Forbes has published the list of highest paid footballers at the moment. Al Nassr forward Cristiano Ronaldo and Inter Miami superstar, Lionel Messi, lead the list.

Despite that Ronaldo and Lionel Messi were in the last days of their careers, they still enjoy superb financial benefits from the round-leather game.

Both players are widely regarded as the two greatest footballers in the history of the game.

Ronaldo is at the top of Forbes latest list, earning a whopping $285m per year.

The 39-year-old earns $220m per-year in wages from Al-Nassr, while the rest comes from sponsorships.

Messi, on the other hand, is the only MLS player in the top ten list.

The Argentinean earns $135m in total, out of which $60m is from wages and $75m is earned from off-field sponsorships.

The list is heavily dominated by players in the Saudi Arabian league.

Others on the list, according to Sportskeeda.com, include Al-Hilal’s Neymar ($110m), Al-Ittihad’s Karim Benzema ($104m) and Al-Nassr’s Sadio Mane ($52m).

Real Madrid duo Kylian Mbappe ($90m) and Vinicius Junior ($55m) are the only representatives from LaLiga.

The Premier League trio of Erling Haaland ($60m), Mohamed Salah ($53m), and Kevin De Bruyne ($39m) complete the list of the 10 best-paid players in the world.

He stated that the investigation conducted by the command revealed that the video depicting individuals, including vendors, accusing Anjorin-Lawal of theft was based on a misunderstanding of the facts.

“There was no case of stealing to start with; our investigation revealed that the seller of the goods gave the wrong account number. Out of the 10 digits the person was to provide, one digit was given wrongly and our investigation revealed that Lizzy Anjorin-Lawal did the transfer to the wrong account number.

“But when it turned out that it was a mistake of facts and that they called her a thief in error, Lizzy (Anjorin-Lawal) took the assault meted out against her up and after the suspects were arrested and the case had gone to court, for reasons best known to her, she said she was no longer interested in the case and the case was withdrawn,” Hundeyin told The PUNCH.

Hundeyin elaborated that the individuals who accused Anjorin-Lawal of theft acknowledged their error while providing their statements at the police station, clarifying that it was the seller who had provided her with incorrect account information.

“Lizzy Anjorin-Lawal transferred what she was supposed to transfer, which was about ₦90,000, into the wrong account that she was given and there was a receipt; when it was becoming too hot, she again transferred money to the correct account number they gave her.

“So, she did a double transfer just to avoid trouble, even though the mistake was not hers. So, I am confirming that the police investigation revealed that there was no stealing. Lizzy Anjorin-Lawal was not culpable of stealing as she did not engage in stealing according to our investigation,” the PPRO added.

Naija News understands that Anjorin had been accused of theft and assaulted by several traders during her visit to the market, an incident captured in a video that gained widespread attention online.

The actress has since debunked the accusation.

In February 2024, at least six traders were apprehended in connection with the assault.

These individuals were subsequently brought before the Chief Magistrate Court in Lagos Island Local Government, facing charges of assault and blackmail against Anjorin-Lawal during her attempt to purchase gold.

The accused—Qudus Jokogbola, Suru Olawale, Edu Shakirat, Fausat Mohammed, Kafayat Ahmed, and Opere Simiat Morenike—were formally charged, while two additional suspects remain at large.

Prosecutor Sola Samuel informed the court that the six defendants, along with the two fugitives, conspired to commit the crime by forcibly pushing and dragging Anjorin-Lawal, resulting in significant bodily harm within Oba Akintoye Market in Lagos Island.

Samuel asserted that the defendants’ actions disrupted public order.

He indicated that the alleged offences violated Sections 411 and 413; 168(d) and 170(b) of the Criminal Laws of Lagos State of Nigeria 2015, which carry corresponding penalties under the same legislation.

All defendants entered a plea of not guilty to the charges.

The defence attorney, Ade Oshodi, requested that the court grant bail under the most lenient conditions, emphasizing their status as traders.

In his decision, Magistrate A.A. Paul approved bail for each defendant in the amount of ₦200,000, requiring one surety per individual.

The sureties must be residents of Lagos and provide proof of tax payment.

The defendants were ordered to remain in the custody of the Nigerian Correctional Services until they fulfill their bail conditions.

Governor Dapo Abiodun’s government of Ogun State has announced plans to hire an additional 1,000 educators to address current staffing shortages in state-owned schools.

