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Financial reforms gain traction with global recognition

Governor of the Central Bank of Nigeria, Olayemi CardosoThe Central Bank of Nigeria secured a major global endorsement last week after it was named Central Bank of the Year 2026 by the Central Banking Awards Committee in London, a recognition that underscores the institution’s role in steering Africa’s largest economy through a difficult period of instability toward gradual recovery.

Announced at the 13th annual Central Banking Awards, the honour has drawn international attention to Nigeria’s ongoing financial sector reforms and the central bank’s efforts to stabilise the macroeconomic environment. It also reflects a broader narrative of economic adjustment, highlighting both the severe pre-reform challenges and the progress recorded in exchange rate stability, foreign investment inflows, and domestic economic resilience.

Under the leadership of its Governor, Olayemi Cardoso, the apex bank has gained global recognition for implementing far-reaching reforms that have helped redirect the Nigerian economy toward a path of stability and growth. The awards committee noted that the country faced an acute economic crisis before the current reform programme began, requiring bold and coordinated policy responses.

According to the committee, Nigeria’s economic conditions prior to the reforms were deeply strained. When President Bola Tinubu assumed office in May 2023, he inherited an economy that was nearing what observers described as “hyperinflation” and “fiscal bankruptcy.” The naira had been depreciating rapidly, while inflationary pressures continued to intensify, eroding purchasing power and undermining confidence.

In response, the administration introduced a series of sweeping reforms aimed at addressing structural imbalances. Among the most consequential were the removal of fuel subsidies and the liberalisation of the foreign exchange market. While these measures were widely seen as necessary, their immediate effects were difficult for many Nigerians, as they triggered a sharp rise in prices and pushed inflation to 34.80 per cent by December 2024—the highest level recorded in nearly three decades.

Despite the initial hardship, the Central Banking Awards Committee observed that the Central Bank of Nigeria, under Cardoso’s leadership, embarked on a reform agenda designed to restore stability, rebuild trust, and reinforce the financial system. The strategy centred on disciplined monetary policy, institutional restructuring, and enhanced transparency in policy implementation.

A key aspect of the reforms involved discontinuing quasi-fiscal interventions, where the central bank had previously extended direct credit to various sectors of the economy. This practice had contributed to excess liquidity and rising inflation. By ending such interventions, the apex bank signalled a return to orthodox monetary policy, aimed at restoring credibility and controlling price pressures.

Internally, the institution also undertook significant restructuring. Staff numbers were reduced, cases of misconduct were addressed, and personnel were redeployed to areas considered critical for achieving the bank’s objectives. These changes were part of a broader effort to strengthen governance and improve operational efficiency.

A senior official of the bank explained that transparency and accountability have become central pillars of its operations. The CBN has improved the way it communicates policy decisions, strengthened internal oversight, and adopted more robust analytical tools to guide decision-making. These measures have helped build confidence among stakeholders, including investors and market participants.

One of the most significant areas of reform has been the foreign exchange market. The central bank replaced the multiple exchange rate system with a willing-buyer, willing-seller framework, allowing market forces to play a greater role in determining the value of the naira. In addition, it introduced an electronic foreign exchange matching system to improve transparency and efficiency in transactions.

Cardoso stated that these changes have led to a substantial reduction in the disparity between official and parallel market exchange rates, bridging the gap to less than two per cent from over 60 per cent previously. He also noted that the bank has cleared a backlog of foreign exchange obligations, a move that has helped restore confidence among investors and businesses operating in the country.

Nigeria’s external reserves have also strengthened, reaching approximately $46.7bn by November 2025—the highest level recorded in nearly seven years. This improvement has provided a buffer against external shocks and enhanced the country’s ability to meet its international obligations. The International Monetary Fund commended these efforts, noting that reforms in the foreign exchange market have improved liquidity and facilitated more effective price discovery.

