The National Bureau of Statistics (NBS) has disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46%.

The growth showed an increase in economic performance from Q2 GDP of 3.19% and higher growth from 2023 Q3 GDP of 2.54%.

“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third
quarter of 2024. This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and
higher than the second quarter of 2024 growth of 3.19%,” it read.

According to the report released on Monday, the Q3 GDP growth was mainly driven by the service sector.

“The performance of the GDP in the third quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP. The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023.

“The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.

“In the quarter under review, aggregate GDP at basic price stood at ₦71,131,091.07 million in nominal terms. This performance is higher when compared to the third quarter of 2023, which recorded aggregate GDP of ₦60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” it stated.

The Independent National Electoral Commission, INEC, has responded to allegations from Peoples Democratic Party (PDP) governors regarding manipulation of the 2024 Edo State governorship election.

During a recent two-day meeting in Jos, Plateau State, the PDP governors claimed that electoral irregularities prevented the party’s candidate, Asue Ighodalo, from winning in Edo.

They PDP governors also accused INEC of rigging in the recent Ondo election.

They alleged that INEC altered results to benefit the APC and urged the judiciary and lawmakers to enhance electoral laws to combat what they referred to as “institutional sabotage of the will of the people”.

In response, Rotimi Oyekanmi, Chief Press Secretary to the INEC Chairman, called the allegations “unfortunate and inappropriate,” emphasizing that INEC, as a law-abiding body, cannot comment on ongoing court matters.

Oyekanmi criticized the PDP governors for engaging in a “media trial”, encouraging them to present their evidence in court instead of making unsubstantiated claims publicly.

He pointed out that the PDP has filed a petition at the tribunal to contest the Edo State governorship election results, suggesting they should provide their evidence there.

Regarding the Ondo State election, Oyekanmi defended INEC’s performance, labeling it one of the best elections conducted by the Commission.

He urged political parties to adopt a spirit of sportsmanship, stating, “It is not healthy to accept the outcome of an election only when you win.”

DAILY POST recalls that the electoral body had declared Monday Okpebholo of the All Progressives Congress (APC) winner of the Edo election with 291,667 votes, with the PDP candidate, Dr. Asue Ighodalo, securing 247,274 votes. Labour Party’s Olumide Akpata came third with 22,761 votes.

Similarly, in Ondo, INEC declared Lucky Aiyedatiwa as the winner of the governorship election that was held on Nov 14 defeating the Peoples Democratic Party, PDP, candidate Agboola Ajayi, and Olorunfemi Festus of the Labour Party.

The publisher of Ovation Magazine, Dele Momodu, has revealed an aspirant gave $30,000 to each of the 774 delegates during the 2022 Peoples Democratic Party (PDP) presidential primary.

Speaking on the Key to Keys podcast show, Momodu expressed regret over spending nearly N50 million to purchase the PDP presidential nomination form, describing the primary as heavily monetised. 

He also stated he would not contest for any party’s presidential ticket unless adopted as a consensus candidate.

He said, “No, experience is the best teacher, and I have come to realise that there are powers you can describe as principalities that control Nigeria.

“Unless a major political party decides to adopt me through a consensus that Dele Momodu is best suited to change and lead Nigeria, then I can consider it.

“But if I have to pick my money to go and buy a presidential nomination form of about N100 million and the last one I spent about N50 million buying the form. This could have gotten me a property and it was a waste, nobody voted for me – not even one vote because everything was monetized.

“There was one of the candidates who paid as high as $30,000 per delegate and we had 774 delegates, so how do you compete with them? They have stolen the country blind and doing all kinds of deals to make money, especially those in the oil-rich areas.

“It’s not easy and that’s why you can’t compete with them – that’s why they insult Nigerians anyhow because of the amount of money available to them in raw cash. There is no country in the world where people control raw cash like Nigeria.