The recruitment plan was announced in a statement issued on Friday by the State Commissioner for Education, Science and Technology, Prof Abayomi Arigbabu.

The statement mentioned that applicants are required to have a minimum of a National Certificate in Education (NCE) or a Bachelor’s degree in Education (B.A. (Edu)/B.Sc. (Ed)/B.Ed.) with a Second Class Lower in the appropriate subjects or courses.

Naija News reports that this recruitment effort is being managed by the State Ministry of Education, Science and Technology, working together with the State Teaching Service Commission, the State Universal Basic Education Board, and the Ogun State Technical and Vocational Education Board.

The Ogun State Teaching Experience Acquisition Channel is a unique program aimed at addressing staffing gaps in the state’s public elementary, middle, and technical schools.

“Those from other disciplines (different from education) must possess a Post-Graduate Diploma in Education from reputable universities,” adding that “applicants to be considered for Technical Colleges will be expected to hold B.Sc. in Technical Education/B.Sc. in Engineering/B.Eng./HND in Engineering Fields.

“Interested applicants are to apply through the Ogun State Job Portal via www.teach.ogunstate.gov.ng between Wednesday, October 16, and Wednesday, November 6, 2024.”

According to the statement, successful applicants, referred to as TEACH Interns, will be assigned to Local Government Areas requiring their assistance and will be compensated with a monthly allowance for a period of two years.

Following this, they will undergo evaluations based on various criteria, including skill level, dedication to their responsibilities, timeliness, regard for established authority, and readiness to serve in any location assigned to them.

The 1,000 interns set to be hired represent the final group of 5,000 interns pledged by Governor Dapo Abiodun.

Naija News understands that a portion of the initial 4,000 interns received job offers and now serve as full-time educators.

The Joint Admissions and Matriculation Board (JAMB) has authorized higher institutions of learning to admit candidates who will be 16 years old by August 31, 2025.

The issue of the minimum age for admission to the nation’s tertiary institutions was discussed at the 2024 Policy Meeting, where it was decided that the minimum age for the 2024/25 academic session would be 16 years.

Muhammed Babaji, the Director of Admissions, stated in a press release on Thursday that candidates who meet the institution’s admission standards should not be denied admission by August 2025 solely based on age.

“The Board acknowledges that some institutions expect the 2024/2025 admission process to extend into July 2025.

“Without compromising standards or infringing on individual institutions’ admission policies, the Board has decided to allow any willing institution to admit candidates who will be 16 years old by August 31, 2025.

“This is without prejudice to any institution that has set its own minimum age requirement of 16 years, which remains unchanged,” he said.

The statement also requested institutions to gather information from their Central Admissions Processing System (CAPS) and submit a list of candidates who will turn 16 between January 1 and August 31, 2025, who are eligible for admission, within a week of the announcement.

He noted that this effort aims to ensure fairness, as those whose 2024 admissions extend until August 2025 should not be unduly favored.

The Board reiterated that any institution that insists on maintaining a minimum age of 16 years as of 2024 is free to do so.

Barcelona reportedly fell victim to a scam during the signing of Polish striker, Robert Lewandowski.

The Spanish club were allegedly tricked into sending €1million (£830,000) to a fraudster, who pretended to be working with the agent of star striker Robert Lewandowski.

Barca signed Lewandowski from Bayern Munich in the summer of 2022 for an initial fee of €45m (£37m). The Polish striker has banged in 71 goals in 106 matches for Barcelona since then to prove his worth to the team.

Spanish outlet Cadena SER reported the club had received an email during the transfer, which was claimed to be from the forward's agent Pini Zahavi.

The email is said to have instructed the club to pay a €1million (£830,000) agent's commission, before later making demands for two separate transfers of €250,000 (£208,000).

The €1m payment had been requested to have been paid into the bank account of a lawyer instead of Zahavi, with the email providing details of the account.

Barcelona are said to have paid the fee into a Bank of Cyprus account.

The sum was reported to have been frozen with the payment considered suspicious due to the newly opened account.

Barcelona reportedly came under pressure with another email sent urging them to lobby the bank to unfreeze the payment or risk being reported to football's governing body FIFA.

The bank account was ultimately closed after the bank contacted the club and the alleged scam had been exposed. 

Officials from Barcelona acknowledged to Cadena SER they had been deceived and the funds had been recovered.

Zahavi revealed to the same publication that Barcelona had contacted him one month after the transfer to ask whether he had received the payment.

