
FEATURES
The President of the Dangote Group, Alhaji Aliko Dangote is now the 86th richest man in the world as his wealth rose to $23.9bn.
This is coming a year after the $20bn Dangote Petroleum Refinery commenced operations in Lagos.
According to Forbes on Tuesday, which ranks the Nigerian entrepreneur as the wealthiest person in Africa, Dangote rose from 144th position in 2024 to become the 86th richest man in the world as his wealth increased from $13.4bn to $23.9bn.
Forbes estimated Dangote’s net worth at $23.9bn, primarily due to his 92.3 per cent stake in the Dangote refinery.
The 67-year-old businessman is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.
This places him significantly ahead of South Africa’s Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4bn, and Nigeria’s Mike Adenuga, who is the second richest in Nigeria and 481 in the world, with a net worth of $6.8bn.
Dangote disrupted the government’s oil monopoly by constructing the largest petroleum refinery in Africa, facing serious challenges from those he called the oil mafia.
The 650,000-capacity Dangote refinery is the seventh-largest refinery in the world and the largest in Africa. Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tonnes of urea, making it Africa’s largest fertiliser producer.
The refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria.
“I want to provide a blueprint for industrialisation across Africa. We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment,” he told Forbes in an interview.
Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly. “It was the biggest risk of my life. If this didn’t work, I was dead,” he added.
The Director of the Africa Programme at the Carnegie Endowment for International Peace, Zainab Usman, according to Forbes, said Nigerians see Dangote as a hero and a real industrialist transforming the country.
“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.
Financial and economic analysts expect the Monetary Policy Committee of the Central Bank of Nigeria to reduce the benchmark interest rates following the drop in the inflation rate released by the National Bureau of Statistics on Tuesday.
The experts also called for a rejig of the country’s economic policies to meet the masses’ yearnings, stressing that though the new inflation rate is lower than the previous figure, the prices of commodities are still very high.
The NBS on Tuesday declared that Nigeria’s headline inflation dropped to 24.48 per cent in January 2025 following the rebasing of the Consumer Price Index. This represents a significant decline from the 34.80 per cent recorded in December 2024.
The Statistician-General of the Federation, Prince Adeyemi Adeniran, disclosed this at the unveiling of the rebased CPI report in Abuja.
He said, “The All-Items Index, which is used to measure headline inflation for January 2025, was 110.7, resulting in a headline inflation rate of 24.48 per cent on a year-on-year basis. This increase was mainly driven by Food and Non-Alcoholic Beverages, Restaurants and Accommodation Services and Transport.”
He explained that the rebasing exercise was necessary to ensure a more accurate reflection of inflationary pressures in the country.
Adeniran said the CPI rebasing involved shifting the base year from 2009 to 2024 to better capture changes in consumption patterns, pricing, and household expenditures.
He noted that Nigeria had not rebased its CPI in over a decade, even though the exercise is typically conducted every five years to reflect economic realities.
With the rebasing, the methodology for computing inflation has been refined, including the adoption of the Classification of Individual Consumption According to Purpose 2018 version, which improves the categorisation of household expenses.
The Statistician-General also highlighted the exclusion of own-production, imputed rents, and gifted items from the inflation calculations to ensure the CPI only measures actual monetary expenditures.
Food inflation for January 2025 stood at 26.08 per cent year-on-year, showing a notable decline from 39.84 per cent in December 2024. Adeniran attributed the inflationary trend to food, beverages, clothing, and footwear, which were the major contributors to price movements during the period.
Further analysis by the NBS showed that Urban Inflation was 26.09 per cent, while Rural Inflation stood at 22.15 per cent. Core Inflation, which excludes farm produce and energy, was 22.59 per cent in January 2025.
The rebased CPI also introduced new special indices to enhance inflation tracking, including a Farm Produce Index of 10.50 per cent, Energy Index of 8.9 per cent, Services Index of 10.41 per cent, Goods Index of 10.79 per cent, and Imported Food Index of 11.47 per cent.
Adeniran said the rebasing exercise involved consultations with key stakeholders, including the Central Bank of Nigeria, International Monetary Fund, World Bank, United Nations Economic Commission for Africa, BudgiT, and the Nigerian Economic Summit Group.
The Statistician-General urged journalists and analysts to report the rebasing results accurately to avoid misinterpretation, emphasising that the changes were not a manipulation of inflation figures but an effort to present a more realistic measure of price levels.
Adeniran assured that the new CPI methodology would improve the credibility of Nigeria’s inflation data, making it more reflective of current economic conditions and aligned with global best practices.
MPR should drop
Reacting to the rebased CPI by the bureau, analysts said they would be expecting the Monetary Policy Committee of the Central Bank of Nigeria to consider a dip in the Monetary Policy Rate (benchmark interest rates).
Speaking on the development, Professor of Capital Market at the Nasarawa State University, Keffi, Uche Uwaleke, welcomed the rebasing on the country’s inflation rate but expressed hope that it would affect the interest rates.
