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The Special Adviser to President Bola Tinubu on Information and Strategy, Mr. Bayo Onanuga, has said he does not personally see the level of hunger frequently described in public discussions, defending the administration’s economic record even as official data points to deepening hardship across the country. Speaking on Arise Television on Tuesday, June 23, 2026,…
Nigeria’s headline inflation rate rose to 15.93 per cent in May 2026, the third straight monthly increase in the annual rate, as the organised private sector pinned the worsening trend on Middle East tensions, rising energy costs, insecurity and import bottlenecks. The Consumer Price Index report released by the National Bureau of Statistics on…
The Nigerian Association of Liquefied Petroleum Gas Marketers raised the alarm on Monday over a severe supply squeeze that pushed retail cooking gas prices above N1,500 per kilogramme. The commodity recently traded under N1,000 before worsening depot bottlenecks disrupted the domestic supply chain. Depot operators have hiked bulk pricing to between N25.2 million and N26.2…
Nigeria’s currency held firm against the United States Dollar in the early hours of Thursday, May 21, 2026, trading at 1,371.25 per Dollar in the Nigerian Foreign Exchange Market, the official window for formal currency trade, following the Central Bank of Nigeria’s decision to retain its benchmark interest rate unchanged. The Monetary Policy Committee…
Nigeria’s Central Bank has opted to hold its benchmark lending rate steady at 26.5 per cent, resisting pressure from a fresh uptick in inflation and global economic uncertainty that analysts say tilted the policy balance firmly toward caution. CBN Governor Olayemi Cardoso announced the decision on Wednesday at the conclusion of the 305th meeting of…
Nigeria’s headline inflation rate edged higher in April 2026, rising to 15.69 percent from 15.38 percent recorded in March, as persistent pressure from food prices, transport fares, hospitality costs, and healthcare expenditure continued to squeeze household budgets across the country. The National Bureau of Statistics disclosed this in its Consumer Price Index report released…
The state oil firm and private retailers in Abuja have raised petrol prices again, pushing the cost of a litre toward 1,500 Naira. This latest adjustment follows a year of relentless volatility that has left the capital city with empty roads and crowded bus stops. National oil company outlets now sell fuel at 1,364 Naira,…
Global oil price hikes could drive Nigeria’s headline inflation up by 3.1 percentage points as the Middle East conflict continues to batter energy markets. In its latest Nigeria Development Update, the World Bank warned that the conflict has pushed crude prices to $80 per barrel, a 31% increase since hostilities began. This surge is already…
Nigeria’s nascent battle against inflation faces a fresh assault from global energy markets, despite a marginal dip in headline figures. Data for February 2026 shows inflation eased to 15.06% year-on-year, down from 15.10% in January. While this appears positive compared to the 26.27% recorded a year ago, the Centre for the Promotion of Private Enterprise…
The Nigerian Naira maintained its stability against the US Dollar on Friday, 13 March 2026, closing a resilient trading week. Data from the Nigerian Foreign Exchange Market (NFEM) shows the currency opened at 1,398.74 and held steady at 1,398.63 by mid-morning. This marginal appreciation of 0.01% reflects a period of rare calm in the foreign…