Beyond the FX market, the central bank has worked to deepen financial markets by collaborating with the Securities and Exchange Commission and the National Pension Commission. Together, they have introduced measures to enhance transparency in the fixed-income market and promote long-term investment, which is critical for sustainable economic growth.

admin by — March 25, 2026 in Business 0
DLM Capital initiates N30bn SBCN plan with maiden payout

DLM Capital GroupDLM Capital Group has officially moved from proof-of-concept to proven execution, announcing the successful disbursement of the first principal and coupon payments on its Sovereign Bond-Backed Composite Notes.

The payment marks a decisive turning point for the N30bn programme, which seeks to blend the high-yield opportunities of corporate structuring with the rock-solid security of sovereign collateral. The Series 1 Notes, which include the N7.30bn Tranche A and N1.70bn Tranche B, are currently listed on the FMDQ Exchange.

The milestone is particularly significant given the initial market climate. When the instrument launched in July 2025, it was met with “cautious interest” from an investment community wary of new structures. However, the timely fulfilment of these financial obligations has silenced sceptics and bolstered the reputation of the AAA-rated instrument.

The leadership at DLM Capital and market analysts have been vocal about what this payout represents for the Nigerian capital markets: “This first payment is a clear validation of the structure. It demonstrates that the SBCNs are not just innovative but dependable,” said DLM Capital Group.

“The instrument has delivered on its core promise: strong credit quality, reliable cash flows, and enhanced returns. With momentum building toward Series 2, DLM Capital is setting a new standard for structured debt innovation in Nigeria’s capital markets,” the statement added.

The SBCNs have distinguished themselves through their unique risk-reward profile. Tranche A has notably emerged as the most valuable AAA-rated corporate bond in Nigeria, offering an impressive 40.62% Hold-To-Maturity return.

Backed by sovereign bond collateral and rated AAA by both GCR and DataPro, the notes have successfully addressed the “flight to quality” currently seen among institutional investors. By providing a bridge between capital preservation and yield optimisation, DLM Capital appears to have carved out a new niche for high-quality fixed-income opportunities.

As the Group prepares for the Series 2 issuance, the successful servicing of the Series 1 debt provides a robust track record that is expected to drive even higher subscription rates from pension fund administrators and insurance firms seeking stable, high-yield assets.

admin by — March 25, 2026 in Business 0
Global trade moves 500 billion tonnes virtual water – Report

World-BankGlobal trade transports an estimated 500 billion tonnes of virtual water every year, the hidden water embedded in goods such as food, textiles and industrial products, indicating the growing link between international commerce and water sustainability, according to a new World Bank report.

The report explains that virtual water refers to the large volumes of freshwater used during production processes but not visible in the final product. For example, producing a single cup of coffee can require about 150 litres of water, while sugar, milk and baked goods add significantly more, meaning a typical breakfast may consume more water than many households use daily.

According to the World Bank, the scale of virtual water flows is immense, amounting to roughly a quarter of global water use and about 50 times the weight of goods shipped annually by sea. Over the past two decades, virtual water trade has expanded by about 50 per cent, driven by rising incomes, changing diets and increasingly complex global value chains.

The report notes that trade can improve global water efficiency by shifting production to regions where water resources are more abundant. Crop trade alone saves around 500 billion cubic metres of water annually, as agricultural goods are often produced in locations that use water more efficiently than importing countries.

Water-dependent sectors, including agriculture, energy and industry, support approximately 1.7 billion jobs worldwide, underscoring the economic importance of efficient water use.

However, the benefits are uneven. About one-fifth of irrigation water embedded in traded goods originates from water-stressed regions where water is used less efficiently, effectively exporting scarce water resources and increasing long-term economic risks for those countries.

The World Bank said trade policy plays a critical role in determining where water-intensive production occurs.

Import tariffs, subsidies and regulatory standards influence competitiveness in sectors such as agri-food, textiles, leather, pulp and paper, and chemicals. Meanwhile, tariffs on water-saving technologies, including drip irrigation systems, smart meters and wastewater treatment equipment, can slow the adoption of efficiency solutions.

Governments are increasingly using non-tariff measures such as product standards and sustainability regulations to manage water use. Australia’s water-efficiency labelling scheme and the European Union’s corporate sustainability due diligence rules were cited as examples of policies shaping water outcomes across supply chains.

