A high court sitting in Ikeja, Lagos State, on Tuesday ordered social media critic, Martins Vincent Otse AKA VeryDarkMan to delete defamatory videos on human rights lawyer, Femi Falana, SAN.

The court also ordered the critic to desist from making any comment about the Falanas again.

This comes after Falana revealed he is resisting the temptation to file a criminal complaint against VeryDarkMan for accusing him of allegedly facilitating pardon for cross-dresser Idris Okuneye, also known as Bobrisky.

DAILY POST recalls that VeryDarkMan, on September 24 2024, leaked a voice call recording of Bobrisky narrating how singer Falz contacted him during his six months jail term.

Responding to the allegations, the Falanas had filed a letter demanding a retraction of the statements and an apology from VeryDarkMan within 24 hours.

The Kwara State Police Command said that it would prosecute the three police officers found guilty of allegedly killing an ND II student of the Kwara State Polytechnic, Ilorin, Qoyum Abdulyekeen Ishola, in the court of competent jurisdiction.

The Kwara State Commissioner of Police, Mr Victor Olaiya, made this disclosure in a statement released by the Police Public Relations Officer, Ejire-Adeyemi Toun, on Monday night, saying the police authorities had dismissed the three officers found culpable in the student’s killing.

In the statement entitled, “Final Update on the case of Qoyum Abdulyekeen Ishola”, the police named the three dismissed officers as Inspector Abiodun Kayode, Inspector James Emmanuel and Sergeant Oni Philip.

“The Kwara State Police Command wishes to provide an important update regarding the investigation into the tragic incident involving the loss of Qoyum Abdulyekeen Ishola on September 14, 2024.

“After a thorough investigation and an internal disciplinary trial, the three officers involved –AP/No 233828 INSPR. Abiodun Kayode, AP/No 287410 INSPR. James Emmanuel, and F/No 497868 SGT. Oni Philip, have been found guilty of the following offences; 1. Leaving beat. 2. Corrupt practices.3. Unlawful or unnecessary exercise of authority.

“Consequently, they have been dismissed from the Nigeria Police Force, with effect from October 4, 2024. They will be arraigned in court soonest.”

The CP stressed that the decisive action highlighted the unwavering commitment of the Inspector General of Police, IGP Kayode Egbetokun, to uphold justice, professionalism, and accountability across the Nigeria Police Force.

“The Kwara State Police Command, led by Commissioner of Police, CP Victor Olaiya psc(+), extends its deepest condolences to the family, friends, and colleagues of Qoyum Abdulyekeen Ishola. We share in their grief and remain committed to providing them with support during this difficult period,” he stressed.

Ishola, a 21-year-old student of the Department of Electrical Electronics of Kwara State Polytechnic was allegedly murdered by the police during a stop and search operation at the Fate area of Ilorin on September 4, 2024.

Following the tragic death, students of the polytechnic embarked on a protest at the headquarters of the state police command and the Government House demanding justice for the student.

The Student Union Government of the Kwara State Polytechnic demanded an open investigation from the Nigeria Police Force to uncover the killer of the late student.

The police, in the statement, also said, “We urge the public to always exercise patience and trust in the legal process, as we remain dedicated to maintaining law and order within Kwara State. The command appreciates the cooperation of all citizens and assures them that justice has been served.

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

The first assignment performed by President Bola Tinubu when he assumed office on May 29, 2023, was the removal of the petrol subsidy. Immediately after he took the oath of office, Tinubu, like a man in a hurry, quickly announced, “The fuel subsidy is gone.”

Immediately after the pronouncement, the country’s economic situation took a downward dive, changing for the worse. Filling stations, including the ones owned by the Nigerian National Petroleum Company Limited, raised the pump price of petrol to above N500 per litre. Some Nigerians, who had hoped that the new administration would turn around the situation positively began to feel uneasy; though they were persuaded by the President, who stated that there would be gain after pain.

Remarkably, Tinubu hiked the fuel price without recourse to the promise he made in Abeokuta during his campaign that he would bring down the price of petrol.

