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Firm warns customers against suspicious links, unauthorised transactions

Digital bank, PalmPay, has warned customers against clicking suspicious links and authorising unauthorised transactions, as it urged users to verify customer support channels to protect their accounts from fraud.

The financial technology company gave the advice in a customer security advisory following the recent Customer Service Week, highlighting the risks of fraudsters impersonating customer service representatives to obtain sensitive information and deceive users.

In an advisory issued on Thursday, PalmPay said impersonation scams could occur through phone calls and messaging platforms, with fraudsters posing as representatives of financial institutions to offer fake rewards, promise refunds, or request account details under the guise of resolving complaints.

The warning comes against the backdrop of billions of naira lost to fraud across Nigeria’s banking and payments industry. Data from the Nigeria Inter-Bank Settlement System showed that financial institutions lost N25.85bn to fraud in 2025, down from N52.26bn in 2024.

Social engineering accounted for 47 per cent of fraud volume and was associated with N17.84bn in losses in 2025, according to figures presented by NIBSS at the Nigeria Electronic Fraud Forum in January 2026. Such schemes often involve manipulating victims into disclosing confidential information or authorising payments under false pretences.

“Customers should not to disclose their one-time passwords, personal identification numbers, passwords, or verification codes to anyone,” it stated, warning them to independently verify requests for sensitive information or actions on their accounts before responding.

The company also urged users to confirm the authenticity of social media accounts and other communications claiming to represent it before sharing personal or financial information.

For merchants, PalmPay recommended checking payments through official transaction records before releasing goods or services, rather than relying solely on screenshots or messages presented as proof of payment.

The company further advised customers who notice unfamiliar transactions, suspect fraudulent activity or experience account access problems to seek assistance through its official customer support channels.

It encouraged users to familiarise themselves with the security features available in the PalmPay app’s Security Center, keep their account credentials confidential, and report suspicious activity promptly.

The company said the guidance formed part of its ongoing PalmPay Dey For You campaign, which includes customer education on fraud prevention and safer digital financial transactions.

by admin — October 17, 2026 in Business 0

NSIB probes mid-air door separation on jet headed to Lagos

The Nigerian Safety Investigation Bureau (NSIB) has commenced investigation into an occurrence involving a Challenger 604 aircraft, registration T7-SEI, operated by Triton.

According to a statement signed by its Director General, Captain Alex Badeh jnr, the NSIB said the aircraft departed Abuja on Thursday October 15, 2026 for Lagos at 1612 UTC.

He said the aircraft after departure inching three nautical miles into its journey having climbed 3,500 feet above sea level, the crew declared emergency, known in aviation parlance as: “mayday” after the aircraft’s door separated.

The aircraft, the NSIB said, returned to Abuja and landed safely on Runway 22 about 1634 UTC, with nine persons on board, comprising three crew members and six passengers.

The NSIB said the door had been recovered and secured at its wreckage hangar.

The Bureau, Badeh said, had commenced its investigation to establish the circumstances surrounding the occurrence.

The NSIB said it will provide further updates as the investigation progresses.

Experts have, however, expressed concerns over the increasing incidents related to safety, urging relevant agencies to ramp up surveillance.

The incident of aircraft door separation is new to the Nigerian airspace.

In the United States, there are reported incidents.

In-flight door separations have occasionally been documented on earlier Challenger models, including: Challenger 601 and 600 series jets, where latching mechanisms or warning/indication light sequences prior to takeoff were focal points for aviation safety investigators.

The main entry door on Bombardier Challenger aircraft such as the Challenger 601 and Challenger 604) has experienced rare in-flight door separation incidents shortly after takeoff.

In -flight door separations have historically occurred on older Bombardier Challenger variants (such as the Challenger 601) under similar low-altitude climb conditions.

Past investigations often focused on: Latch or locking mechanism engagement verification – “Door Safe” warning lights or reset switches.

On May 23, 2012, a similar incident occurred in Opa- Locka , Florida, when a Challenger 601-3R business jet (registration N207JB) owned by Medcp Aviation was climbing through 3,000 feet after departing Opa-locka Airport for a short repositioning flight.

The main entry door separated under unknown circumstances.

The crew declared an emergency and safely diverted to Fort Lauderdale-Hollywood International Airport.

The door and its attached air stair landed on a nearby golf course, narrowly missing residential high-rises.