The agent told the club he was unaware of the lawyer and that the email had not been from him.

Barcelona contacted Zahavi again after it was confirmed the email and bank account were unconnected to him.

Against the backdrop of the abysmal performance of Nigeria’s currency in the international market, financial analysts have indicated that the Naira is still facing more distortions that could further erode its value.

Meanwhile the local currency sustained the depreciation trend yesterday hitting  N1,710/$  in the parallel market, as against N1,690/$ the previous day.

The Naira also faced similar fate in the official market, depreciating to N1,660/$ from N1,659/$ the previous day.

A World Bank report earlier in the week had said that Naira is among the worst performing currencies in the world so far in 2024.

Commenting on the situation,  David Adonri, Analyst and Executive Chairman at Highcap Securities Limited, said: “The Naira has been battered severely by its persistent depreciation since last year following its floating.

“However, there is still a lot of distortion surrounding its value because CBN is still indirectly influencing it’s price thereby thwarting the market mechanism that ought to efficiently allocate the currency”.

Giving reasons for the woes of the local currency, Adonri stated further: “The precarious situation of the economy, huge fiscal deficit and excessive public borrowing together with dwindling forex income have battered the Naira”.

Making a recommendation for better performance, he said, “To strengthen the Naira, government must run austerity on its recurrent expenditures, balance it’s budget and mobilize the domestic factors of production to drastically cut down on imports.

“There is actually a correlation between the value of the Naira and the inflation rate. Galloping inflation has been eroding the value of the Naira.

“If government takes supply side of the economy seriously, inflation will be tackled”.

Also commenting, Tunde Abidoye, Head, Equity Research, FBNQest Securities, said that efforts to strengthen the Naira must start with increased crude oil production.

While agreeing with the assessment of the Naira by the World Bank as the worst performing currency globally, Abidoye highlighted measures that are needed to strengthen the Naira noting that the Cardoso led Central Bank of Nigeria, CBN, has done a lot to enhance the workings of the forex market, and ensure transparency.

He stated: “From my perspective, the things that need to be done are: In the near term – drive increased crude oil production. Oil production has to be taken up to maybe 1.8mbpd to 2mbpd;

“Medium term – increase exports of the non- oil products, and possibly try to start to develop the export of services”. 

Also stressing the need for increased oil production, Nnamdi Nwizu, Co-Founder, Comercio Partners, said: “We all know that the “Naira has struggled over the past year, with a 51% depreciation from $/N810 to $/N1,650. During that period, we have seen the CBN aggressively tighten the market liquidity, increasing Cash Reserve Ratio, CRR, to 50% and Monetary Policy Rate, MPR, to 27.25%, from 32.5% and 18.75% respectively.

“I however, believe that there is a limit to monetary policy and that we have reached it. The way forward in my view is working on the Fiscal policy. We need to increase our sources of foreign currency.

“Low hanging fruit would be to increase crude oil production and sell some assets. Longer term would be to restructure the economy to become an export driven economy, by increasing production output in the manufacturing sector.”

Free-floating led to dismal performance –  Ebo

Commenting on the poor state of the Naira compared to peers across Africa, Dr. Ayodeji Ebo, MD/Chief Business Officer, Optimus by Afrinvest, blamed the free float of the Naira for the adverse situation, saying that economic variables tied to the Naira currently makes it impossible to float the currency.

He stated: “The free-floating of the naira led to its dismal performance. Nigeria does not have the ability to float its currency given the several economic variables that are tied to the naira.

“A managed float is more appropriate where the CBN devalues intermittently. The current free-floating makes it difficult for businesses to plan, especially since the demand for the greenback keeps increasing.”

Commenting as well,  the national President of Oil and Gas Service providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, said: “The same World Bank that adviced Tinubu not to listen to Nigerians in hardship is also saying that Naira is among the worst performing currency in the world.

“The problems of Nigeria are not in the World Bank, it is right here in Nigeria. The only way to strengthen Naira is local production of what we eat and what we buy and what we export.

“But the preoccupation of this administration is buying of jet aircraft to fly all over the world. Then construction of Lagos-Calabar Coastal highways whereas what Calabar need is functional seaport.

“Until we move from consumption to production Naira will remain valueless and worst performing currency in the world.”

Have negative, positive effects  – ASBON

President, Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola, said that the Naira losing value has two opposite side effects – negative and positive.  