While campaigning, Tinubu and the other major contestants vowed to remove fuel subsidies if elected into office. However, when he was in Abeokuta in Ogun State, the then-candidate of the All Progressives Congress appeared to have backtracked when he promised to bring down fuel prices. The former Lagos State Governor had accused the Muhammadu Buhari administration of causing artificial fuel scarcity to make him lose the election.

Addressing APC supporters in Yoruba, Tinubu said, “Won ni epo ma won, o ma di N200, o ma di N500. E lo fokanbale, a maa gbe wale” meaning“They said there would be a fuel price hike; that it will rise to N200, to N500. Put your mind at rest; we will bring it down.”

This elicited jubilations from the crowd who saw the Lagos politician as a messiah. However, the reverse has been the case since he’s been at the helm of affairs in the last 16 months.

To the average Nigerian, petrol means more than what it is in other countries. The country’s economy depends almost solely on fuel. Both the rich and the poor need petrol for one activity or the other, it may be for vehicles or to run engines used for commercial services.

Also, in a country where over 85 million people have no access to electricity, petrol has always been the hope of the people, both the rich and the poor alike, to avoid darkness. Nigeria is also one of the largest markets for power generators in the world.

With the rising cost of petrol, access to electricity has been reduced, especially in rural communities.

Similarly, those who don’t have reasons to buy petrol feel the impact of the price hike whenever they try to use public transport because commercial drivers have jerked up the cost of transportation. With the high cost of transportation, the prices of items in the markets have continued to rise daily.

The masses’ problem was compounded about two weeks after Tinubu’s inauguration when he also floated the naira.

In June, the Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies.

Following this development, the naira depreciated from around N400 per dollar to over N700/dollar during trading on the I&E window on June 14, 2023. Today, the naira has further lost its value, trading at over N1,600 as of Wednesday.

This means the price of petrol would continue to rise because the product is priced in dollars.

When the President devalued the exchange rate, the cost of petrol rose again. However, the NNPC quickly introduced subsidy payment through the back door. While the landing cost of petrol was around N1,200, the NNPC sold at half the price based on the promise of the Federal Government to pay the shortfall or what was tagged “under-recovery.”

For close to a year, the NNPC sold the product at about N600/litre. The oil firm kept denying claims that it was paying subsidies.

Recently, however, the energy firm admitted to selling below the cost price.

The Chief Financial Officer of the company, Umar Ajiya, stated, “In the last eight to nine years, NNPC has not paid anybody a dime as subsidy; no one has been paid a kobo by NNPC in the name of subsidy. No marketer has received any money from us by way of subsidy.

“What has been happening is that we have been importing PMS, which has been landing at a specific cost price, and the government tells us to sell it at half price. So, the difference between the landing price and that half price is a shortfall.

“And the deal is between the federation and NNPC to reconcile. Sometimes, they give us money, so there is no money exchanging hands with any marketer in the name of subsidy,” he said.

Following reports that the NNPC was indebted to a number of its PMS importers, the company hastily denied it, telling The PUNCH that there was nothing like that.

“NNPC Ltd does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, so it is normal to have outstanding amounts at certain times,” the company’s spokesperson, Olufemi Soneye, stated.

A few weeks later, the national oil company admitted that it owed its suppliers. It stated this when there seemed to be no way out of the lingering fuel queues in filling stations.

“NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the company and it poses a threat to the sustainability of fuel supply,” Soneye said in another statement in September.

Immediately after Soneye’s comment, NNPC raised the PMS pump price from N600 to N855/litre or more, depending on the location. This significant hike coincided with the unveiling of the Dangote refinery’s PMS, fuelling concerns about what the future held for Nigerians, with hopes that the private refinery would crash the price of the product.

As the NNPC started lifting PMS from the refinery in September, it announced another price increase. Soneye hinted that a litre of the product was purchased at the rate of N898. It also announced that it would sell petrol between N950 and N1,119.

Soneye explained that the price might go for as high as N1,019/litre in Borno State and N999.22 in Abuja, Sokoto, Kano, and others.

