Entertainment
Nigeria’s Economy Hits Lowest Ebb Ever, World Bank Warns
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
Why Fans No Longer Faint For Musicians – Paul Okoye
Nigerian singer and half of the defunct P-Square duo, Paul Okoye, aka Rudeboy, has claimed that social media has reduced the prestige and value fans attached to musicians due to the mystique that artistes had before the era of social media.
Speaking in a recent interview with Lun Lifestyle TV, Rudeboy argued that social media, despite all its benefits, has shattered the illusion of artistes being mysterious and godlike.
This he said has reduced the buzz artistes previously enjoyed whenever their fans got the opportunity to see them whether physically or visually.
The ‘Reason With Me’ crooner explained that because artistes are no longer mysterious, fans are no longer eager to watch them in music videos.
He claimed that shooting music videos is now a waste of money.
Rudeboy said, “Music videos somehow now, because of this generation, is a waste of money. I am sorry to say this. But do you remember us [P-Square] before? You don’t see us anywhere. You just watch music videos, you see us and that’s it, or we come to your country, you see us.
“The reason you don’t see people faint for artistes anymore is because they see them on TikTok every day dancing and promoting your music. If Michael Jackson was alive now and doing promotional content on social media, nobody would see him and faint.
“Unfortunately, it’s too late for us to bring back the era of artistes being mystiques. How can you advise an artiste to post every day? How? Post what? You don’t need to.
“Social media brought positive change to the industry but it also led to ‘see-finish.’ Artistes are now too exposed. Fans see how they eat, cry. Before when artistes go to club, they stay in restricted VIP areas, but now when they are clubbing, everyone is filming.”
Entertainment
Davido’s Aide Offers Cash Reward For Missing Phone At Zlatan’s Wedding
Afrobeats superstar, Davido’s aide, Damilare Aladegbola, popularly known as Dre, has offered a cash reward to whoever returns his phone, which he claims went missing during rapper Zlatan Ibile’s wedding ceremony.
Dre made the appeal in a post on his Instagram page on Monday, pleading with the person who allegedly took the device to return it in exchange for money.
“If na u carry my phone for Zlatan wedding, abeg return am, I go give you money please,” he wrote.
The aide also expressed frustration over what he suggested was a method being used to take phones at social gatherings.
He said he would no longer tolerate waiters asking whether guests had finished eating so they could clear their plates, alleging that the practice could provide an opportunity for phones left on tables to be taken.
“From now on, if I go any party or dey any party and any stupid waitress tell me say are you done eating so I can pack your plate, na swear I go swear for you cause na pattern wey una dey use pack phone for table be that now,” he added.
However, Dre did not identify anyone suspected of taking his phone or provide further details about how the device went missing.
Zlatan Ibile tied the knot with his longtime partner, Davita Lamai, during a traditional wedding ceremony on Saturday, October 24, 2026.
The ceremony, held in Lagos, attracted several celebrities, fans and well-wishers, with Davido among the prominent guests and leading the groomsmen.
Entertainment
I Ran Away From Nigeria, Never Wanted To Come Back-Chidinma
Popular singer, Chidinma Ekile has revealed that before transitioning from secular music to the gospel genre, she “ran away” from Nigeria.
Speaking at a recent Eezee Conceptz event, Chidinma explained that she travelled abroad and wanted to secure permanent residency because she didn’t want to return to Nigeria, but failed.
She revealed that while she was abroad, the CEO of Eezee Conceptz was the only person calling her from Nigeria, so she decided to work with him upon her return.
“I travelled. I ran away from Nigeria. I was processing my papers not to come back to Nigeria, but for some reason, it didn’t work.
“While I was abroad, the CEO of Eezee Conceptz was the only one who was calling me from Nigeria. He kept encouraging me, and I found the strength to come back to Nigeria. When I came back, I asked him to give me a gospel music contract because I want to spend time with God. And he gave me a contract that even my lawyer said seemed like a charity,” Chidinma stated.
The music star added that she did not transition into gospel music because she wanted to make gospel, but because she wanted a serious relationship with God.
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