He said, “The rebasing exercise is primarily meant to reflect current inflationary pressure which explains why the NBS has moved the reference price period to 2024. Against this backdrop, the development is welcome.
“The benefits of the rebased number are several. First, it will help the government, especially the monetary authority, to make more informed decisions. It makes our inflation number comparable with the rest of the world since it is based on standard and updated methodology. This can place both foreign and domestic investors in a stronger position to make investment decisions in favour of Nigeria.”
Echoing similar sentiments, the Managing Director of Arthur Stevens Asset Management, Tunde Amolegbe, noted that the rebasing is supposed to capture economic activity and the size of the economy as accurately as possible.
“What seems to have happened now is that while we still have significantly higher prices within the economy, the inflation figures have dropped because the denominator, which is the size of the economy itself, has changed. This is because it’s now larger than what was being used previously.
“In the case of food inflation, for instance, some products that were not captured previously have now been included. For me, any effort to accurately capture this activity is useful because of its impact on macroeconomic indexes, which also impact people’s lives.
“For instance, if inflation is now at 24 per cent rather than 34 per cent, that could give an impetus to the MPC to consider gradually lowering interest rates. This will have a real-life impact. Now that the inflation number for January has provided evidence of weakening inflationary pressure, I expect the Monetary Policy Committee of the CBN to pause rate hikes to create room for output growth,” he asserted.
CPPE surprised
The Director of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf said it was unsurprising to see the January 2025 inflation rate dropping from the December 2024 figures after the rebasing of the Consumer Price Index.
Yusuf observed that the high inflation rates in 2024 resulted in a “strong base effect” and festive transactions by Nigerians in December 2024 dropped in the new year leading to a deceleration in inflation rates.
He explained: “The sharp deceleration of the headline inflation rate from 34.8 per cent in December 2024, to 24.48 per cent in January 2025, the drop in food inflation from 39.8 per cent to 26.08 per cent and the decline in core inflation from 29.28 per cent to 22.59 per cent did not come as a surprise given the review of the computation base year from 2009 to 2024.
“There is additionally a strong base effect on the inflation figures given the high inflation regime in 2024, which had a considerable effect on the year-on-year inflation outcomes. Besides, transaction demand in December 2024 was typically much more intense because of the festivities while the spending momentum in January was predictably much slower because of lower disposable incomes following intense spending in the previous month.”
Yusuf urged caution when celebrating the inflation reduction, clarifying, “A drastic reduction in inflation figures is not tantamount to a reduction in price level; inflation reduction simply means a reduction in the rate of increase in the general price level.”
He added that the reality of high prices in the country has not changed and remains a major factor in the cost of doing business, the cost of living, and the poverty equation.
“Households and firms are still concerned about high energy costs, the strength of the naira, high interest rate, cost of imports, transportation costs and insecurity,” the economist submitted.
Yusuf projected that households would hope the Federal Government would address major cost drivers. They desire a reduction in the general price level from incredibly high levels in 2024 to a substantial moderation in 2025. He described this desired moderation as disinflation.
Reacting to the development, the National President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said while it was a standard practice to rebase the consumer price index over time, it sometimes does not reflect the macroeconomic realities of the economy.
He asserted, “Rebasing potent risks such as misleading economic signals, policy missteps, and public skepticism. A cautious approach, integrating clear communication strategies and robust stakeholder engagement, will be essential to ensuring that inflation data accurately reflects Nigeria’s economic trajectory.
“By navigating these complexities with foresight, Nigeria can leverage the rebased CPI as a tool for informed decision-making and sustainable economic growth.”
Also, the Director-General of the Lagos Chamber Of Commerce And Industry, Dr Chinyere Almona noted that a rebased CPI provides a “clearer view of the economy” which considering the drop of headline inflation from 34.8 per cent to 24.48 per cent “may seem positive but does not automatically improve living standards.”
Almona explained that the rebased CPI did not mean any price decline but an update in the weight of different goods and services in the inflation basket to better reflect current consumption patterns.
“The previous method likely overemphasised food inflation, while the new approach incorporates updated economic data and adjusted weightings,” she noted. “This difference does not indicate a sharp fall in prices but a revised way of calculating inflation.”
LCCI’s DG added that inflation remains high despite the decreased inflation rate, meaning prices are still rising but at a slower pace.
“Prices are still rising, wages remain stagnant, and unemployment is high, keeping real incomes under pressure,” Almona submitted. “The rebased inflation rate only reflects a different measurement, not an actual drop in prices.”
She observed that most Nigerians’ living conditions will not improve unless there is a real reduction in essential costs like food and transportation, which remain high.
LCCI’s DG urged the government to implement targeted interventions to address inflationary pressures and improve economic stability, notin,g “One key priority is tackling food inflation, which accounts for over 50 per cent of price increases.