In Oyo, Rivers and other areas in the South, it would be N960/litre and N950 in Lagos and its environs. Since the announcement, the NNPC retained the price of petrol below N900.

However, without direct communication, the state-owned company increased the price to N1,030 on Wednesday, throwing the masses into confusion.

There were reports that the NNPC was planning to quit as the sole off-taker of Dangote PMS to allow marketers to buy directly from the refinery.

At the moment, the two parties are not talking to Nigerians. The technical committee set up to organise the naira-crude sale to local refineries is also not communicating, even as long queues resurfaced in filling stations across the country.

Public outcry

Since the Tinubu government came on board, there has been one outcry or the other from the masses. On several occasions, labour unions and youths took to the streets to protest economic hardships.

In August and October, Nigerian youths staged protests demanding an end to bad governance. One of their demands is that the President should return fuel subsidies to reduce economic challenges.

Following the latest hike, the Nigeria Labour Congress and the Organised Private Sector called for the immediate reversal of the hike in petrol prices, accusing the government of only focusing on fuel price increments.

The NLC, in a statement signed by its president, Joe Ajaero, described the decision of the NNPCL as an aberration.

Ajaero stated, “Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic holism and palliative policy.

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities.

“It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects. In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer.”

Meanwhile, experts have blamed the devaluation of the naira for the high price of petrol. To some, the President should not have floated the naira at the same time it removed fuel subsidies.

In an interview, the spokesperson of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, advised the government to sell crude to local refineries at N1,000 to a dollar.

In conclusion, Tinubu’s administration has reneged on its promise to bring down petrol prices, instead implementing a series of crippling hikes that have plunged Nigerians into deeper economic hardship. The removal of fuel subsidies and the floating of the naira has created a perfect storm, resulting in skyrocketing prices and widespread suffering.

The data is stark: Petrol prices have risen by 488 per cent in just over a year from N175 to N1,030. The naira has lost significant value, trading at over N1,600 to the dollar. Nigerians are bearing the brunt, with increased transportation costs, higher market prices, and reduced access to electricity.

The government must take responsibility for its policies and engage with stakeholders to find sustainable solutions. It is believed that reversing the price hike, exploring alternative energy sources, and supporting local refineries could alleviate the crisis.

As Nigerians continue to struggle, one thing is clear: the President’s broken promise has become a harsh reality, and the nation demands accountability and urgent action.

Inspector General of Police (IGP), Kayode Egbetokun has clarified the decision to withdraw police officers from local government headquarters in Rivers State, following the recent election of new local government chairmen.

According to Egbetokun, once the elections concluded, the police no longer found it necessary to maintain their presence at local government secretariats.

Naija News recalls that after the newly elected Chairmen were sworn in and directed to resume duties at the Secretariats, suspected thugs launched attacks, setting some local government buildings on fire and causing extensive damage to government property.

The IGP’s comments came during a Tuesday meeting with Police Strategic Commanders in Abuja.

He elaborated on the legal challenges the police faced in their role in the Rivers State elections. “We acted very professionally and followed legal and democratic tenets,” he said, explaining that contradictory court orders had placed the police in a complex position.

Egbetokun noted that multiple court rulings—one in Abuja advising against police involvement in the election, a subsequent order in Rivers supporting police participation, and finally, another Federal High Court directive barring police engagement—complicated matters.

After consulting the legal department, the IGP followed the advice to honor the Federal High Court’s ruling to remain uninvolved in the elections.

IGP Egbetokun said, “We were not supposed to have any issues in Rivers. The issues were avoidable. We acted very professionally and followed legal and democratic tenets.

“We were preparing for the LG elections in Rivers State when a high court in Abuja said Police should not take part in the election. A high court in Rivers said the Police should perform its constitutional role. Another court, this time, a Federal High Court again came up with an order barring the Police from taking part in the election.

“As IGP I sent the 3 different court orders to our Legal department because we have very sound lawyers including a Senior Advocate of Nigeria for advice. The advice was that we should go with Federal High Court order and stay off.

“Because all our operations are guided by the rule of law. I wrote the governor intimating him of this decision to stay off the election and that Policemen would not be involved.

