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Stakeholders Raise Concern As Nigeria’s Inflation Rate Rises To 31.70%
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.
The Federal Government has honoured 12 teachers from across the country with national awards, reaffirming its commitment to strengthening the education sector through improved welfare, incentives, and professional development for teachers.
The awards were presented yesterday at the Nigeria Teachers’ Summit 2026, held in Abuja, where the Minister of Education, Dr Tunji Alausa, stated that the government would sustain reforms aimed at empowering teachers and restoring dignity to the profession.
Alausa explained that the selection process was transparent and merit-based, with three teachers nominated from each of the 36 states and the Federal Capital Territory at both the basic and senior secondary school levels.
From the pool of nominees, 12 teachers; six from basic education and six from senior secondary education, emerged as national award recipients.
Each of the 12 awardees received a cheque of N25m.
The Overall Best Teacher of the Year, Solanke Taiwo from the South-West category, received an additional N25m, bringing his total prize to N50m.
In addition to the cash prize, Taiwo is to receive a brand new car from the Governor of Borno State, Babagana Zulum, as well as a fully furnished two-bedroom flat from the Ogun State Governor, Dapo Abiodun.
Also, the Governor of Kebbi State, Nasir Idris, pledged to give each of the award winners an additional N5 million.
The minister described the awardees as exemplifying professionalism, integrity, innovation and dedication to learners, noting that they represent the best of the teaching profession in the country.
“This is more than a reward. It is a national signal that teaching is a noble, respected, and valued profession in Nigeria,” he said.
Speaking at the summit themed ‘Empowering Teachers, Strengthening the System: A National Agenda for Education Transformation and Sustainability,’ the minister said the recognition of the teachers reflected the FG’s broader education reform agenda under Tinubu’s Renewed Hope Agenda.
“Teachers are the foundation of education, and education is the foundation of national development. No nation can rise above the quality of its teachers.
“No reform, no matter how well designed, can succeed unless teachers are empowered, motivated, supported, and respected,” Alausa said.
He pledged that the government would continue to invest in teachers through structured training, improved career pathways and fair rewards, noting that education remained central to national development.
Under the Renewed Hope Agenda, he said, “sustainable development, economic growth, innovation, and social cohesion depend on a strong and responsive education system and that system depends on teachers.”
As part of this commitment, the minister announced the launch of EduRevamp, a nationally coordinated Continuous Professional Development programme designed to modernise teacher training and improve classroom outcomes.
While the programme is open to teachers in both public and private schools, Alausa said performance-based incentives would be reserved for public school teachers who complete certified training.
“Professional growth must never be restricted. Every teacher deserves access to quality training, modern tools, and updated skills,” he said, adding that incentives would be tied to measurable performance.
He also highlighted complementary initiatives, including the Ignite digital platform to reduce teacher workload, the Diaspora Bridge programme to strengthen STEMM education, and the provision of 60,000 tablets for teachers with zero-data access to approved training platforms.
The minister further announced reforms to the Teachers Registration Council of Nigeria’s digital platform, the expansion of Communities of Practice, and progress on the Accelerated Teacher Training Programme aimed at fast-tracking professionalisation for in-service teachers.
To provide long-term stability, he said the government had introduced a National Teacher Policy to guide teacher development, welfare and professional standards nationwide.
Addressing the award recipients and other educators at the summit, Alausa described the government’s message as “professional growth, dignity in service, and renewed hope,” urging stakeholders to focus on tangible outcomes in classrooms across the country.
In her welcoming remarks, the Minister of State for Education, Professor Suwaiba Ahmad, underscored the central role of teachers in Nigeria’s education reform agenda.
Ahmad said the gathering was both timely and strategic, noting that the quality of any education system is inseparable from the quality, motivation and empowerment of its teachers.
She explained that the theme aligns directly with Nigeria’s current education priorities.
According to her, investing in teachers is the bedrock of sustainable reform and national development.
“Empowering teachers is not an isolated intervention; it is the foundation upon which sustainable education reform is built.
“When teachers are supported, trained, motivated, and valued, the entire system is strengthened, learning outcomes improved, equity expands, and national development is accelerated,” she said.
Describing the summit as a strategic national platform, Ahmad said it was designed to unite key stakeholders to address challenges in the education sector and advance practical reforms.
She noted that the forum brings together teachers, policymakers, education leaders, regulators, unions, development partners and private sector actors to strengthen teaching and learning outcomes nationwide.
In his goodwill message, the National President of the Nigeria Union of Teachers, Audi Amba, described the summit as a historic milestone in the recognition of teachers’ roles in national development.
Nigeria’s education sector has continued to grapple with longstanding challenges, particularly around teacher welfare, access to regular professional development, classroom capacity and infrastructure.
These issues have raised concerns among stakeholders about the quality of teaching and learning in many public schools. At the same time, industrial actions by education unions in recent years have further highlighted the pressures facing educators nationwide.
The Rivers State Government has declared that it draws its confidence from the assurance that God is more than sufficient to guide its leaders, strengthen its institutions, and sustain its communities in peace and progress.
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?Rivers State Governor, Sir Siminalayi Fubara, made this declaration during the 2026 Holy Ghost Rally organised by the Redeemed Christian Church of God (RCCG) at the Adokiye Amiesimaka Stadium, Port Harcourt, on Sunday.
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?Speaking through his deputy, Prof. Ngozi Odu, the governor stated that “with the Almighty God on our side, our challenges are surmountable and our future remains hopeful,” noting that the theme of this year’s rally, “The All-Sufficient God,” is both timely and reassuring.
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This was contained in a statement from the office of the Deputy Governor, signed by the Head of Press, ?Owupele Benebo.
?According to Fubara, the theme serves as a powerful reminder that in a world filled with uncertainty, God remains our unfailing source, sufficient in wisdom, strength, provision, and grace.
He stressed that when human ability reaches its limit, God’s sufficiency prevails.
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?The governor commended the Redeemed Christian Church of God for its consistent spiritual impact and unwavering prayers for Rivers State and the nation, expressing appreciation for the Church’s contributions to promoting moral values, unity, and faith in God.
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?In his sermon, drawn from Genesis 17:1, the General Overseer of the RCCG, Pastor Enoch Adeboye, described the Almighty God, whose name is above every other name, as all-sufficient and capable of meeting every human need.
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?He noted that the God who created all things also has the power to repair and restore them.
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?Adeboye explained that while human effort, including medical intervention, may reach its limits, there comes a point where only God steps in to turn situations around, bringing hope where none seemed possible.
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?In his address, the Pastor in charge of the Rivers Family of the RCCG, Pastor Adesoji Oni, stated that the Port Harcourt Holy Ghost Rally, which began in 2015 and has now become an annual event, has been a tremendous blessing to the people of the State.
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Adesoji noted that the rally has drawn thousands of souls to God while impacting lives spiritually and physically.
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?He further disclosed that the Church has gone beyond preaching the gospel to actively engage in impactful initiatives through its Christian Social Responsibility programmes.
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?These include skills acquisition centres, maternity centres across the State, a rehabilitation centre for persons battling substance abuse, and an Innovative Mind Hub.
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