There were no injuries. Investigators noted the co-pilot believed the door-safe lights were functioning but could not explicitly recall seeing them illuminated.

by admin — October 17, 2026 in Business 0

Benue 2027: I will be governor whether they like it or not — Shija boasts

The governorship candidate of the Nigeria Democratic Congress, NDC, in Benue State, Prof Terhemba Shija, has pledged to shut down all internally displaced persons (IDP) camps across the state if elected governor in 2027.

Shija said his proposed administration would deploy drones, closed-circuit television (CCTV) cameras and other security strategies to combat insecurity, restore peace to affected communities and enable displaced residents to return to their ancestral homes.

The NDC candidate made the commitment in Makurdi, where he outlined his plans to protect lives and property, strengthen security operations and ensure that individuals involved in criminal activities face prosecution.

He described the prolonged stay of thousands of Benue residents in IDP camps as unacceptable, insisting that citizens displaced by insecurity should not be forced to live indefinitely outside their communities.

“On assumption of office, I will close down all IDP camps in the state. I have done my research and believe strongly that it is the right thing to do,” he declared.

Explaining his proposed security framework, Shija said his government would combine technological interventions with military-style operations and non-violent measures to address the persistent security challenges confronting the state.

“I will employ the use of drones and install CCTV, as well as engage in kinetic and non-kinetic approaches to tackle insecurity,” he said.

He also vowed to take firm action against individuals he accused of invading Benue communities and attempting to seize the ancestral lands of residents.

According to him, his administration would ensure that “those found culpable of criminal activities were prosecuted in accordance with the law, while security agencies would be equipped with the necessary tools to protect residents and their property.”

Shija further promised to strengthen the state’s security architecture, stressing that his administration would adopt measures capable of discouraging criminal activities and preventing further displacement of rural dwellers.

He declared that “our approach would be firm enough to deter criminal elements and prevent further displacement of rural communities.”

Beyond security, the governorship hopeful expressed concern over what he described as the abandonment of the development blueprint established by former Benue State governor, the late Mr Aper Aku.

“Benue had a visionary leader like the late Aper Aku, who laid the foundation for a modern Benue, but successive administrations had failed to sustain his policies and development initiatives,” he said.

Shija attributed some of the state’s development setbacks to the failure of successive administrations to sustain the policies and long-term programmes introduced by previous governments.

He argued that the lack of continuity in governance had hindered the state’s progress and called for a people-centred approach to leadership.

According to him, “the interests and welfare of the people must remain at the centre of government policies and programmes.

“Regrettably, successive administrations prioritised personal interests over the collective aspirations of the people, a situation that contributed to the state’s development challenges.”

The NDC flagbearer promised to introduce policies aimed at changing what he described as “the behavioural mentality of the people” and rebuilding a culture of accountability, productivity and responsible leadership.

He identified healthcare, access to clean drinking water and youth employment as other priority areas his administration would address if given the mandate.

On grassroots governance, Shija pledged to uphold local government autonomy while establishing stronger oversight mechanisms to ensure that public funds were properly managed.

“Under my watch, local government will have autonomy, but through the supervisory role of the State Assembly, any chairman found corrupt would be sacked and jailed,” he said.

He maintained that local councils should be empowered to perform their statutory responsibilities and deliver development at the grassroots, adding that elected officials must be held accountable for their actions and the management of public resources.

The governorship candidate also promised to improve access to potable water by extending water supply networks to households. He said his administration would equally prioritise better healthcare services and create opportunities for young people to achieve financial independence through entrepreneurship.

Reflecting on his political journey, Shija recalled his participation in the All Progressives Congress (APC) governorship race ahead of the 2023 general election.

He expressed confidence in his chances of defeating the incumbent governor in the 2027 election, citing his previous electoral experience as a source of optimism.

“I have never lost an election. I had been elected to the House of Representatives,” he said.

Shija also alleged that the APC governorship primary conducted ahead of the 2023 election was manipulated to favour Governor Hyacinth Alia, who eventually secured the party’s ticket.

He said the experience had strengthened his determination to pursue his governorship ambition under the NDC, insisting that his opponents would not succeed in preventing him from contesting or winning the election.

“They couldn’t succeed in stopping my nomination now; let them see what will happen. I will be governor whether they like it or not. I can’t be defeated,” he boasted.

The NDC candidate further disclosed that he would seek to serve only one four-year term if elected governor, describing the proposed tenure as an opportunity to complete what he characterised as the unfinished tenure of the incumbent administration.

by admin — October 16, 2026 in News 0

2027: ‘Hope on the way’ – NDC backs Kwankwaso on crashing fuel price

The National Publicity Secretary of the Nigeria Democratic Congress, NDC, Osa Director, has assured Nigerians that hope is on the way with the party’s presidential candidate, Peter Obi.