“Before then we had intelligence that some persons were planning to attack and burn down the SIEC. So the next day, policemen were deployed to the Rivers State Electoral Commission (River SIEC) to protect the commission.

“The next day, the governor came out making all sorts of allegations including saying that Police were there to tamper with election materials which was unexpected.

“After the election of the LG chairmen, if we had remained and continued to seal the LGs, we would have been accused of taking sides. That is why we withdrew our men from the secretariat.

“However following the outbreak of violence, and Mr President directed that we restore order, we went back and did so. So the police only obeyed court orders in its action.“

The Martin Amaewhule-led Rivers State House of Assembly and the faction loyal to Governor Siminalayi Fubara have initiated a fresh round of crisis in the state.

On Tuesday, the Amaewhule faction declared the seats of four of their colleagues loyal to Fubara vacant.

The Appeal Court in Abuja recently granted legality to the Amaewhule leadership of the Assembly.

In its reaction, the Victor Oko-Jumbo-led pro-Fubara lawmakers insisted Amaewhule and his group had ceased to be lawmakers in the state.

The group called on the Independent National Electoral Commission to conduct a by-election to fill the vacant seats.

The new power play followed the battle for the political control of the state between Fubara and the immediate-past governor of the state and the Minister of the Federal Capital Territory, Nyesom Wike.

Those whose seats were declared vacant by the lawmakers loyal to Wike were  Edison Ehie, who is now the Chief of Staff to the Governor and three others, citing their absence from sittings for 56 days.

Amaewhule, who stated this while presiding over plenary in Port Harcourt on Tuesday, said Ehie did not properly write to inform the House of his new office, and as such, his seat had been declared vacant.

The resolution of the House followed a motion by its leader, Major Jack.

In a statement issued in Port Harcourt on Tuesday by the Special Assistant on Media to the Speaker,  Martins Wachukwu, the assembly declared the seats of the three lawmakers vacant for absenteeism.

The statement read, “In compliance with the combined provisions Section of 109 (1)(e),(f) and Section 109 (2) of the 1999 Constitution as altered, the Rivers State House of Assembly, on Tuesday, at its 56th Legislative Sitting of the Second Session, declared vacant the seats of Hon Edison Ogerenye Ehie, Hon Victor Oko Jombo, Hon Adolphus Timothy Oruibienimigha and Hon Sokari Goodboy Sokari, representing Ahoada East II, Bonny, Opobo/Nkoro and Ahoada West Constituency respectively.

“Riding on the back of a motion moved by the House Leader, Hon Major Jack and co-sponsored by 25 other members, that the seats of these four members be declared vacant for their continued refusal or failure to attend and participate in legislative meetings of the House, without just cause for a period amounting in aggregate, to more than one-third of the total number of days the House met in the first session of the Tenth Assembly and for also being absent in the past 56 legislative sittings of the Second Session.”

Commenting on the motion, Amaewhule recalled that after the peace parley that was held at the instance of President Bola Tinubu, the House withdrew its impeachment notice on the governor and also recalled the four suspended members, yet they had obstinately refused to attend sittings of the House.

When the Speaker put the question, the House voted in the affirmative that the seats of the four members be declared vacant and the Independent National Electoral Commission be notified to conduct elections to fill the vacancies.

Amaewhule said that given the fact the Court of Appeal upheld all the injunctive orders given by the Federal High Court, the governor should present the 2024 Appropriation Bill to the House again.

However, the Oko-Jumbo-led faction of the assembly insisted that the legislative seats of Amaewhule and 24 others remained vacant following their defection from the Peoples Democratic Party to the All Progressives Congress.

It said the vacant seats must be filled through a bye-election conducted by the Independent National Electoral Commission.

The Assembly, in a statement signed by its Speaker, Oko-Jumbo, in Port Harcourt, said the 25 legislative seats were declared vacant on December 13, 2024, by the then legitimately recognised Speaker, Ehie, and regretted that the INEC had been foot-dragging on the conduct of bye-election to fill the vacant seats.