“Policies should focus on boosting agricultural productivity, reducing post-harvest losses, and improving transportation and storage infrastructure to ensure food affordability.”
She urged the Federal Government to stabilise the exchange rate, encourage local production and reduce reliance on imports to help strengthen the currency and control price surges, maintain fiscal discipline, and prioritise infrastructure and social investments which help manage inflationary pressures.
Almona called on the Central Bank of Nigeria to “carefully adjust monetary policies, ensuring interest rate decisions strike a balance between controlling inflation and sustaining economic growth.”
At least 450 foreign service officers in 109 Nigerian missions abroad have yet to receive their salaries for the past five to six months, The PUNCH can report.
The officials, serving under the Ministry of Foreign Affairs, are in financial distress and cannot pay rent and children’s school fees or meet other family and social obligations.
The acting spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, acknowledged the financial challenges facing the Nigerian missions and assured that the leadership was working to resolve the issue.
He stated, “The ministry is aware of the difficulties faced by the missions abroad, and the leadership is working seriously to address the situation.
“With the recent passage of the 2025 Appropriation Act by the National Assembly, there is strong optimism that the Bill will be signed into law soonest by Mr President and that will positively impact the finances of the ministry and missions abroad.”
Findings indicate that the ministry spent N251.71bn on salaries in four years.
This comes on the heels of the increased budgetary allocation to the ministry and the missions.
In 2021, a total of N73.14bn was budgeted by the ministry with N34.38bn earmarked for personnel expenditure. For 2022, the ministry budgeted N88.09bn out of which N55.27bn was expended on salaries.
In 2023, N98.11bn was approved while N62.30bn was allocated for personnel costs and in 2024, N160.06bn was appropriated while N99.76bn was allocated for salaries.
In the 2025 budget, the foreign affairs ministry proposed N353.77bn, with N214.64bn earmarked for personnel costs, N72.24bn for overheads and N66.82bn for capital expenditure.
The Federal Government equally proposed N53bn to renovate 103 foreign missions this year.
The funds will cover various needs, including renovations of chanceries, staff quarters, ambassadors’ residences, purchase of office furniture, and official vehicles, among others.
Allocations include N554m for the foreign mission in Abidjan; N812m for Banjul; N555m for Brazzaville; N558m for Port of Spain; N576m for Caracas; N624m for Kingston; N567m for Libreville; N409m for Buenos Aires, N899m for Niamey, among others.
Despite the increased appropriation, funding for the missions was insufficient, with many of them struggling to finance their operations and renovations.
The PUNCH reported that the situation had been worsened by delays in the appointment of new ambassadors.
Senior Presidency and Foreign Service officials earlier informed our correspondent that about $1bn was required to clear the backlogs of bills and adequately finance the nation’s 109 missions, 76 embassies, 22 high commissions and 11 consulates globally.
On taking office, President Bola Tinubu reassessed Nigeria’s foreign policy and initiated a recall of 83 ambassadors in September 2023.
The process of appointing new envoys has, however, faced delays due to financial shortfalls.
The Minister of Foreign Affairs, Yusuf Tuggar, admitted insufficient funding for essential embassy operations and ambassadorial support.
“There is no point sending out ambassadors if you do not have the funds for them to even travel to their designated country and to run the missions effectively, one needs funding.
“Mr President is working on it, and it will be done in due course,” he said during a ministerial briefing in May 2023.
Sources within the ministry, however, attributed the embarrassing financial situation to poor funding and delays in the 2025 budget passage.
Officials at various embassies disclosed that they had not been paid for several months, with some going without their salaries since August or September 2024.
An official who spoke on the condition of anonymity lamented that the delay in budget approval had left the missions struggling to cover basic operational costs.
This includes rent, embassy staff salaries and payments to service providers.
As a result, the missions have accumulated significant debts, with several service providers taking legal action to recover unpaid dues, the source added.
“This is mid-February, and the budget has not been approved or signed. How are the missions faring under this reality of financial neglect?
“The debts are piling up, and some service providers have dragged some missions to court for redress. Some staff in most foreign missions have not been paid for six months,” the source stated.
Another source revealed that embassy staff were unable to effectively serve the needs of Nigerians abroad due to the financial difficulties faced by their missions.
He stated that the delay in the budget passage had caused considerable hardship for the missions, as it also affected their ability to provide consular services to Nigerians in distress abroad.
“The missions are struggling to stay afloat, and the lack of funds has a direct impact on their ability to serve Nigerians abroad,” the source stated, stressing that the situation required urgent intervention.
A Foreign Service Officer who concluded his duty tour last year stated, “Due to paucity of funds, officers are faced with the unfortunate situation of using their personal funds to buy consumables such as toners, ink for printers and papers for the missions.”
Ex-diplomat Rasheed Akinkuolie traced the problem to the 1983 overthrow of the second civilian administration and the long military rule.