Director was reacting to comments by the party’s presidential running mate, Rabiu Kwankwaso, that if Obi is elected, the party will ensure it reduces the price of fuel.

Kwankwaso had disclosed that the cost of energy in the country was too high, adding that the NDC would do whatever was necessary to reduce fuel prices if Obi is elected in 2027.

Speaking on Thursday, Kwankwaso said: “Our collective position now is that the price of energy in this country is too high.

“We are going to do whatever is necessary to ensure that the price of fuel in this country is taken back, including doing whatever we can, including the subsidy.”

Reacting, Director stated that Nigeria would be fine under Obi’s leadership.

In a post on X, he wrote: “Hope is on the way, President Obi is coming. Nigeria shall be OK. A new Nigeria is possible; we can do it.”

by admin — October 16, 2026 in News 0

Ogun council approves appointments of new Alaperu, Awujako

The Ogun State Executive Council has approved the appointment of Prince Shehu Quadri Taiwo as the new Alaperu of Iperu in Ikenne Local Government Area of the state.

The council, at its meeting on Thursday, October 15, 2026, also approved the appointment of Prince Akeem Akinyemi as the new Awujako of Ijako-Orile in Yewa North Local Government Area.

Both appointments take effect from Thursday, October 15, 2026.

by admin — October 16, 2026 in News 0

Kwara doctors issue two-week ultimatum to govt over poor welfare

Doctors in Kwara State have issued a two-week ultimatum to the government to address their demands or risk industrial action across health facilities in the state.

The ultimatum was issued by doctors under the umbrellas of the Medical and Dental Consultants Association of Nigeria (MDCAN), and the Association of Resident Doctors (ARD) at a joint emergency executive meeting held on September 26, 2026.

At the emergency meeting, issues concerning the state of healthcare in various hospitals across the state, including the sudden deductions for KwaraCare and the 2025 review of the Consolidated Medical Salary Structure (CONMESS), among others, were discussed.

Members expressed dissatisfaction with their September salary payments, from which funds were deducted for the Kwara Health Insurance Scheme at a time when they were expecting an upward salary review that had already been implemented for doctors in federal and other state-owned health institutions across the country since January 2026.

In a statement, the body said: “We have held several stakeholders’ meetings with the Executive Secretary of the Kwara Health Insurance Scheme on the matter of the KwaraCare deductions, but no resolution had been reached before the deductions commenced.

“On the salary review, we have submitted several letters regarding the implementation of CONMESS 2025, as contained in the circular of the National Salaries, Incomes and Wages Commission (Circular No. SWC/S/04/S.218/IV/876, dated November 19, 2025).

“This circular has been implemented in federal parastatals and other states of the federation since January 2026, with approval for the payment of arrears from September 2024, which have since been paid to beneficiaries.”

They stated categorically that Kwara doctors were peaceful and progressive and supported the administration of Governor AbdulRahman AbdulRazaq.

“It is not, and has never been, in our interest to create unrest in the state’s health sector,” the aggrieved doctors added.

They, however, appealed to the governor to consider their interests and the sacrifices they continued to make despite manpower shortages and the resulting heavy patient load across state hospitals.

Among other demands, the doctors called for the immediate implementation of the CONMESS 2025 review for Kwara doctors and the payment of arrears in line with the Federal Government’s circular.

Other demands include the reversal of funds deducted from members’ salaries for the Kwara Health Insurance Scheme, which they described as unlawful, and the recruitment of more house officers, as approved by the Medical and Dental Council of Nigeria (MDCN), for the Kwara State University Teaching Hospital (KWASUTH) and other tertiary healthcare facilities in the state.

The aggrieved doctors also called for the recruitment of more medical officers to staff various general and cottage hospitals, as well as more resident doctors in the state’s teaching hospitals.

The body further demanded the recruitment of more consultants in state teaching hospitals and other specialist hospitals, the renovation of house officers’ quarters in the teaching hospitals, and the establishment of a governing board for KWASUTH in line with the KWASUTH Act.

“Members have accordingly agreed to declare a two-week ultimatum, running from October 1 to 14, 2026, for the government to favourably address these demands. The Congress shall reconvene before the expiration of this ultimatum to review the progress made.