Private companies are also playing a growing role. Multinational firms are setting targets to reduce water use in manufacturing and working with suppliers to improve irrigation and processing efficiency across global sourcing networks.

The report added that trade agreements could further promote sustainable water use by incorporating environmental commitments and cooperation mechanisms. Examples include agreements between the European Union and Chile and between Japan and Australia, which encourage collaboration on efficient water management.

The World Bank cautioned that aligning trade with water sustainability will require gradual policy reforms to avoid disrupting producers and consumers, particularly in developing economies. Measures such as phased disclosure of water footprints, improved supply-chain traceability and investment in water-efficient technologies could help businesses remain competitive while reducing environmental risks.

admin by — March 25, 2026 in Business 0
SEC DG, Agama Re-Elected AMERC Vice Chair

The Securities and Exchange Commission Nigeria (SEC Nigeria) is pleased to announce the re-election of its Director-General, Emomotimi Agama, as Vice Chair of the Africa/Middle-East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) for a second term spanning 2026–2028.
IOSCO was established in 1983, serves as the global standard-setter for the securities industry and is recognised as the leading international policy forum for securities regulators. Its members regulate more than 95 per cent of the world’s securities markets across over 100 jurisdictions.

 

 

This appointment, confirmed by IOSCO, reflects the growing recognition of Nigeria’s capital market and its strategic importance within the Africa and Middle East region. It highlights the confidence of peer regulators in Nigeria’s leadership, regulatory progress, and continued commitment to strengthening capital market systems.

 

The re-election also presents a significant opportunity for SEC Nigeria to deepen its engagement at the highest level of global securities regulation. As AMERC Vice Chair, Nigeria will maintain a seat on the IOSCO Board, the organisation’s highest policy-making body, where critical decisions shaping global capital market standards, regulatory frameworks, and cross-border cooperation are made. This position ensures that Nigeria’s perspectives, experiences, and priorities are represented in key discussions that influence the direction of international financial markets.

 

 

According to Agama, “Beyond representation, this development enhances Nigeria’s ability to contribute meaningfully to global regulatory dialogue, particularly in areas such as enforcement cooperation, market integrity, and investor protection. It creates a stronger platform for collaboration with other jurisdictions on cross-border regulatory issues, including tackling illicit financial flows and strengthening supervisory frameworks. The role further supports ongoing efforts to align Nigeria’s capital market with international best practices, fostering greater investor confidence and facilitating increased participation in global financial markets.

 

“Ultimately, this milestone reinforces Nigeria’s position as a leading voice in regional and global capital market development. It is expected to contribute to building a more resilient, transparent, and robust capital market ecosystem, not only within Nigeria but across the broader Africa and Middle East region. SEC Nigeria remains committed to leveraging this opportunity to advance regulatory excellence, deepen market integration, and support sustainable economic growth”

admin by — March 25, 2026 in Business 0
Otti’s chances of re-election less than 30 percent – Abia APC

Abia State chapter of the All Progressive Congress, APC, has told Governor Alex Otti that his support for the re-election of President Bola Tinubu should not be announced through his proxies.

The APC also said that the Abia Governor’s chances of getting re-elected is less than 30 per cent.

The party, which spoke through its Publicity Secretary, Uche Aguoru, on Monday, was reacting to the report where a member of the House of Representatives, Ginger Oneusibe of the Labour Party declared that Governor Alex Otti would deliver the votes for President Bola Tinubu’s victory in 2027.

APC claimed that the situation stemmed from desperate political survival tactics in the Governor’s camp.

“Rather than openly and boldly identifying with President Tinubu, he has chosen to deploy proxies to communicate supposed support.

“This sudden declaration of support is nothing more than a desperate and deceptive tactic aimed at political survival.

“It is clear that Governor Otti understands the reality on ground- that his chances of re-election are less than 30% even with all the social media sponsored deception,” Abia APC said.