Akinkuolie said, “The underfunding of Nigerian diplomatic missions started from around 1983, with the overthrow of the second civilian administration and long military rule. And it was at that point that the funding of Nigerian missions became measly.
“The military did not appreciate the critical role Nigerian missions play in economic, social, security, and image of Nigeria abroad.
“Since the military was in power for a long time, the underfunding persisted and continued under the civilian administration till date,” he said.
Akinkuolie pointed out that the budget for the foreign affairs ministry in 2025, when spread across 109 missions, could not sustain them.
“The budget of the Ministry of Foreign Affairs in 2025 is N353bn or $233m. If this is spread across 109 missions, this amounts to very little.
“Nigeria High Commission in London is allocated N7bn or £3.6m, where drivers have to be paid a minimum wage of about £1,500 a month,” he further stressed.
The retired diplomat also highlighted the negative impact of fluctuating exchange rates, stating, “The allocation in naira is still subjected to the vagaries of the exchange rate.
“This is a real problem, which must be addressed to enable the ministry to retain its best officers and attract the best candidates.”
He added that the current system had forced many officers to resign and join the United Nations and other organisations.
“Several officers simply leave and join the UN and other international organisations, while at post. This is dangerous and inimical to Nigeria’s interests,” he asserted.
To solve the long-standing issue, Akinkuolie proposed reverting to the old practice of budgeting in both US dollars and naira.
“The old practice of budgeting in USD and naira will solve this perennial problem. The allocation to missions should be remitted directly to missions in USD by the Central Bank, while the component for running the ministry in Nigeria should be in naira,” he advised.
A retired ambassador who spoke anonymously noted that the issue had been “persisting for quite some time, and even the non-deployment of new ambassadors is linked to the financial challenges.”
While noting that the foreign affairs minister acknowledged the cash flow issues, he argued that diplomats’ allowances should still be paid on time.
Reflecting on his retirement, the ex-envoy expressed relief at “being removed from the situation.”
He criticised the handling of foreign exchange, adding that the remittances used to be directly managed by the Ministry of Foreign Affairs but, over time, he said personal conflicts and inefficiencies in the system have complicated the process.
The ex-ambassador also recalled a difficult personal experience in office “where bureaucratic delays and personal animosities made the situation even worse.”
Ultimately, he expressed frustration with the system but also expressed gratitude for being at peace in retirement.
A foreign affairs analyst, Charles Onunaiju, highlighted the lack of leadership in Nigerian high commissions, with no substantive heads of missions months after the President’s inauguration.
The leadership vacuum, he noted, was causing significant dysfunction, including delays in salary payments to embassy staff, unpaid bills, and poor service to Nigerians abroad.
“The proper head of mission to make adequate representation to Nigeria on the plight of the staff is not there,” he said.
He explained that diplomatic positions were often used as rewards for political allies rather than being filled by competent professionals who could promote the country’s interests abroad.
Onunaiju called for a shift from the current system where diplomatic roles were seen as political rewards.
“The politicians have been negligent of the foreign service and diplomatic service,” Onunaiju stated, stressing the broader systemic issues.
The international relations expert also pointed out that without proper leadership, the embassy staff could not effectively advocate for resources and better working conditions, leading to operational challenges.
“No head of mission is there. Nobody can make adequate representation to the government and speak authoritatively,” he noted.
He further stressed that the absence of ambassadors or high commissioners hampered the missions’ ability to address the issues which impacted Nigeria’s diplomatic influence and international standing.
Onunaiju stressed the need for reform and a more professional, merit-based approach to diplomacy to address the dysfunction in Nigeria’s foreign service.
“We will continue to experience dysfunction in our foreign missions until we do the right thing,” he said.
A yet-to-be identified policeman and his wife have killed each other after an unresolved disagreement in Ado-Ekiti, the Ekiti State capital.
LEADERSHIP understands that the incident occurred on Tuesday in the Ita-Eku area along Igirigiri Road of Ado-Ekiti.
An impeccable source close to the area, said the man simply known as Caleb had misunderstanding with his wife, simply known as Tate after accusing her husband of engaging in infidelity and extramarital affairs.
The woman, according to report, suddenly attacked the man and cut off his manhood.
The policeman who was an Assistant Superintendent of Police, (ASP) swifty reacted by attacking the woman with a matchet.
He reportedly smashed the woman’s head, face and some other parts of her body with the cutlass.
According to the source, the couple gave up the ghost later after the attack and their bodies have been deposited atthe morgue of an undisclosed hospital.
The late policeman was reportedly in his second marital relationship that unfortunately ended his life.
When contacted, Police Public Relations Officer, Ekiti State Command, SP Sunday Abutu confirmed the incident, saying the matter was being investigated.
This significant increase, up from ₦4.88 trillion in December 2024, represents a ₦1.22 trillion rise from the ₦3.65 trillion reported in January 2024.
Analysts attribute the rise to sustained printing of the local currency by the CBN and the escalating inflation rate in the country.