He said that the inability of INEC to do the needful since December 13, 2023, created room for unnecessary distractions from Amaewhule and his committee of friends.

Oko-Jumbo then called on the commission to discharge its constitutional responsibilities to the people of the State.

“Please, recall that on the 11th day of December, 2023, Martin Chike Amaewhule and 24 others defected from the Peoples Democratic Party that sponsored their election into the Rivers State House of Assembly to the All Progressives Congress. Their defection was headline news and widely reported in print and electronic media.

“On the 13th day of December 2023, the defection by Martin Chike Amaewhule and 26 others was further cemented in an affidavit deposed to by Martin Chike Amaewhule, when in Suit No. FHC/ABJ/CS/1681/2023, Martin Chike Amaewhule & 26 Ors v. INEC & 5 Ors. in paragraphs 15 thereof, he deposed as follows:‘That faced with the state of uncertainty and confusion in the 2nd defendant (Peoples Democratic Party) caused by division in the political party, the plaintiffs were forced by the state of affairs within the second defendant to defect and join the All Progressives Congress.

“On the 13th day of December, 2023, Rt. Hon Edison Ogerenye Ehie, as then Speaker, declared the seats of Martin Chike Amaewhule and 24 others in the Rivers State House of Assembly vacant and called on the Independent National Electoral Commission to conduct a bye-election to fill their vacant legislative seats. This has not been challenged and set aside by any court of law.

“Subsequently, I was elected as the Speaker of the Rivers State House of Assembly. Myself and the Members of the Rivers State House of Assembly have been piloting the affairs of the Rivers State House of Assembly, including passing resolutions and screening various eminent persons as commissioner-nominees and recommending them to His Excellency, the Governor of Rivers State, to be appointed and sworn in as commissioners, among others.

“Truth and facts are constant, sacrosanct and indelible. The fact of the defection by Martin Chike Amaewhule and 24 Ors cannot be erased by pretenders like Martin Chike Amaewhule and his committee of friends.

“Today, the 15th day of October 2024, Martin Chike Amaewhule & 24 Ors who ceased to be members of the Rivers State House of Assembly, on December 11, 2023, purportedly declared vacant the legislative seats of Rt. Hon Victor Oko-Jumbo and others as members of the Rivers State House of Assembly. They have no such powers. This is an exercise in futility. It is a joke taken too far.

“As the Rt. Honourable Speaker of the Rivers State House of Assembly, I call on INEC to immediately conduct a bye-election to fill the legislative seats declared vacant on December 13, 2023.

“I also call on Nigerians and the good people of Rivers State in particular to ignore the vituperations and ranting of Martin Chike Amaewhule and his committee of friends.

“They are not members of the Rivers State House of Assembly not to talk of having the powers to declare vacant the legislative seats of legitimate Assembly members, who have remained steadfast and did not defect like them,” he added.

Pastor Shyngle Wigwe, the father of the late Chief Executive Officer of Access Holdings, Herbert Wigwe, has dismissed claims of family dispute over his late son’s property.

Naija News understands that a report online alleged that Wigwe’s parents filed a caveat at the Probate Registry, seeking to challenge the distribution of the late CEO’s estate as outlined in his will.

The caveat was reportedly filed under the direction of Pastor Shyngle, and supported by an affidavit from Christian Chukwuka Wigwe, who claims to be Herbert’s cousin.

This legal manoeuvre was directed at altering the directives set forth by the deceased regarding the administration of his estate.

The report also added that the father allegedly requested that 20 per cent of Herbert’s estate be allotted to him and other family members, a desire that contradicts Herbert’s will.

However, Pastor Shyngle, in a statement signed by one Emeka Wigwe for the family on Tuesday, refuted the claims, stressing that at no point had he or any member of the family requested 20 per cent of the estate of his late son.

The father further urged the platform to correct the inaccuracies in the report and to exercise greater diligence in fact-checking future stories.

He added that the family remains united, focusing on healing and growing stronger together.

The statement read, “We, the family of Pastor Shyngle Wigwe, wish to address a recent article titled ‘Family Dispute Erupts Over Estate of Late Banking Executive Herbert Wigwe’ published on October 13, 2024.