The broom party, which boasted about having the capacity to give up to 90 percent votes for the President, urged President Bola Tinubu to disregard any misleading overtures but to rely on the party’s strength in Abia.

admin by — March 24, 2026 in News 0
Ogun 2027: Meet four female politicians battling for Abiodun’s seat

As the countdown to 2027 begins, the political atmosphere in Ogun, the Gateway State is already thick with ambition.

There is presently an intense jostling for the seat of Governor Dapo Abiodun.

By 2027, Governor Abiodun will be completing his eight years term in office, giving way for the fresh blood at the Oke Mosan seat of power.

Findings by DAILY POST revealed that more than 15 aspirants across party lines are eyeing the Ogun number one political office.

However, of all the aspirants, there are four female politicians attempting to make history in the state and Nigeria by extension.

A Jinx Waiting to be Broken

Ogun State has always been a pioneer in female leadership, producing the likes of late Titilayo Ajanaku, the first woman to be elected as a local government chairman in Nigeria (Old Abeokuta LG), female speaker, and at least three deputy governors.

Salimot Badiru served eight years under Otunba Gbenga Daniel (2003-2011), while Yetunde Onanuga served four years under Ibikunle Amosun (2015-2019) and Noimot Salako-Oyedele is the present deputy governor of the Abiodun-led administration.

However, the ultimate prize, the Governor’s office, has remained all-male enclave since the state’s creation in 1976. Will they break the jinx in 2027? This remains a poser on the lips of political pundits in the state.

Noimot Salako-Oyedele:

As the current Deputy Governor, Noimot Salako-Oyedele is arguably the most strategically positioned. The 60-year-old real estate expert and civil engineer hails from the Ado-Odo/Ota Local Government (Ogun West).

She hasn’t declared but her poster has been playing around with the inscription, “Ogun 2027, Let The Good Works Continue.”

Our correspondent observed that her supporters have also begun singing her praises saying, “Noimot lo le se oo” meaning in English, “Noimot can do it.”

And the fact that her region, Ogun West, hasn’t produced a governor since the creation of Ogun State in 1976, boosts her chances. Although, she has formidable aspirants from the region to contend with.

However, history has shown that deputy governors in Nigeria struggle to succeed their principals, hence she must overcome the “Deputy’s Curse”.

Iyabo Obasanjo-Bello: The Return of the “Lioness”

Iyabo, daughter of former Nigeria President Olusegun Obasanjo, is a name that still sends ripples through the Nigerian political landscape. She was a former Commissioner for Health in Ogun State from 2003 to 2007 under Otunba Gbenga Daniel’s administration before being elected as a Senator representing the Ogun CentralSenatorial District in April 2007 until 2011.

In January, she returned to active politics after about 15 years break and defected from the People’s Democratic Party (PDP) to the ruling All Progressive Congress (APC) to declare her governorship ambition. This sent shockwaves through the state.

Recall that she had lost her re-election bid in 2011 to Senator Gbenga Obadara of the then Action Congress of Nigeria (ACN) and subsequently returned to the United States to pursue her academic career, rising to the rank of professor.

Her supporters see her as a no-nonsense leader who can bring federal-level experience back to her home state. The 59 years old professor of epidemiology who hails from Ifo Local Government (Ogun Central – Ibogun Ward) recent visibility has sparked rumors that she is ready for a major comeback.

Although critics have labeled her a “diaspora politician” out of touch with modern grassroots realities, she is proving her “street” credibility while embarking on several consultations with political leaders and stakeholders across the state.

The aspirant explained that her focus on people-centred development is influenced by her past experiences in public service as commissioner and senator, where she said she consistently prioritised interventions that improved the lives of ordinary citizens.

She also assured the women folk that if elected, they will become decision makers and not just mere mobilizers during elections.

She said, “Development demands continuity, institutional memory and a leadership that understands that governance is a relay, not a sprint. If entrusted with the mandate in 2027, my administration will be anchored on credibility, competence and compassion.

“We will not run a government of exclusion. Women will not merely be mobilisers during elections; they will be decision-makers at the highest levels of governance.”

The former senator also pledged to lead an open administration with quantifiable results and accountability.