The surge also reflects growing public distrust in the banking system, with many Nigerians opting for cash transactions amid economic uncertainty.
When CBN Governor Olayemi Cardoso assumed office in September 2023, currency in circulation stood at ₦2.76 trillion.
Despite the increase in currency circulation, Nigeria’s economic growth remains sluggish, with the 2024 growth rate projected at 2.9% to 3.1%, one of the slowest in West Africa.
In response to inflationary pressures, the CBN’s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) to a record 27.25%, signaling a strong monetary tightening stance aimed at stabilizing the economy.
Analysts believe the rise in currency circulation indicates increased government spending to mitigate economic hardship, which has fueled inflation.
Vice President of Highcap Securities Limited, David Adnori, noted that increased government spending injects more money into the economy, leading to higher inflation due to the economic trade-off between money supply and price stability.
[NaijaNews]
Nigeria’s transport sector is set for a revolution as the Lagos-Abuja High-Speed Bullet Train gains momentum, reducing travel time between both cities from 12 hours to just 2–3 hours.
The Director of Operations at Geofocus Consortium, Engineer Yinka Idris, in a statement made available to journalists on Tuesday, described the project as a milestone in Nigeria’s development.
Idris lauded President Bola Tinubu’s administration for prioritising infrastructure and fostering Public-Private Partnerships (PPP) to drive economic growth.
According to Idris, the bullet train will provide a faster, safer, and more efficient alternative to road travel.
Idris said that the initiative aligned with Tinubu’s vision of leveraging private sector expertise to deliver world-class infrastructure without overburdening public finances.
“Currently, travelers between Lagos and Abuja face long hours in traffic, safety concerns, and reduced productivity,” he said.
He said that the project would significantly ease movement, enhance trade, and improve the overall business environment.
“As part of the development, ten smart cities with 10,000 housing units each will be built along the rail corridor.
“An independent power plant will also be constructed to support the train and surrounding infrastructure,” he said.
Idris said that the Lagos-Abuja bullet train is expected to create thousands of jobs during construction and after completion.
He said that the initiative aligned with Tinubu’s commitment to reducing unemployment and fostering economic prosperity through major infrastructure projects.
“With feasibility studies completed and proof of funds secured, the project now awaits approvals from the Infrastructure Concession Regulatory Commission (ICRC) and the Federal Executive Council (FEC) before construction begins,” he said.
Idris said that the construction phase is expected to last between 48 and 52 months.
He said its completion would promote the project as Nigeria’s largest-ever PPP-driven initiative and a benchmark for transport infrastructure across Africa.
Beyond transportation, Idris said the bullet train would reduce road congestion, lower carbon emissions, and extend the lifespan of highways.
He said that such would represent a major step toward sustainable and environmentally friendly infrastructure development.
“As Nigeria moves closer to realizing this dream, citizens can anticipate a future of seamless travel, improved quality of life, and enhanced economic opportunities under President Tinubu’s leadership,” he added.
[Leadership]
Oil mogul and billionaire Businessman, Alhaji Aliko Dangote, has opened up on his determination to see his $23bn refinery succeed despite all odds.
The 650,000 barrels per day capacity is Africa’s largest.
According to the Kano-born richest black man on earth, “I’ve been fighting battles all my life and I have not lost one yet.
“The oil mafia is more deadly than the one in drugs because, with the oil mafia, there are so many people that are involved. You might be wining and dining with them, but these are the guys that are the masters of moving things around.”
His comment is seen as a pointer to the struggles he had faced from the government and oil mafia since the project came on stream.
At an investment conference last year, Dangote also lamented about the oil mafia, saying, “I knew there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs.”
Speaking exclusively with Forbes on Monday, Dangote opened up about the risk he faced completing the ambitious project despite obstacles from regulators and marketers.
He said he would have been finished if the projects failed.
He described Refinery project as the “biggest risk” of his life yet
He said: “It was the biggest risk of my life. If this didn’t work, I was dead.”
He revealed that the journey to completion was fraught with uncertainties.
However, despite hurdles faced in financing the project, the regulatory challenges, and securing suppliers, Dangote said he is committed to providing a blueprint for industrialisation across Africa.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment”, he noted.
He added that Africa has been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil.
This, he added, will create wealth and prosperity for its vast population.
According to the Forbes report, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his focus remains firmly on Nigeria.
He continues to dedicate much of his time to the refinery, regularly meeting with engineers and managers to oversee progress.
Dangote is also working on other ambitious projects such as building a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant.
Looking ahead, he said he plans to take the refinery public within the next year or two.
“I’ve been fighting battles all my life and I have not lost one yet,” he said.
[DailyTrust]
Nigeria’s inflation rate dropped massively to 24.48 percent in January 2024 from 34.80 percent in December last year after the rebased Consumer Price Index.