“This article has unfortunately spread widely across social and national media. While we recognize the role of the press in sharing news, it is vital that such reports are based on truth and accuracy.

“To clarify, at no point has Pastor Shyngle Wigwe requested 20 per cent of the estate of the late Herbert Wigwe. Neither has there been any such request by other family members. The article’s claim that this demand contradicts Herbert’s will is entirely false and misleading. The facts regarding the estate are already publicly available in the Probate Registry, where an affidavit clearly outlines the correct details. A simple search by your reporters would have revealed this truth.

“During this painful time of grief, our family remains united, focusing on healing and growing stronger together. We have no intention of engaging in a public defense because there are no sides to take. The only truth is that we are navigating this immense loss and will continue to do so with dignity.

“Herbert Wigwe’s legacy as a visionary banker and entrepreneur is what should be remembered. He transformed Access Bank into a national leader and devoted himself to empowering others through initiatives like The HOW Foundation, which focused on education and healthcare. These are the values that define his life and should be the focus, rather than unfounded speculation.”

Nigeria’s headline inflation rate for September 2024 rose to 32.70 per cent after slowing consecutively in the previous two months of July and August.

This was according to the latest Consumer Price Index report from the National Bureau of Statistics.

The World Bank projected that Nigeria would experience a further rise in inflation rates in September 2024, largely driven by a significant hike in the price of petrol.

The latest inflation figure is a marginal increase of 0.55 per cent from the August 2024 figure of 32.15 per cent, reflecting ongoing price pressures across the country. 

Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.

The report read, “In September 2024, the Headline inflation rate was 32.70 per cet relative to the August 2024 headline inflation rate of 32.15 per cent. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55 per cent compared to the August 2024 Headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.98 per cent points higher compared to the rate recorded in September 2023 (26.72 per cent). This shows that the Headline inflation rate (year-on-year basis) increased in September 2024 when compared to the same month in the preceding year (i.e., September 2023).

“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52 per cent, which was 0.30 per cent higher than the rate recorded in August 2024 (2.22 per cent). This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”

The World Bank, in its Africa’s Pulse report released on Monday, projected that Nigeria would experience a further rise in inflation rates in September 2024, largely driven by a significant hike in gasoline prices.

The report noted that the government’s decision to implement market-based pricing, which initially tripled gasoline prices in May 2023, led to an additional 40-45 per cent rise in fuel costs in September 2024.

This development is expected to exacerbate inflationary pressures, with transportation and production costs rising sharply, leading to higher prices for goods and services across the country.

This rise in inflation follows a trend that began in June 2024, when headline inflation peaked, influenced heavily by increases in fuel prices and the subsequent rise in transportation and production costs.

The higher cost of fuel has had a ripple effect on various sectors, pushing up the prices of goods and services across the country.

The report read, “While the inflationary effects of a weakened naira in the first months of this year and the removal of the gasoline subsidy in the second half of 2023 appeared to be gradually subsiding, a further increase in gasoline prices by 40-45 percent in September may reverse the disinflationary trend. The consolidation of macroeconomic reforms should support higher growth in the country in 2025.”

The NBS report also noted that food prices remain a key driver of inflation, with the food inflation rate climbing to 37.77 per cent in September 2024, a notable rise of 7.13 per cent from the 30.64 per cent recorded in the same period last year.

The increase in food inflation is largely attributed to rising prices of staples such as rice, maize, beans, and yams. Month-on-month, the food inflation rate also increased to 2.64 per cent in September 2024, up from 2.37 per cent in August.

Inflation is more pronounced in urban areas than rural regions, with urban inflation rising to 35.13 per cent in September 2024, up from 28.68 per cent in the previous year. In rural areas, the inflation rate reached 30.49 per cent, compared to 24.94 per cent in September 2023. Month-on-month, urban inflation stood at 2.67 per cent, while rural inflation was recorded at 2.39 per cent.