“We remain confident that His Excellency, the Executive Governor, will promptly address the issues raised, as we cannot guarantee continued industrial harmony after the ultimatum expires,” the statement added.

by admin — October 16, 2026 in News 0

UCL: Why Osimhen failed to score against Barcelona – Adeyemi

Barcelona forward, Karim Adeyemi, has explained why Galatasaray’s Victor Osimhen failed to make a big impact against them in the Champions League on Wednesday night.

According to Adeyemi, Barca’s defence were able to contain the Super Eagles talisman.

The LaLiga side came from behind to beat Galatasaray 4-1 at Rams Park in Istanbul.

It was their second win in the league phase, while Galatasaray remain without a win after two games.

In an interview with Soccernet, Adeyemi was asked about facing a striker of Osimhen’s quality and how Barcelona managed to contain his threat.

He replied: “It’s always nice to see Nigerian players on the big stage.

“I always feel happy for them, but I think our defence did a great job yesterday, and it was very hard for him to make any serious impact.”

by admin — October 16, 2026 in News 0

NECO results after admission deadlines: How candidates got caught between two calendars

The release of the 2026 National Examinations Council, NECO, results came after some universities had already set deadlines for candidates to upload their O’Level results, leaving students who depended on NECO caught between examination and admission calendars.

NECO released the 2026 Senior School Certificate Examination, SSCE, Internal results on September 24, 2026, 63 days after the last paper was written on July 23. Of the 1,371,992 candidates who sat for the examination, 804,948, representing 58.67 per cent, obtained at least five credits, including English Language and Mathematics.

For candidates waiting for NECO results, the timing mattered because some universities had already set deadlines before the results became available.

Admission deadlines before NECO results

University of Lagos (UNILAG), announced on August 18 that the deadline for uploading WAEC, NECO, GCE and Cambridge O’Level results to both the JAMB Central Admissions Processing System (CAPS) and the university portal had been extended to August 24.

The notice, signed by Mrs V. Abosede Wickliffe, Registrar and Secretary to Council, warned that candidates whose O’Level results were not properly reflected on JAMB CAPS by the deadline would not be considered for admission.

That deadline came exactly one month before NECO released its 2026 results.

UNILAG’s admission notices reviewed by DAILY POST still show the August 24 O’Level upload deadline. No subsequent notice reopening that particular O’Level upload window for the 2026 NECO results was found among the notices reviewed.

Universities take different paths

At the University of Nigeria, Nsukka (UNN), candidates who had previously indicated “Awaiting Result” were given another opportunity to upload their WAEC or NECO results.

A notice signed by the university’s Registrar, Dr (Mrs) C. N. Nnebedum, said candidates who had uploaded WAEC results but wished to replace them with NECO results, combine both results, or upload a result after previously indicating “Awaiting Result” were required to update and validate their records.

The deadline was midnight on September 30, 2026, the same day the university’s Post-UTME screening portal was scheduled to close.

At the University of Ilorin, the admission process also brought the issue closer to home for candidates and their families.

The university reopened its portal after the release of the NECO results for candidates who had been waiting to upload their results. The window ran from Monday, September 28, to Wednesday, September 30, at 11:59 p.m.

One parent, Adams Moses, from Minna, travelled to Ilorin with his son after learning that the portal had reopened. His son had already secured admission but was waiting for his NECO result to complete the process.

The parent said he personally confirmed at the university that the portal had opened on Monday evening and closed on Wednesday at 11:55 p.m.

According to him, “The trip meant additional transport expenses for my family, already dealing with the cost of securing admission. The government needs to look into this.”

The son eventually uploaded his NECO result and completed the process.

His experience showed the practical difficulties candidates faced when admission deadlines came before the release of their results.

The University of Abuja also reopened its 2026/2027 Post-UTME and Direct Entry screening portal until October 4.

In its September 25 notice, the university said the reopening followed the release of the 2026 NECO results and would enable affected candidates to complete their admission screening.

At the Federal University of Lafia (FULAFIA), the Post-UTME screening deadline was extended by a further seven days after NECO released its results on September 24.

The university said the extension, which moved the deadline to October 4, would enable candidates who sat for NECO to upload their results and complete the screening process.

Nasarawa State University, Keffi (NSUK), also extended its 2026/2027 Post-UTME screening exercise by two weeks, moving the deadline from September 30 to October 14.

The university cited, among other difficulties, NECO token issues that had prevented some candidates from completing their applications.

Candidates caught in the gap

For students, the uncertainty was more than just a date on a portal.

Olakunle, a candidate affected by the waiting period, described the experience as “like sitting on a hot seat.”

