News Rider

BY CHIKA OKEKE, Abuja Nigeria's headline inflation rate dropped to 14.63 percent in September 2026, down from 15.39 percent recorded in August. The National Bureau of Statistics (NSB) in its Consumer Price Index (CPI) report released on Thursday, indicated a gradual drop in the country’s inflation rate during the month under review. It highlighted that the headline inflation crashed by 6.35 percentage points from 20.98 per cent recorded in September 2025. On a month-on-month basis, headline inflation trimmed to 0.06 per cent in September from 0.71 per cent in August, representing a decline of 0.65 percentage points. This implied that in September 2026, the rate of increase in the average price level was lower than the rate recorded in August 2026.  However, food inflation declined to 19.59 per cent in September 2026, down from 20.16 per cent recorded in September 2025,  On a month-on-month basis, food inflation stood at 1.55 per cent, representing a 2.57 percentage...

BY CHIKA OKEKE, Abuja The Federal Government has called on investors to embrace technological innovation, environmental responsibility and measurable value to Nigerians, adding that petroleum development must be accompanied by efficient dealings. Permanent Secretary, Federal Ministry of Petroleum Resources, Mrs. Patience Oyekunle stated this at the fourth edition of Africa Climate Forum (ACF) in Abuja, with the sub-theme: “Nigeria’s Approach to Sustainable Petroleum Development.” Recently, Nigeria launched its 2026 licensing round, offering 40 oil and gas blocks, while pursuing strategic reforms to unlock additional production and investment, as the government cannot deliver sustainable petroleum development alone. Oyekunle said that Africa must be allowed to utilise its resources responsibly, as attaining a sustainable energy future for Africa requires the inclusion of millions of people with reliable and affordable energy. She added: “Government must provide clear policy,...

BY CHIKA OKEKE, Abuja Baale of Okun Igando, Ibeju-Lekki, Lagos State, Hon. Chief Semiu Waliu Jejelaiye (2nd L); Director General of the National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor and others during the agency's visit to Ibeju-Lekki community to present awards to the Monarch and Green Fingers Wildlife Conservation Initiative recently.  The Director General of the National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor has honoured the Baale of Okun Igando, Ibeju-Lekki, Lagos State, Hon. Chief Semiu Waliu Jejelaiye, and Green Fingers Wildlife Conservation Initiative, for the safe rescue and return of leatherback turtle to the sea.  Leatherback turtle is an endangered specie protected under the National Environmental (Protection of Endangered Species in Domestic and International Trade) Regulations and listed under Appendix I of the Convention on International Trade i...

BY CHIKA OKEKE, Abuja The Minister of Works, Engr David Umahi has revealed that the removal of fuel subsidy created fiscal space for massive infrastructure improvements nationwide. This was even as he was informed that President Tinubu had initiated approximately 5,500 kilometres of road in the North Central Zone with Niger State accounting for more than a thousand.  He disclosed this at the flagg off of the reconstruction and dualisation of the 401-kilometre Lambata–Bida–Mokwa–Makera–Kontagora Road in Niger State, funded by the Dangote Group through the Federal Government’s tax-credit financing model. The minister described the adoption of long-lasting and climate-resilient Continuously Reinforced Concrete Pavement (CRCP) technology for the project as a one-off panacea and a reassuring measure for prolonged lifespan. Umahi highlighted the Federal Government’s ongoing infrastructure initiatives across the country, saying that the administration’s developmental strides a...

BY EMEKA SAMUEL, Uyo Governor Umo Eno Akwa Ibom state government has paid gratuities and entitlements worth ₦150 million to former staff of Akwa Palm Limited, 17 years after the factory was shut down. It also paid ₦180 million in six-month salary arrears for workers of St. Gabriel Coconut Refinery in Mkpat Enin Local Council. Commissioner for Labour and Manpower Planning, Mr Ikoedem Ekong, who stated this during a Ministerial Media Briefing on the activities of his ministry yesterday in Uyo, noted that over ₦100 billion of the ₦111 billion gratuity liabilities inherited by the Eno-led administration has also been paid. Ekong explained that the governor subsequently approved two additional months of salary arrears for the coconut refinery workers beyond their initial request.  He said the ministry also resolved industrial disputes involving the Academic Staff Union of Universities, Akwa Ibom State; Judiciary Staff Union of Nigeria; National Union of Agriculture and Allie...

BY CHIKA OKEKE, Abuja The Nigerian Bulk Electricity Trading Plc (NBET) has stated that resolving legacy debts would support the transition to a more sustainable electricity market, with improved payment discipline, stronger liquidity and greater commercial certainty for investors. This followed the payment of ₦728.979 billion in legacy debts owed to participating power Generation Companies (GenCos) and their associated gas suppliers.  The Federal Government’s Power Sector Debt Reduction Programme had issued N728.979 billion bonds, as well as the signing of the Series 2 Bonds under the N4 trillion Power Sector Multi-Instrument Issuance Programme, meant to offset the legacy debts. Managing Director and Chief Executive Officer of NBET, Akin Odeyemi said that a financially stronger generation segment would improve the capacity of generating companies to maintain and upgrade their assets, support increased electricity generation and contribute to greater reliability in the p...

BY CHIKA OKEKE, Abuja Prof Taiwo Oyedele The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has pushed for consistent policies to sustain fiscal and economic reforms, while building the public and investors’ confidence. At the Africa’s Golden Future Forum on Wednesday in Bangkok, Thailand, he stated that effective communication and strong institutions are crucial in sustaining the reforms. Oyedele explained that Nigeria’s experience with economic reforms offers valuable lessons for African countries seeking sustainable growth, stronger regional trade and improved living standards. He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as major components of Nigeria’s economic reform programme, adding that orderly implementation of policies impact on citizens and businesses. The minister revealed that removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising cost...