Among the states, Bauchi recorded the highest year-on-year inflation rate at 44.83 per cent, followed by Sokoto (38.74 per cent) and Jigawa (38.39 per cent). Conversely, Delta (26.35 per cent), Benue (26.90 per cent), and Katsina (27.71 per cent) experienced the slowest inflation rise. On a month-on-month basis, Sokoto saw the sharpest increase at 4.63 per cent, with Taraba (4.07 per cent) and Anambra (3.74 per cent) also showing significant rises.

Core inflation, which excludes volatile agricultural products and energy prices, rose to 27.43 per cent in September 2024, a 5.59 per cent increase compared to the 21.84 per cent recorded in September 2023. Significant price increases were observed in housing rentals, transport, and medical services.

The rise in inflation occurred after a consecutive drop, which was triggered by a decrease in food prices following the harvest period in Nigeria.

The Monetary Policy Committee of the Central Bank of Nigeria last month voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent.

This new rate, a move that stunned the financial markets, was an increase of 50 basis points from 26.75 per cent announced by the apex bank in July 2024.

Financial experts had expected that the CBN would either hold or lower interest rates following two consecutive months of declining headline inflation.

According to the CBN, the decision to raise interest rates was premised on recent events in the economy regarding inflation and the stability of the foreign exchange market.

The CBN Governor, Yemi Cardoso, mentioned the threats of food inflation, flooding in many parts of the country, and rising petrol and energy prices as reasons why further monetary policy tightening should be executed.

Some market analysts earlier said that factors such as the depreciation of the naira and the fuel prices would likely see inflationary trends re-emerge.

The Managing Director of Cowry Asset Management Limited, Johnson Chukwu, during the firm’s recent Third Quarter Webinar Series, expressed concerns that there may be a re-emergence of the inflationary trend due to rising fuel prices, which impacts the services of goods and services.

Chukwu added that the effectiveness of the CBN’s tight monetary policy in curbing inflation remains uncertain, particularly in light of structural challenges such as inadequate infrastructure, high fuel costs, unreliable power supply, and logistical bottlenecks.

Commenting on the inflation figure on Tuesday, Dr Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, expressed concerns over Nigeria’s resurgence of inflationary pressures, particularly after months of relative respite.

He said, “It is troubling that we are witnessing a resurgence of high inflationary pressures after some few months of respite despite policy measures to tame inflation, especially on the monetary side. Purchasing power had continued to plunge over the past few months. The situation had been further exacerbated by the surging petrol price.”

He attributed the increase in inflation to factors such as the rising cost of petrol, depreciation of the naira, and surging transportation and logistics costs.

He noted, “the reality is that the dynamics driving inflation are yet to be effectively subdued. These factors include the depreciating exchange rate, surging fuel price, rising transportation costs, logistics and supply chain challenges, high energy cost, climate change including resultant incidents of flooding,  insecurity in farming communities and structural bottlenecks to production.

“These are largely supply-side issues. There is also the factor of seasonality of agricultural outputs which activates seasonal price surge in some food crops. Elevated inflationary pressures escalate production costs, weakens profitability, and dampens investors’ confidence.”

Yusuf urged the government to provide concessionary import duties for industrialists and prioritise the resolution of critical issues like power supply, logistics, and foreign exchange.

Also, he highlighted the importance of sub-national governments in addressing food inflation by improving rural infrastructure to ease transportation and access to markets.

He concluded by expressing hope that the proposed economic stabilisation measures currently before the National Assembly could provide much-needed fiscal relief.

However, he warned that without concerted efforts to tackle these fundamental challenges, taming inflation would remain difficult.

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has denied reports that the federal government plans to impose more tax or increase the amount of tax paid by Nigerians.

Adedeji made the denial on Tuesday when he appeared before the Senate Committee on Finance, chaired by Senator Mohammed Sani Musa.

According to the FIRS boss, the tax reform bills sent to the National Assembly by the government of President Bola Tinubu are not intended to introduce new taxes or increase existing ones but to harmonize them.

“There won’t be additional taxes. The tax reform bills will not and are not intended to introduce new taxes or increase the existing taxes. It’s just to harmonise them,” Adedeji said.