“Omo, what happened caused tension for students awaiting NECO results, and that’s why the government needs to look into this to address the situation,” he said.

Another candidate, Mercy, said, “All I can say is that it wasn’t easy when you’ve gotten admission and the university is saying it is closing its portal, and you have a deficiency and are awaiting some results.”

The 2026 experience also fits into a longer pattern.

NECO’s recent result-release figures show that its results have consistently been released several weeks after the final examination paper.

The gap was 58 days in 2023, 55 days in 2024, 54 days in 2025 and 63 days in 2026.

The figures raise a practical question for the admission system: if examination results can take several weeks to become available, how should university admission calendars accommodate candidates who depend on those results?

Who coordinates the calendars?

NECO Registrar and Chief Executive, Professor Dantani Wushishi, was asked about the issue when he announced the 2026 results in Minna on September 24.

He described it as “a pertinent question” that called for “sober reflection.”

The registrar said the matter was about “the value we attach to ourselves and our institutions” and “a question that questions our level of patriotism.”

Wushishi stated that NECO would not change its timetable and that the government institutions responsible for the admission system should address the issue.

“Because we feel that those in charge may not listen to us, we concluded that we should let our credibility speak for us,” he noted.

Wushishi also explained that the situation raised questions about “the care for Nigerian children.”

Yet, there is no publicly available figure showing how many candidates seeking admission in 2026 were specifically waiting for NECO results when university deadlines expired.

When contacted, the Joint Admissions and Matriculation Board, JAMB, said it did not currently keep data showing how many candidates were awaiting O’Level results or how many were specifically waiting for NECO results.

The board said such data could, however, be useful for planning.

It stated, “We don’t have such data. Maybe one of these days, I can suggest that we look at that. I believe it has some value in planning.”

The National President of the Owners of Private Schools Association of Nigeria, OPSAN, Prof. Uzochukwu Solomon Nwanonyuo, had earlier called for the suspension of the 2026/2027 tertiary admission process until all outstanding O’Level results were released.

Nwanonyuo made the call in a statement issued after an OPSAN stakeholders’ meeting in September, warning that continuing the admission process while some candidates were still awaiting results from examination bodies could disadvantage students who depended on those results.

A source familiar with the position of the National Universities Commission, NUC, who declined to be named because he was not authorised to speak officially, said the commission’s regulatory responsibilities focused largely on quality assurance, monitoring universities and accrediting programmes.

The source said the issue involved several stakeholders in the education sector, including examination bodies, JAMB and universities, and that the NUC would be better placed to respond formally if the matter were brought before it through the appropriate channel.

by admin — October 16, 2026 in News 0

Cardoso links record $55.1bn reserves to economic stability

Nigeria’s foreign exchange reserves have climbed to $55.1bn, their highest level in 18 years, strengthening the country’s capacity to withstand global economic disruptions, Central Bank of Nigeria Governor, Olayemi Cardoso, has said.

Cardoso said the growing reserves buffer, alongside relative stability in the naira and easing inflation, would help limit the impact of external pressures on households and businesses.

He spoke at the ongoing IMF-World Bank Annual Meetings in Bangkok, Thailand, where he defended the benefits of the country’s economic reforms and monetary policy adjustments.

According to the CBN governor, Nigeria’s stronger external position has reduced the nation’s vulnerability to global shocks, including uncertainties arising from geopolitical conflicts and international trade tensions.

He argued that without the improvement in reserves, Nigeria could have faced more severe consequences from the same pressures affecting other economies.

Cardoso said the accumulation of foreign exchange reserves was not merely a financial indicator but also an important safeguard for the wider economy.

He explained that a stronger reserve position gives the country greater capacity to respond to external pressures and helps support confidence in the FX market.

The CBN governor also pointed to the naira’s recent performance, saying the currency had remained relatively stable and appreciated, with consequences for economic activity.

A more stable exchange rate can reduce the naira cost of imported goods and production inputs, potentially easing pressure on businesses and consumers. However, the extent of any relief depends on how exchange rate movements feed through to retail prices.

Cardoso maintained that Nigerians were benefiting from the policy improvements, even if those gains were not always immediately apparent.

The CBN governor identified falling inflation as another important channel through which economic reforms could benefit ordinary Nigerians, particularly low-income households.

He described inflation as a particularly severe burden on poorer households because rising prices reduce the purchasing power of their incomes.

Lower inflation, if sustained, would help slow the rate at which household budgets are eroded by increases in the cost of food, transport, housing and other essentials.