His words: “On one hand, most of our inputs – raw materials and machineries – are imported and paid for in dollars. With the devalued naira, all these become very expensive.  This erodes our working capital and also makes our products very expensive, as the burden is passed to the end consumers in our local market.  

“On the other hand, it makes our products very cheap, affordable and highly competitive in the international market. Thus, this has opened a wide access to export market and international trade for us, hereby enabling us to sell at a relatively cheap prices due to lower Naira value and in return, earning foreign exchange which becomes highly profitable when translated to Naira back home.”

Highlights ongoing economic challenges – NACCIMA

In his comment, President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, said: “The substantial depreciation of approximately 43% highlights the ongoing economic challenges, primarily driven by soaring demand for US dollars in the parallel market and inadequate dollar inflows. This instability has created a precarious situation for businesses, complicating import dependencies and increasing operational costs. Companies may struggle to maintain pricing stability, ultimately impacting consumer purchasing power and overall economic growth.

“CBN’s perceived lack of appreciation for its critical role in managing currency stability raises serious questions about its strategy and responsiveness to market dynamics. The slow disbursement of foreign exchange to currency exchange bureaus further exacerbated the situation, revealing a disconnect between policy implementation and the realities faced by businesses. 

“A more proactive and transparent approach from CBN is essential to restore confidence, ensure a fair economic environment, and safeguard the interests of Nigerian businesses in these challenging times.”

The Kenyan Senate has impeached Deputy President Rigathi Gachagua.

The legislators voted Thursday evening regardless of a plea from Gachagua’s lawyer, Paul Muite, to postpone the proceedings.

Muite said Gachagua was hospitalised after falling very sick hours before the vote was set to hold.

The senate speaker, Amason Kingi, stated that Gachagua had until 5pm local time to show up.

The lawmakers impeached the vice president after his health kept him away from the hearing.

The 59-year-old becomes the first deputy president to be impeached in Kenya’s history.

At least 53 senators voted to uphold the first charge.

Gachagua, who faced 11 charges, was impeached on five counts.

The charges include ground one of shareholding, ground four of undermining the independence of judges, ground five of the National Cohesion and Integrity Act 4, ground six of crimes under the National Cohesion Act, and ground nine of gross misconduct (public attacks on the national security intelligence service).

In June, Gachagua blamed the head of the intelligence agency for not properly briefing President William Ruto and the government over the magnitude of mass protests against unpopular tax hikes.

The vice president’s action was seen as an act of undermining the president.

In total, 281 MPs voted in favour of the ouster motion against 44. One MP abstained from voting.

The lawmaker representing Abia North Senatorial District, Orji Uzor Kalu, on Thursday, stated that he is qualified to be president in 2027, adding that he would contest if President Bola Tinubu did not contest for a second term.

Kalu made the comments on Thursday evening during an interview on Channels Television’s Politics Today. 

He said, “Let me tell you, first and foremost, I’m qualified to be a President, and I’m competent. We have already a candidate in our political party unless he is not running. If the party gives me the opportunity to fly their flag, it’s a privilege, it’s not something that will I like? It’s an opportunity given by the party. It’s not about me. My interest in 2027 is to come back, be a lawmaker, sit in the Senate and work in the Senate.”

Speaking of the hardship in Nigeria, Kalu said Nigeria was in a situation because the country had no economic processes and no organized economy, stating that he believed the government should cut down on expenses.

He added that President Tinubu was making efforts to restore the institutions, noting that he (President Tinubu) could be right or wrong in his decisions.

“The record is that there is a worldwide deflation all over the world. It is bad in Nigeria because we have no economic processes. We never had an economy since 60 years ago. There is no organized economy here. We have no light, we have nothing, and our stock exchange is just building up. The institutions that drive the economy are very weak, and this is what President Bola Tinubu is trying to rebuild to make sure the institutions are strong.

“Because if you continue with these handouts and a weak economy, you are not going to go on, somebody must make tough decisions. He might be right or wrong. He’s making tough decisions for the future. The question is the Nigerian people, are they hungry? The answer is yes. But our looks worse because we didn’t make decisions at all.

“People in government ought to maintain austerity measures, I believe they should. There should be more sewing our coat according to our size, scaling down on most things people in government do, scaling down on more gifts the government gives to other countries, scaling down on so many things”, the Senator said.

The National Chairperson of the New Nigeria People’s Party (NNPP), Ajuri Ahmed, has hinted at a potential coalition of major political parties to challenge President Bola Tinubu’s expected re-election bid in the 2027 elections.