Briefing newsmen after the meeting, Senator Musa also confirmed the tax reform proposals are not targeted at increasing individual or company taxes.

He, however stressed the need for the FIRS to embark on sensitization of Nigerians on the intentions of the tax reform bills.

“The chairman of FIRS has mentioned to us that no any increment in taxes on anyone, not only individuals but companies. That, we agreed.

“I think what they want to do is to strengthen the revenue base of the country and simplify the administration of taxes. There is the need for FIRS to embark on serious sensitisation on these bills. As far as we are concerned, we are representing Nigerians and we will do what Nigerians desire us to do on these bills,” the Niger Senator said.

Naija News reports President Tinubu had transmitted four bills to the two chambers of the National Assembly aimed at giving legislative frameworks to some proposals of the Presidential Fiscal Policy and Tax Reforms Committee headed by Taiwo Oyedele.

One of the bills titled, “The Nigeria Revenue Service (Establishment) Bill, 2024, is seeking the National Assembly’s approval to change the name, Federal Inland Revenue Service (FIRS) to Nigeria Revenue Service (NRS).

The naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.

This is according to the latest edition of Africa’s Pulse, a new report by the World Bank.

As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.

The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.

The World Bank’s report further highlights that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.

It noted, “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.

“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira.” 

This situation has persisted despite some foreign exchange market reforms introduced by the Nigerian government, including the liberalization of the official exchange rate that began in June 2023.

However, these efforts have so far been insufficient to stabilize the currency.

The naira’s struggle reflects broader economic challenges in Nigeria, including limited foreign currency reserves and ongoing inflationary pressures.

The report also notes that the naira’s depreciation has contributed to higher domestic prices, particularly for imported goods, compounding the difficulties for Nigerian consumers.

In contrast, some African currencies that faced challenges in 2023, such as the Kenyan shilling and South African rand, have shown signs of recovery this year.

The Kenyan shilling, for instance, strengthened by 21 per cent year-to-date by the end of August 2024, marking it as one of the region’s top performers.

Despite this, foreign exchange shortages and exchange rate pressures remain a significant concern for many African economies.

The PUNCH, however, observed that the naira appreciated by 5.69 per cent against the dollar on Monday, according to data from the FMDQ Exchange.

The exchange rate improved from N1,641.27/$1 on Friday, October 11 to N1,552.92/$1 on Monday, October 14.

Despite the naira’s recovery, foreign exchange turnover plummeted by 44.27 per cent, falling from $616.73m to $343.71m over the same period.

In its report, the World Bank offers a cautious outlook for Nigeria’s economic growth, projecting that its Gross Domestic Product will expand by 3.3 per cent in 2024 and slightly accelerate to 3.6 per cent in 2025-2026.

The report read: “Economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results. Inflation peaked in June 2024 (at 34.2 per cent year-on-year) and decelerated to 33.4 per cent in July and further to 32.2 per cent in August.”

It also noted that following the Nigerian government’s decision to remove fuel subsidies in mid-2023, gasoline prices surged dramatically, causing a ripple effect on inflation across the country. The report notes that this policy change, which saw gasoline prices triple initially, further increased by an additional 40-45 per cent in September 2024, driving up transportation and logistics costs for businesses and consumers alike.

In July 2024, inflation reached 34.2%, and although it showed signs of easing in August, the recent hike in gasoline prices is expected to reverse this trend and potentially push inflation higher in the coming months.

Veteran Nollywood actress, Bimbo Akintola, has revealed why she is unmarried at 54.

Speaking in a recent interview with her colleague, Emmanuel Ehumadu, the thespian disclosed that she is still single because her soul mate died.

According to her, her deceased lover was the person she could do forever with.

See their conversation below.

Host: “Are you married?”

Akintola: “No.”

Host: “Why?”

Akintola: “He died…The person wey me fit do forever for don die.”

Host: “So, you don’t think you can find another man?”

Akintola: “Do you know how long it took me to find him?”

She said she won’t allow herself to be pressured into getting married just to please people.

The actress, however, clarified that she believes in the concept of marriage but hasn’t found the right man to settle with since losing her soul mate.