The Statistician General, Prince Adeyemi Adeniran, disclosed this on Tuesday in Abuja at the launch of the rebased CPI report.
Nigeria’s inflation rose to 34.80 percent in January 2025 compared to 34.80 percent recorded in December last year.
The National Bureau of Statistics disclosed its rebased Consumer Price Index for January released on Monday.
He said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48 per cent year on year in January.
Adeniran explained that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.
Accordingly, the report, food inflation declined to 26.08 percent in January, from 39.84 percent in December 2024.
In a statement on the X account, NBS said, “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.
“Nigeria’s inflation rate for January 2024 stood at 24.48 percent year on year.
“The food inflation rate stood at 26.08 percent; the core inflation rate stood at 22.59 percent; the urban inflation rate stood at 26.09 percent; and the rural inflation rate stood at 22.15 percent “.
This comes as the Central Bank of Nigeria Monetary Policy Committee would hold its first meeting in 2025 on February 19 and 20, 2025.
In November 2024, MPC raised interest to 27.50 percent to bring down inflation.
[DailyPost]
The Oyo State chapter of the Nigeria Labour Congress brought operations at the Ibadan Electricity Distribution Company to a standstill on Tuesday, staging a massive protest over the recent dismissal of over 3,000 employees.
Led by its Chairman, Kayode Martin, the union members barricaded the entrance to the IBEDC office, shutting down the facility and causing traffic disruption in the Challenge to Dugbe area of Ibadan.
The protesters, chanting solidarity songs, demanded the immediate reinstatement of the sacked workers and the payment of the national minimum wage.
Martin condemned the actions of outsourcing agents associated with IBEDC, accusing them of exploiting workers through unpaid minimum wages and unexplained salary deductions.
“We are here today to express our total displeasure over the unjust and inhumane treatment of workers by IBEDC and their outsourcing agents.
“Over 3,000 workers have been thrown into the unemployment market without any justifiable reason. These are people who have dedicated their time and energy to this company, and they are now being treated like disposable items,” Martin said.
The NLC Chairman also highlighted the issue of unpaid minimum wage and the alleged exploitation of workers by outsourcing companies.
“These outsourcing agents are not only refusing to pay the minimum wage, but they are also making arbitrary deductions from the meagre salaries of the workers. This is unacceptable, and we will not stand for it,” he asserted.
The union presented a list of seven key demands to the IBEDC management, including: “Implementation of the new minimum wage, prompt payment of Retirement Savings Account (RSA) backlogs, regularisation of outsourced staff, an end to the denial of union membership for staff, provision of adequate and standard healthcare services, payment of all outstanding allowances and compensations.”
Martin appealed to Oyo State Governor, Seyi Makinde, and other stakeholders to intervene in the matter, warning that the mass dismissal of workers could have serious security implications for the state.
“We are calling on Governor Makinde and other well-meaning Nigerians to come to our aid. The rate of unemployment in the country is already alarming, and further adding to it will only create more problems, including security challenges,” he cautioned.
The NLC chairman urged the IBEDC management to engage in dialogue with the union to find an amicable resolution to the issues before the situation escalates.
“We are not here to cause trouble, but we are determined to fight for the rights of our members. We are ready for dialogue, but we will not back down until our demands are met,” Martin stated.
The protest caused significant traffic congestion in the area, leaving many commuters stranded.
As of the time of this report, the IBEDC management had yet to issue a formal response to the NLC’s demands.
[Punch]
President Bola Tinubu, Former President Olusegun Obasanjo and ex-Vice President Alhaji Atiku Abubakar have mourned the sudden passing of Elder statesman, Pa Edwin Clark who died Monday.
The Nigerian leaders described the demise of the former federal commissioner of information and respected leader of the Pan-Niger Delta Forum (PANDEF), as an irreparable loss to the nation.
Edwin Clark died on Monday, according to a statement issued by Professor C. C. Clark on behalf of the family.
He fought gallantly for the rights of the people – Tinubu
President Tinubu in a statement described the Late Pa Clark as an astute politician, a patriot who history will remember as one who fought gallantly for the rights of the people of the Niger Delta
“Pa Clark, a lawyer and educationist, believed in a united Nigeria, and until his last breath, he never stopped reaching out to people from different parts of the country to work together to preserve national unity based on justice and equity.
“As an astute politician, his political opponents never doubted his words’ weight, confidence, and conviction when he spoke. Indeed, a patriot has transitioned to the great beyond.
“History will remember him as a man who fought gallantly for the rights of the people of the Niger Delta, unity in diversity, and true federalism.
“I know many generations will remain proud of how his efforts contributed to national prosperity and stability.”
We lost a seasoned economist, a tested administrator, an accomplished politician – Obasanjo
On his part, the former president says Edwin Clarks had an eventful service to the nation as Commissioner for Education and Finance in the former Midwestern State, at various times between 1968 to 1974, and his stint as the official spokesman of the Federal Government in 1975 cannot go unrecognised.