President Tinubu is a member of the ruling All Progressives Congress (APC).

Ahmed made this statement in Akure, Ondo State, during the NNPP’s campaign flag-off for the state’s upcoming governorship election, scheduled for 16 November.

He revealed that discussions were ongoing to prevent the APC from retaining power beyond 2027.

He also warned political parties to be vigilant and resist attempts by the APC to sow discord within their ranks.

However, the NNPP chieftain did not disclose which other political parties were involved in the coalition talks.

Ahmed added that if the coalition discussions fail, the NNPP is prepared to go it alone.

“Our door is open for any coalition ahead of the 2027 election. And if it doesn’t work, our party is capable of standing on its own,” he stated.

Additionally, he expressed concern over the possibility of election manipulation by the APC in the upcoming governorship election in Ondo State, emphasizing the importance of NNPP supporters voting and safeguarding their votes.

“There is widespread fear that the ruling party may attempt to manipulate the election in their favor because they do not want strong opposition,” Mr. Ahmed said.

He stressed the need for credible party agents to protect the votes before, during, and after the election.

Presenting the party’s flag to NNPP’s governorship candidate, Olugbenga Edema, Ahmed urged opposition parties to prevent internal interference that could lead to disunity.

He emphasized that maintaining unity and integrity is crucial for opposition parties, warning that the ruling APC could turn Nigeria into a one-party state before the 2027 elections if opposition parties fail to stay united.

Commodities price jump 45.92% under Tinubu as small business owners lament downturn

The World Bank has released the Nigeria Development Update report, offering a bleak outlook on poverty in Nigeria, as it stated that over 129 million Nigerians now live below the national poverty line.

It released the report on Thursday in Abuja as Nigerians lamented the worsening hunger nationwide, and wondered when the country’s ballooning rate of inflation would slow down.

The global financial body’s report revealed that the over 129 million Nigerians who now live below the national poverty line represented a sharp rise from 40.1 per cent in 2018 to 56 per cent in 2024.

The World Bank report read, “With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 per cent to 56.0 per cent.

“Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.

“The COVID-19 pandemic compounded this drop in economic activity. Moreover, growth is failing to outpace inflation: large increases in prices across almost all goods have diminished purchasing power.”

It added, “Multiple shocks in a context of high economic insecurity have deepened and broadened poverty, with over 115 million Nigerians estimated to have been poor in 2023. Since 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty.”

The PUNCH observed that there was an increase from 115 million in 2023 to 129 million in 2024, which means that 14 million Nigerians have become poorer this year.

The Washington-based bank attributed this surge to inflation, poor economic management, and external shocks.

“Several shocks have contributed to this major increase and changing profile of the poor: the COVID-19 recession, natural disasters such as flooding, growing insecurity, the high cost of the demonetization policy in Q1 2023, high inflation, and low economic growth.

“Previous domestic policy missteps compounded the effects of the shocks, particularly rising inflation, eroding the purchasing power, especially of urban households, pushing many into poverty. The government is ramping up the cash transfer programs to support economically insecure households to help weather the crisis,” the report noted.

It further revealed that while poverty remained a rural phenomenon, urban poverty had grown significantly, with 31.3 per cent of urban dwellers now living in poverty, up from 18 per cent in 2018.

Bauchi gov kicks

However, Governor Bala Mohammed of Bauchi State and the World Bank expressed opposing views on the effectiveness of President Bola Tinubu’s economic reforms at the launch of the Nigeria Development Update report in Abuja.

Mohammed criticised the policies, saying they failed to deliver the expected economic relief.

But the World Bank countered that the reforms, although painful, were crucial for Nigeria’s long-term stability and growth.

The Bauchi governor further highlighted the financial difficulties faced by state governments, stating that revenue allocations were insufficient to meet critical needs.

He said, “We should go back to the basics. Nigerians are not enjoying the regime at this time across board, not only the Federal Government, including the state and local governments. Therefore, the onus rests on you, the finance and the managers of the economy.

“We need to come up with a budget programme with economic policies that will reduce hardship. The money that we are sharing is not enough. The report spoke about employment, wages, and how many per cent of Nigerians are even employed. Most of our people live in the informal sector; we should look at how we can make them self-employed.

“The purchasing power has dwindled, these policies are not working and you know that.”

