made available for sectors such as education, healthcare, and social welfare.

It added that the NNPCL must take proactive steps to comply with audit recommendations, including closing identified loopholes and enhancing oversight on contract execution.

SERAP also warned that it would take legal action should the NNPCL fail to respond within seven days.

“We would be grateful if the recommended measures are taken within seven days of the receipt and publication of this letter.

“If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel compliance in the public interest,” the organisation said.

The group cited Section 15(5) of the Nigerian Constitution, which mandates public institutions to prevent corrupt practices and abuse of power.

News

N’Assembly Committee Approves New State ForS’East

Published

2 days ago

October 27, 2025

The Tide

The Joint Committee of the Senate and House of Representatives on Constitution Review has approved the creation of an additional state in the South-East geo-political zone.

According to a statement by the media unit of the committee, the resolution was reached on Saturday at a two-day retreat in Lagos, where it reviewed 55 proposals for state creation across the country.

The session, chaired by the Deputy Senate President, BarauJibrin, and co-chaired by the Deputy Speaker of the House of Representatives, Benjamin Kalu, resolved that, in the spirit of fairness and equity, the Federal Government should create another state for the region.

Kalu, who joined other lawmakers to champion additional state creation for the region, argued that a new state would give the people a sense of belonging.

When created, the South-East will be at par with the South-South, South-West, North-Central, and North-East zones, each having six states.

The South-East is the only geo-political zone with five states comprising Abia, Anambra, Ebonyi, Enugu, and Imo.

The North-West comprises seven states: Kaduna, Kano, Kebbi, Katsina, Zamfara, Sokoto, and Jigawa.

According to the statement, Senator Abdul Ningi (Bauchi Central) moved a motion for the creation of the new state, which was seconded by Ibrahim Isiaka (Ifo/Ewekoro, Ogun State) at the retreat.

“The motion received the unanimous support of committee members and was adopted,” the statement read in part.

Similarly, the committee also established a sub-committee to consider the creation of additional states and local government areas across all six geo-political zones, noting that a total of 278 proposals were submitted for review.

Speaking at the event, Jibrin urged members to rally support among their colleagues at the National Assembly and state Houses of Assembly to ensure the resolutions sail through during voting.

“We need to strengthen what we have started so that all parts of the country will key into this process.

“By the time we get to the actual voting, we should already have the buy-in of all stakeholders—from both chambers and the state Houses of Assembly,” the Deputy Senate President was quoted as saying.