According to the former President: “I received yet another shocking and sad news of the passing of a great brother and friend, a frontline lawyer, a seasoned economist, a tested administrator, an accomplished politician and a revered community leader, Chief Edwin Clark.
“It was shocking because we lost Chief Ayo Adebanjo, another prominent and illustrious son of Nigeria, just about four days ago. Indeed, the ranks of the nation’s patriotic leadership is fast depleting by the loss of our dedicated and resourceful patriots who served the nation in various capacities, particularly at this crucial state in our nation’s history when their wise counsel and rich experience are greatly needed.
“There is no gainsaying the fact that Chief Clark had an eventful service to the nation as Commissioner for Education and Finance in the former Midwestern State, at various times between 1968 to 1974, and his stint as the official spokesman of the Federal Government in 1975 cannot go unrecognised. I remember him as a close colleague in the Cabinet of General Yakubu Gowon.
Obasanjo stressed that “over the years, Chief Clark was imbued with an undying love for his people and remained one of the more articulate and vocal champions of improved conditions for the oil-bearing States of the country. As one of the foremost leaders of not only the Ijaw people but the South-South zone as a whole, he, until his death, exhorted his people on the imperative of peace and stability in the region.
“He acquitted himself as a peace-loving, unassuming, and committed patriot. He was a firm believer in democracy and participatory governance.
“Even at his prime age, Chief Clark never rested on his oars to continue to contribute to national development as a committed nationalist. I recall some time in 2021, he, for the greater good of the nation, volunteered to be part of the Committee for Goodness of Nigeria (CGN) which was convened by me along with His Eminence Muhammad Sa’ad Abubakar, His Eminence John Cardinal Onaiyekan and General Abdusalami Abubakar to look, at the time, into the pressing issues of national unity, security, peace, integration, economic revitalization and development, women and youth welfare and general progress. For all I knew about him since our paths crossed, Chief Clark never, for once, rested on his oars in exhibiting uncommon courage and commitment to progressive ideals in his contributions to the socio-political development of our country and national discourse.
“There is no doubt that just as his death must have, of necessity, elicited grief and confoundment in the family, in the Niger-Delta Region, it must have also in the good people of our great nation particularly at a time when the country still needed his wealth of experience, wisdom and counsel. We thank God, however, that Chief Clark lived a long and God-fearing life, full of service to Nigeria and its people and left behind the virtues of hard work and transparency in public life which are important lessons for both the present and future generations. We should also be consoled by the facts that he lived a life worthy of communal emulation, touched the soul of his community, and he is mourned by all.
“We pray the Good Lord to grant the soul of Chief Clark a peaceful rest and the Clark family the fortitude to bear the irreparable loss.”
He was a Trojan war horse – Atiku
Former Vice President, Atiku Abubakar, has described the death of elder statesman, Chief Edwin Clark as a great loss to Nigeria.
He said Nigeria was still in mourning over the demise of exemplary statesman Pa Ayo Adebanjo, 96, when the sad news of Pa Clark’s passing was brought to his attention.
Atiku said, “Chief Edwin Clark, 97, the Ebi-Ebekekere, Owei of Western Ijaw in Delta State, was a Trojan war horse in the battlefields for independence. Above all, he was a diehard proponent of nation-building, true federalism, equity, and good governance.
“Undoubtedly, he was a veteran freedom fighter, educationist, philanthropist, legal luminary, and astute administrator who mentored many nationalists and patriots like us.
“Clark spoke loudly and worked assiduously in support of inclusiveness, especially for the minority ethnic groups in Nigeria. He was fiery, fearless, and forthright in his peaceful and constitutional pursuit of an egalitarian society in our country. Sadly, that lofty dream seemed to have dimmed before his eyes.
“But, we, his mentees, shall rekindle the torch and continue the drive for a better Nigeria.
“Between 1953 and 1983, Clark paid his dues from the ebb of the ladder at the local government level up to becoming a State Commissioner and even a distinguished senator of the Federal Republic.
“I sincerely share in the grieving mood of his nuclear and extended families, particularly PANDEF, the Ijaw nation, Delta State, and Nigeria in its entirety.
“Rest on Pa Clark, the loud voice of reason against foul political practices. You were an architect of rule of law, justice, and fair play.
“May God receive your gentle soul and allow you to blissfully rest in eternity.”
[Vanguard]
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Chika Ike, the Nollywood actress, has denied rumours that Ned Nwoko, the billionaire businessman, is the father of her child.
The rumours, which circulated on social media, also claimed that Nwoko and Ike would be getting married soon.
The speculations gained traction after Ike announced that she was expecting her first child, but did not reveal the father’s identity.
The rumours sparked speculation about a potential crisis in Nwoko’s marriage to another actress Regina Daniels.
Nwoko dismissed the rumours on Monday, describing them as “malicious speculation”.
The politician stated that he was currently focused on a national assignment and had no time for distractions.