He complained that inflation was eroding the value of funds distributed through the Federation Account Allocation Committee, leaving state governments struggling.

“With all humility, please review your policies, they’re not working. Even the growing FAAC allocation is not enough because inflation is eating it up and the purchasing power of the people is dwindling, we are all living with these people and I can tell you we are at risk of being lynched because of your policies,” the Bauchi governor said.

On the issue of minimum wage, Mohammed disclosed that Bauchi State was still paying the previous wage of N33,000 but has set up a committee to consider the new wage implementation.

He pointed out that while some states can afford N70,000, Bauchi is prioritising sustainability.

“Some states can afford N70,000, some cannot. We in Bauchi State are paying the old minimum wage religiously. We’re looking at paying the new minimum wage as soon as possible,” he said, adding that infrastructure development remained a challenge after meeting wage obligations.

In his presentation, Alex Sienaert, the World Bank’s lead economist for Nigeria, said Nigeria needed more productive jobs as more employment did not translate to reduced poverty.

He also said that the increase in minimum wage would only impact about four per cent of Nigerians.

He noted, “The Federal Government of Nigeria increased the minimum wage, which will affect only a small share of the population. Raising the minimum wage directly affects only 4.1 per cent of working age Nigerians.”

He further stressed the importance of creating productive jobs to tackle poverty, noting that employment alone is not enough unless the jobs are well-paying.

The new World Bank report also noted, “Being employed, however, is no guarantee of being able to escape poverty. Many jobs are not productive and therefore remunerative enough to afford a life beyond poverty.”

It added, “Jobs hold the key to sharing the proceeds of growth. Since Nigeria has a young and growing population, the jobs that can harness the country’s potential ‘demographic dividend’ are needed now.”

Sienaert also dismissed claims that the institution seeks to keep Nigeria economically dependent.

“I’m in this position of having been the lead economist at the World Bank here in Nigeria on economic policy issues for two years now, and I just want to tell you that I’ve not seen any conspiracy within the World Bank or otherwise to keep Nigeria down,” Sienaert said.

He added, “The World Bank is here to help, I’m here to help. Our whole team is here to help. We’re here to provide advice and low cost financing in support of Nigeria getting its own house in order for its own sake.”

He pointed out that Nigeria’s fiscal deficit had shrunk from 6.2 per cent of GDP in 2022 to 4.4 per cent in the first half of 2023, thanks to reforms such as the removal of FX and fuel subsidies.

Meanwhile, the World Bank Country Director for Nigeria, Dr Ndiame Diop, urged the Federal Government to sustain its reforms, warning that reversing them would be disastrous.

Diop cautioned that “reversing these reforms would be detrimental and would spell doom for Nigeria.”

He acknowledged that the reforms are difficult but essential to stabilise the economy.

Diop also noted that the World Bank is willing to offer Nigeria more loans as well as technical assistance in support of ongoing reforms.

Answering a question about whether the World Bank will keep providing loans to Nigeria, Diop said “Yes, we do have in the pipeline for this fiscal year several projects financed by the World Bank. These are government projects, implemented mostly by the states.”

He added, “Nigeria is a very important partner for the World Bank. We have been providing technical support, but also financing. But what is really important is that our financing comes with technical support and implementation support, and really making sure things go according to plan.”

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed optimism about the country’s economic trajectory.

Edun argued that Nigeria is “turning the corner,” crediting efforts by the Central Bank of Nigeria to stabilise monetary policy and manage exchange rates.

He said, “Nigeria is already turning the corner. When you look at the figures, what has been done in terms of monetary policy by the governor of the central bank, ably assisted, I may say, by the fiscal side, coping with those heightened interest rates, all in a bid to get the economy stable.”

He further disclosed that the government plans to stimulate job creation through a housing finance initiative that offers near-single-digit mortgage rates.

The minister said that the removal of the subsidy has helped ease the burden that subsidy puts on Nigeria’s Gross Domestic Product.

“The key thing here is that for the first time in 40 years, the vexed issue of fuel subsidy, and linked to it, the foreign exchange subsidy, costing five percent of GDP has gone,” Edun said.

The finance minister also emphasised the Federal Government’s commitment to maintaining its course.

He stated, “Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course, tackle inflation, and ensure we move in the right direction.”

In defence of the recent interest rate increase, CBN Governor Olayemi Cardoso explained that the hike was necessary to tackle inflation.