Modele Sarafa-Yusuf: The Media Guru

The 59-year-old veteran broadcast journalist, Modele Sarafa-Yusuf has already tested the waters. She served as a Special Adviser on information and strategy to Governor Dapo Abiodun, and resigned to contest for the ticket in 2023, signaling her long-term intent.

Sarafa-Yusuf announced her intention to run for the 2027 gubernatorial election in an open letter posted on her official X account in February.

The retired sport journalist who hails from Sagamu Local Government (Ogun East – Iperu Remo) framed the position as a stabilising force amid the risks of party fracture, drawing on her experience in 2022, when she accepted defeat without upsetting relations.

While admitting that the state is blessed, she asserted that blessings alone do not guarantee progress but rather deliberate leadership and trust.

The letter addressed to leaders, members, and stakeholders of the All Progressives Congress (APC), Ogun State, reads, “Ogun State is blessed with industry, blessed with intellect, blessed with culture, and blessed with strategic relevance to the nation.

“Yet we all know that blessings alone do not guarantee progress. Progress requires deliberate leadership, balance, and trust among our people. It requires continuity.

“After deep reflection and wide consultation, I have decided to make myself available to serve as our party’s candidate for Governor, Ogun State, in the 2027 elections.

“I chose this system of declaration deliberately to be public, honest, and focused on responsibility rather than spectacle.“

Meanwhile, she clarified that this is, however, not a return driven by unfinished business but a response to a different political environment, asserting that the state needs inclusion without escalation, as loud politics can mobilise quickly and collapse quickly, leaving damage behind.

She insisted that her aspiration would pave the way for future generations of women leaders in Ogun state and Nigeria at large.

“Nigeria has never elected a female governor, and I’m aware of the weight of breaking that ceiling.

“To that extent, my aspiration isn’t just about me; it’s about paving the way for future generations of women leaders in Ogun State and Nigeria at large.

“However, this is not about symbolism. It is about capacity and competence,” Sarafa-Yusuf said.

Dr. Bolaji Marie Odusina- From Medical Missions To Political Mission

The United States-based physician and humanitarian formally announced her intention to run for governor of Ogun State in 2027 on Tuesday.

For years, Odusina popularly known as DeeDoc, has quietly built a following through massive free medical outreaches in rural Ogun communities.

Her formal declaration for 2027 signals a shift from medical missions to a political mission.

Although she did not disclose her party affiliation, she said her political platform would be made public in the coming days.

While others talk about politics, the 62-year-old paediatrician, who founded Doctors Without Prejudice with over thirty years of experience in both Nigeria and the US, focused on healthcare, maternal mortality, and grassroots economic empowerment.

Citing findings from the Nigeria Demographic and Health Survey, she decried gaps in maternal healthcare and child mortality, describing them as urgent concerns requiring immediate government attention.

She said, “I have seen families travel across borders for basic medical care. These are not statistics to me; they are real people whose pain I have witnessed.”

The paediatrician hails from Ijebu land.

However, analysts note that her ambition may face hurdles, including the need to build a formidable political structure, secure a viable party platform and translate public goodwill into electoral success.

admin by — March 24, 2026 in News 0
EFCC hands over N3bn recovered  funds to NNPCL

The Economic and Financial Crimes Commission, EFCC, on Thursday, March 18, 2026 handed over a total sum of N3,936,145, 822 ( Three Billion, Nine Hundred and Thirty Six Million, One Hundred and Forty Five Thousand, Eight Hundred and Twenty Two Naira) to the Nigeria National Petroleum Company, NNPC Ltd.

The presentation was made on behalf of the Executive Chairman of the Commission, Ola Olukoyede by the Secretary to the Commission, Mohammed Hammajoda in a brief ceremony at the EFCC headquarters, Abuja.

In his remark at the occasion,   Hammajoda reiterated  the commitment of the Commission to the task of curbing economic and financial crimes, stressing that the funds were recovered through diligent investigation and professional uncovering  of fraudulent engagements by some actors in the NNPCL.