On Tuesday, the film star took to social media to state that the only reason she was addressing the rumours was that it was about her child.
The actress also stressed that she was not ready to be the seventh wife of the Delta lawmaker because “polygamy is not for me”.
“For years, there have been all sorts of lies peddled about me in the media, but I always treated them as what they are—rumours that needed no response,” she wrote.
“But this is different. This is about my child.
“Ned is not the father of my child, and whoever’s name you might come up with later is also false.
“Like I’ve said before, I’m not about to be anyone’s seventh wife. Polygamy isn’t for me.
“My privacy is my peace, and no one can unsettle me. I’m basking in the euphoria of my pregnancy, and that’s all that matters to me now.”
[TheCable]
Hon. Mojisola Meranda, the first female Speaker of the Lagos State House of Assembly, has resigned from her position, effective February 17, 2025. This decision comes barely a month after she made history by becoming the first woman to hold the office, on January 13, 2025.
Meranda's resignation is seen as a selfless sacrifice to protect the institution amid the recent political turmoil threatening the cohesion of the House. In her resignation letter, she expressed gratitude to her colleagues for their support and collaboration during her tenure.
The resignation comes on the heels of a vote of confidence passed by the Lagos Assembly on Meranda, amidst rumours of her possible resignation. The assembly had also adjourned plenary indefinitely, following a motion by the Majority Leader, Temitope Adewale.
Here is the full text of Meranda's resignation letter:
Airtel Nigeria, the country’s second-largest telecom operator, has revised its data pricing structure, implementing a tariff adjustment of up to 50 per cent, according to details published on its website on Monday.
The price revision, which affects various data bundles, aligns with ongoing industry concerns over escalating operational costs.
While the company has yet to issue an official statement, the move underscores the broader push among telecom operators for a tariff review to cushion the impact of inflation and forex volatility.
Beyond data adjustments, the operator with over 56 million subscribers had also increased voice call tariffs over the weekend.
A senior Airtel official, speaking with The PUNCH on Monday, confirmed the development, emphasising that the adjustments were necessitated by rising costs.
“Yes, we have updated data prices today, and they are available on our website. However, the increase is not up to 50 percent,” the official clarified.
In its revised price list, Airtel assured customers of continued affordability, stating, “Whatever your data needs are, we have a plan for you. Our fast, affordable, and reliable internet experience will keep you connected anytime, anywhere. To get started, Dial *312#.”
The revised daily and weekly data plans include N50 for 40MB valid for 1 day, N100 for 100MB valid for 1 day, N200 for 200MB valid for 3 days, N350 for 1GB valid for 1 day, N350 for 350MB valid for 7 days, N500 for 750MB plus 1GB YouTube Night and 200MB YouTube Music/Spotify valid for 7 days, N500 for 1GB plus 1GB YouTube Night and 50MB Socials valid for 7 days, N500 for 2GB valid for 2 days, and N1500 for 5GB valid for 7 days.
Similarly, MTN, Nigeria’s largest telecom provider, has also adjusted its data and call tariffs in line with the NCC’s approval.
The revised pricing, implemented over the past week, has seen customers paying more for calls, SMS, and internet usage.
The latest increases come as telecom operators grapple with inflation, foreign exchange volatility, and the rising cost of network expansion.
While the adjustments aim to support long-term service improvements, subscribers may face increased financial pressure as communication costs rise.
Renowned Niger Delta leader and elder statesman, Edwin Clark, died on Monday at the age of 97.
His death was confirmed in a statement on Tuesday morning by a family representative, Prof. C. C. Clark.
The PANDEF also issued an official announcement, signed by its spokesman, Obiuwevbi Ominimini.
The statement was jointly released by Professor College Clark of the Clark-Fuludu-Bakederemo family and Ambassador Dr. Godknows Igali, the National Chairman of PANDEF.
Here are 10 key things to know about Edwin Clark:
- He was born on May 25, 1927, in Kiagbodo, Delta State.
- He started school at African Church School in 1938 and later attended Government Teachers Training College, Abraka.
- Between 1961 and 1964, he studied Law at Holborn College in the United Kingdom.
- His political career began in 1953 when he was elected a councillor in Bomadi (now in Delta State).
- Over the years, he held several important roles, including:
Commissioner for Education (Mid-Western Region, 1968-1971)
Commissioner for Finance and Establishment (Bendel State, 1972-1975)
Federal Commissioner for Information under General Yakubu Gowon (1975)
- As Commissioner for Education, he helped establish the Mid-West Institute of Technology, which later became the University of Benin.
- Clark was a strong voice for the Niger Delta, pushing for:l better resource control, environmental protection and economic development in the region
- He was a key figure in the PANDEF and the Ijaw National Congress, consistently working for policies that supported the Niger Delta’s growth.
- He founded Edwin Clark University in Kiagbodo, Delta State, to provide education opportunities for young Nigerians.