“Ours will be to continue orthodox monetary policy and use our tools to ensure that we can bring price stability to our economy,” Cardoso said, adding that the CBN has successfully increased foreign exchange inflows from $200 million to $600m.

He clarified that the exchange rate is driven by economic fundamentals, not determined by the central bank.

“The CBN doesn’t determine the exchange rate. The fundamentals do. We will provide policies to make sure the policies are there in the market,” he said.

“The confidence in the naira is gradually returning as a result of the policies that we are already undertaking, which goes back to the whole issue of Orthodox monetary policy, that is really what begins to encourage people to hold onto naira,” he added.

He also noted that although the bank will not continue any quasi-fiscal intervention, it plans to complete any pending or unfinished ones.

Experts react

Amal Hassan, CEO of Outsource Global Limited, called on the Federal Government to improve the investment climate.

“The government must de-risk the economy to make it easy for investors to come in,” she said.

Despite Nigeria’s negative global image, Hassan noted that international businesses remain attracted by the country’s pool of talent.

World Bank Senior Vice President and Chief Economist, Indermit Gill, wrapped up the discussion by calling on Nigeria’s economic units, including the monetary and fiscal, to collaborate more effectively.

He emphasised the need for unified efforts to drive economic reforms and growth.

Nigerians lament

Nigerians have lamented the increasing hardships in the country, characterised by rising inflation, soaring food prices, and increasing unemployment.

Many households affected by government policies are struggling to meet their basic needs, leading them to adopt unconventional means of survival.

This is as President Tinubu, who is on a two-weeks annual vacation, is expected to return to the country on October 21, a presidential source confirmed to The PUNCH on Thursday.

From cutting out dry-cleaning expenses to discontinuing lesson teachers to avoiding fumigation costs to video calling relatives rather than taking flights, Nigerian households are eliminating luxuries that create employment and opportunities for SMEs and economic stimulation.

Faced with soaring prices and dwindling resources, families are increasingly turning to creative solutions, such as bartering goods and services or engaging in informal economic activities, to make ends meet.

This situation is compounded by the president’s extended annual vacation leaving citizens feeling increasingly disconnected from the leadership during these difficult times.

Since Tinubu assumed office in May 2023, the average price of commodities in Nigeria has increased by 45.92 per cent to 32.70 per cent as the headline inflation rate in September 2024.

This rate is from 22.41 per cent recorded in May 2023, indicating a 10 percentage point increase.

The Inflation rate escalated for 13 consecutive months due to various factors, including the removal of fuel subsidy, which led to increased transportation and production costs, and the depreciation of the naira against major currencies.

A breakdown of the National Bureau of Statistics monthly inflation report showed that the average price of commodities moved from 22.41 per cent in May to 22.79 per cent in June. In July, the rate increased by 1.29 per cent to 24.08 inflation rate. August inflation was 25.80 per cent, September (26.72), October(27.33), November (28.20), December (28.92).

As of late 2023, inflation surged, driven by higher prices for food, energy, and essential goods.

By January 2024, the inflation rate increased further to 29.90 per cent, mainly on the cost of food items.

It was 31.70 per cent in February, 33.20 per cent in March, 33.69 per cent in April, 33.95 per cent inMay, and 34.19 per cent in June 2024 before it dropped to 33.40 per cent in July, 32.15 per cent in August and 32.70 per cent in September.

The Central Bank of Nigeria responded with interest rate hikes by 850 basis points to curb inflation, attempting to stabilise the economy and restore investor confidence.

These measures, while aimed at controlling inflation, have raised concerns about their impact on economic growth and the cost of borrowing for businesses and consumers.

Similarly, power and petrol costs have surged astronomically beyond the pocket of the Nigerians.

Despite promising to bring down the price of petrol during his campaign, Tinubu’s administration had repeatedly increased petrol price by about 488 per cent – from N175 in May 2023 to N1,030 in October 2024 –inflicting more pain on the already impoverished Nigerians.

Nigeria’s Gross Domestic Product experienced a year-on-year growth of 3.19 per cent in real terms during the second quarter of 2024. This growth hasn’t brought about any change in the life of the average person on the street.

The government’s economic policies and reforms are under scrutiny as citizens face the repercussions of rising living costs, which could influence public sentiment and political stability in the coming months.

“The pain is much and can’t be tolerated anymore. Nigerians are suffering. The government has to act fast before it gets out of hand,” a resident of Kubwa in Abuja, Adebayo Timothy, stated.