“On behalf of the Executive Chairman, we will continue to put ourselves on the line to serve over 220 million Nigerians.  Along the line, many of our colleagues have paid the price and others will still pay the price as we continue to do our work with courage and integrity. We will serve and continue to serve this country.  So,  on behalf of the EFCC, I present the sum of Three Billion, Nine Hundred and Thirty Six million, One Hundred and Forty Five Thousand, Eight Hundred and Twenty Two Naira to you”, he said.

Receiving the funds on behalf of NNPC, the Executive Vice President,   Downstream, Mumuni Dagazau excitedly thanked the Commission for  its assistance in the recovery “which goes to show the core unity that exists in our system”

“NNPC over the years has had its struggles and challenges and one thing we have always tried to do is correct the system. When the opportunity came for this recovery from your people that handled this,  it was something I was really proud of. I was also happy that we brought it to EFCC to help and support us.  We are very excited, for me this is a great day for us, we will continue to rely on you for assistance.

 

admin by — March 24, 2026 in News 0
Police arrest Baruwa, reveal how over 300 armed men stormed NURTW secretariat

The court-recognised President of the National Union of Road Transport Workers (NURTW), Tajudeen Ibikunle Baruwa, and six others loyal to him have been arrested by operatives of the Federal Capital Territory, FCT, Police Command.

The spokesperson of the command, SP Josephine Adeh, explained in a statement issued on Monday that the command received a distress call reporting that about 300 individuals, armed with cutlasses, bottles, bows, and arrows, had stormed the NURTW headquarters along Sapele Street, Garki II, Abuja.

She said the information indicated that the armed men were removing items from the NURTW premises, triggering violence as another factional leader resisted the attempt to take over the facility.

The FCT Police Public Relations Officer said that in a swift response, the Deputy Commissioner of Police in charge of Operations, DCP Isyaku Sharu, led a response team to the scene.

According to her, upon arrival, it was learnt that Baruwa and his group “were attempting to enforce a court order on the premises without the presence of court sheriffs and other officials.

“This action degenerated into a physical confrontation when other members of the NURTW attempted to resist them, which led to one victim being inflicted with severe machete wounds to the neck.

“He was rescued by the police team, while several others who sustained varying degrees of injuries were rushed to a nearby hospital for medical treatment.”

The suspects arrested include Sulaiman A. Musa, Nasir Ibrahim, Alhaji Sadisu Musa, Dalha Suleiman, Abdullahi Garba, Rasheed Fojebi, and Ibikunle T. Baruwa.

The police said all the suspects have been “charged to Magistrate Court 1, Wuse Zone 2, while normalcy has since been restored to the area.”

Josephine Adeh also debunked videos circulating on social media alleging that personnel of the command shot at some NURTW members.

She said the claims are false and misleading, stressing that they were aimed at rousing public sentiment.

admin by — March 24, 2026 in News 0
Amnesty International demands probe into alleged killing of man by soldiers in Maiduguri

Amnesty International has called on Nigerian authorities to immediately investigate the alleged killing of a resident, Abdulrahman Mustapha, popularly known as “Abchin,” by soldiers in Maiduguri, Borno State.

In a statement posted on its verified Facebook account on Tuesday, the global human rights organisation said the incident occurred on March 22, 2026, around the Polo axis near the Federal High Court in an area known as Karshen Kolta.

According to Amnesty International, eyewitnesses said Mustapha was shot dead by soldiers of the Nigerian Army while returning from a Sallah visit to his siblings residing in the Polo area.

The organisation said it was disturbing that the military reportedly transported the victim’s lifeless body alongside his vehicle to the GRA Police Station in Maiduguri.

From there, the body was taken to the University of Maiduguri Teaching Hospital, where he was formally confirmed dead.

Condemning the incident, Amnesty International described the killing as another troubling example of alleged abuses by security forces.

“What happened to Abdulrahman is a sad reminder of the Nigerian military’s consistent utter disregard for the sanctity of human life and the rule of law,” the organisation said.

It warned that such incidents erode public confidence in security institutions.

“Such flagrant disregard for human rights undermines public trust and creates a toxic climate of impunity,” Amnesty International stated.

The organisation urged the government to ensure accountability and justice for the victim.