However, a decline in the inflation rate does not necessarily mean that prices are falling. It means prices are rising more slowly, unless the economy records outright price declines.

Cardoso urged Nigerians to acknowledge the improvements recorded in the economy rather than dismissing the gains from ongoing reforms.

Nigeria’s external reserves continued to rise through September and into October, according to the figures cited in the report.

The reserves increased from about $53.90bn on 1 September to $54.93bn on 30 September, representing a monthly gain of $1.03bn.

The upward movement continued in October, with reserves reaching $54.95bn on 2 October and $55.08bn on 9 October before climbing to $55.1bn on0 13 October.

The accumulation strengthens Nigeria’s external buffer, which can help the country meet foreign currency obligations and manage periods of pressure on the balance of payments.

by admin — October 16, 2026 in Business 0

Inflation drops to 14.63% despite rising energy costs

Nigeria’s headline inflation fell to 14.63 per cent in September 2026, down from 15.39 per cent in August, despite energy costs rising 5.38 per cent during the month.

The latest Consumer Price Index report released on Thursday by the National Bureau of Statistics showed that inflation moderated by 0.76 percentage points, reaching its lowest year-on-year level in 2026, largely supported by declining food prices.

However, the report revealed contrasting price movements across major components of the economy, with energy costs rising sharply and core inflation accelerating despite the overall moderation in consumer prices.

The NBS stated, “In September 2026, the Headline inflation rate stood at 14.63 per cent, down from 15.39 per cent in August 2026 and stood at 20.98 per cent in the same month of the preceding year (September 2025).”

So This Happened (EP 434): Opposition raise concerns over campaign funding ahead of 2027 elections

The decline represented a reduction of 6.35 percentage points compared with September 2025, when inflation stood at 20.98 per cent.

On a month-on-month basis, headline inflation slowed significantly to 0.06 per cent in September from 0.71 per cent in August, representing a decline of 0.65 percentage points.

Despite the slowdown, the Consumer Price Index increased marginally to 146.38 points from 146.30 points in August, indicating that average prices continued to rise, although at a slower pace.

The bureau explained, “This means that in September 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in August 2026.”

A breakdown of the report showed that energy inflation accelerated sharply on a monthly basis to 5.38 per cent in September from 0.36 per cent in August, representing an increase of 5.02 percentage points.

On a year-on-year basis, energy inflation stood at 10.85 per cent, highlighting the continued pressure from energy-related expenses on households and businesses.

Food inflation stood at 19.59 per cent year-on-year in September, compared with 20.16 per cent in the corresponding period of 2025.

On a month-on-month basis, food prices declined by 1.55 per cent, reversing the 1.02 per cent increase recorded in August.

Imported food inflation stood at 9.18 per cent year-on-year, while its monthly increase slowed to 0.04 per cent from 0.91 per cent in August.

Meanwhile, core inflation, which excludes volatile agricultural produce and energy prices, stood at 12.95 per cent year-on-year, compared with 22.11 per cent recorded in September 2025.

Across the country, Imo recorded the highest year-on-year headline inflation at 30.04 per cent, followed by Enugu at 22.38 per cent and Niger at 22.05 per cent.

Taraba recorded the lowest headline inflation at 1.78 per cent, followed by Bauchi at 2.84 per cent and Adamawa at 3.66 per cent.

For food inflation, Lagos recorded the highest annual rate at 34.40 per cent, followed by Imo at 33.79 per cent and Ondo at 31.49 per cent.

Conversely, Taraba and Yobe recorded food deflation of 7.47 per cent and 0.37 per cent, respectively, while Borno recorded an increase of 2.18 per cent.

The NBS identified food and non-alcoholic beverages as the largest contributors to annual headline inflation, accounting for 5.85 percentage points.

Reacting to the report, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, welcomed the decline in headline inflation but warned that rising energy costs and persistent food inflation could undermine the gains.

In a policy brief issued on Thursday, Yusuf said the moderation strengthened the case for further monetary easing to reduce borrowing costs and stimulate private-sector investment.

He said, “With inflation moderating, the case for further monetary easing has strengthened, particularly given the elevated cost of credit and its adverse consequences for investment, working capital and productive capacity.”

However, he said monthly energy inflation surged from 0.36 per cent in August to 5.38 per cent in September, warning that higher petrol, diesel and gas prices could raise production, transportation and food costs.

“The sharp monthly energy-price increase also raises the risk that the recent disinflationary gains could be reversed if higher energy costs persist,” Yusuf warned.

by admin — October 16, 2026 in Business 0