“The bulk of their money is not in any bank so they are not traceable. If today you ask some politicians that look you need $500 million to become a President, they will find it. So people like us where will I start from? I’m not bothered.”

Governor Caleb Mutfwang, on Monday, submitted the 2025 Appropriation Bill, titled “Budget of Consolidation and Sustainability,” along with the Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) for the period 2025–2027, to the Plateau State House of Assembly.

Naija News reports that the Governor highlighted that the MTEF/FSP delineates his administration’s fiscal strategy aimed at achieving significant economic development objectives, which include fostering economic diversification, reforming public institutions, enhancing human capital, addressing infrastructure shortfalls, and advancing urban renewal and sustainable housing initiatives.

During the presentation, Governor Mutfwang said, “The MTEF/FSP establishes a three-year fiscal plan and serves as the basis for the formulation of the 2025 budget. It details the macroeconomic and fiscal framework for the years 2025–2027. This document adheres to Section 16(1) and (2) of the Plateau State Fiscal Responsibility Law of 2014.

“It guarantees that resources are allocated effectively to priority sectors, representing a conscious effort to enhance transparency and accountability in accordance with global best practices.”

The Governor revealed that the proposed budget for 2025 amounts to ₦471,134,093,541.00, reflecting an increase of ₦156,278,944,988.00 compared to the approved budget for 2024.

“The 2025 Appropriation Bill reflects our commitment to solidify past achievements and ensure the continued growth and development of Plateau State,” he said.

“The implementation of the budget will be guided by the Plateau Strategic Development Framework (PSDF) 2023–2027, which is encapsulated in three pillar policies: Peace, Security, and Good Governance; Sustainable Economic Rebirth; and Physical Infrastructure Development. The budget will be people-oriented, positively impacting the lives of the citizens of our state.”

Governor Mutfwang urged the Assembly to expedite the passage of the bill, emphasizing, “A swift approval will enable us to initiate the implementation of these vital projects without delay.”

In response, Speaker of the House, Gabriel Dewan, assured the Governor of the Assembly’s commitment to acting in the best interest of Plateau State.

Nigerian Afrobeats singer, Tiwa Savage, has asserted that hardship in the country is responsible for the huge amount of entertainers being churning out.

The singer made this known during an interview on the ‘Shopping The Sneakers’ podcast.

According to Tiwa Savage, serving in Nigeria is difficult, and artists are just like hustlers.

She said, “When you come to Nigeria, you will understand why we breed so many superstars. To survive in Nigeria is something else so that’s why the artists that come out of Nigeria are just like hustlers. They are just hustling.”

The Nigerian Financial Intelligence Unit (NFIU) has said the country’s effort in combating money laundering, terrorism and arms proliferation financing has been recognized by the Financial Action Task Force (FATF).

NFIU said FATF approved three additional grades in its anti-money laundering and counter-terrorism financing quest, making it the fifth progress report.

FATF, a global body established in 1995 to lead global action against money laundering, terrorism, and arms proliferation financing, grey-listed Nigeria in February 2023.

The organization grey-listed Nigeria due to a rise in capital inflows and deficiencies in combating money laundering, terrorism, and arms financing.

In a statement, on Sunday, by the NIFU’s Strategic Communications Office in Abuja, the organization explained that “FATF gave the approval at a meeting of Group Against Money Laundering in West Africa (GIABA) technical commission which took place between November 17 and 23, 2024 in Freetown, the Republic of Sierra Leone.

“Statutorily, as it stands today, the country is compliant (C) or largely compliant (LC) in 37 out of the 40 recommendations, leaving it with three to scale.

“Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, who doubles as Nigeria’s National Correspondent (NC) for the ECOWAS’ GIABA, led the country’s delegation.”

Included in the team were representatives from the Economic and Financial Crimes Commission (EFCC), Special Control Unit against Money Laundering (SCUML), Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Federal Ministry of Justice (FMOJ), Corporate Affairs Commission (CAC) and Nigeria Export Processing Zones Authority (NEPZA)