“The authorities must stop turning a blind eye to such unlawful killings. They must live up to their constitutional and international human rights obligations by ensuring that all suspected soldiers involved are brought to justice in a prompt and fair trial,” the statement added.

As of the time of filing this report, there was no official response from the Nigerian military regarding the allegation.

admin by — March 24, 2026 in News 0
Fuel price hike: Experts, CSOs divided on subsidy as Nigerians face worsening hardship

Experts and civil society organizations are divided over calls for the administration of Bola Ahmed Tinubu to introduce palliatives or reinstate fuel subsidies to cushion the impact of soaring petrol prices triggered by rising global crude oil costs.

The spike in oil prices follows the 24-day conflict involving Iran, the United States and Israel, which has disrupted global energy markets and pushed crude prices above $100 per barrel— far above Nigeria’s 2026 budget benchmark of $64 per barrel.

While the surge has boosted Nigeria’s oil revenue in recent weeks, it has also worsened domestic economic conditions.

Petrol prices have jumped by about N492, or 56 percent, rising to between N1,367 and N1,390 per liter as of Monday, March 23, 2026, from N875 recorded before February 28.

The increase has triggered higher transport fares and food prices, further eroding the purchasing power of millions of Nigerians, particularly those earning the N70,000 minimum wage.

Amid growing hardship, some stakeholders have called on the government to introduce relief measures to ease the cost-of-living crisis.

The Centre for the Promotion of Private Enterprises (CPPE) has urged the Federal Government to adopt a coordinated policy framework to prevent energy-driven inflation.

In a statement, CPPE’s Chief Executive Officer, Muda Yusuf, warned that the Middle East crisis could reverse Nigeria’s disinflation trend, which stood at 15.06 percent in February.

Similarly, the president of the Nigeria Labour Congress, Joe Ajaero, said the government should not wait for industrial action before intervening.

“The government is making huge revenues from the crisis, which has also doubled the budget benchmark.

“The government should use part of these funds to cushion the impact on citizens,” he said.
Oyo State government recently approved N10,000 wage allowances for its civil servants to cushion the surge in fuel prices.

However, experts who spoke with DAILY POST remain divided on the appropriate response by the Nigerian government.

Fuel Subsidy return misconceived– Prof emeritus, Wumi provides alternative solutions

A professor emeritus of petroleum economics, Wumi Iledare, dismissed calls for the return of fuel subsidy, describing them as misguided and economically unsustainable.

“The position by some stakeholders advocating a return to fuel subsidy to cushion recent petrol price spike appears misconceived and difficult to justify.

“Consumer fuel subsidies tend to create market inefficiencies and significant welfare losses,” he told DAILY POST.
According to him, past subsidy regimes have diverted resources away from critical sectors such as healthcare, education, infrastructure and power.

“Evidence over the past two to three decades suggests that subsidy regimes often crowd out critical public investments,” he added, warning that a return to subsidy would be ill-advised.

Instead, Iledare recommended targeted social interventions, improved governance in the energy sector and strategic use of oil windfalls to strengthen economic resilience.

He also suggested policy options such as crude oil discounts for local refineries, including the Dangote Refinery, as well as the removal of import duties or Value Added Tax on petrol products to ease costs.

Tinubu’s govt lacks pro-people policies – Rafsanjani

On the other hand, the Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International Nigeria, Auwal Rafsanjani, called for urgent pro-people policies to address the hardship.

“First and foremost, Nigerian leaders need to have a package for relief to mitigate the suffering of Nigerians in all ramifications,” he said.

Rafsanjani criticized what he described as the absence of “sympathetic” and “pro-poor” policies, warning that the situation could worsen if urgent action was not taken.

“The money from the subsidy removal has not translated into mitigating Nigerian suffering,” he said, adding that political priorities ahead of elections may be overshadowing governance.

Describing the situation as a disconnect between leaders and citizens, he stressed the need for inclusive policies that prioritize the welfare of ordinary Nigerians.

“We have a governance system and political leaders that are not pro-poor and not interested in putting systems in place to mitigate the suffering of Nigerians,” he said.

admin by — March 24, 2026 in News 0