Nigeria’s Inflation Rate Drops to 20.12% in August — NBS Nigeria’s headline inflation rate eased to 20.12% in August 2025, down from 21.88% in July 2025, according to the latest data from the National Bureau of Statistics (NBS). The decline represents a 1.76% decrease compared to the July rate. In its report, the NBS noted that the month-on-month headline inflation rate stood at 0.74% in August, significantly lower than the 1.99% recorded in July, indicating a slower rate of increase in average prices. Food inflation on a monthly basis was reported at 1.65%. On a year-on-year basis, the inflation rate dropped by 12.03% from 32.15% in August 2024 to 20.12% in August 2025, reflecting a notable decline. The NBS further revealed that the Consumer Price Index (CPI) rose to 126.8 in August 2025, up from 125.9 in July, representing a 0.9-point increase. NigeriaEconomy #InflationUpdate #NBSSurvey

In his column, Azu Ishiekwene warns that NNPCL boss Bayo Ojulari may be “walking into a trap” with his promise to revive Nigeria’s moribund refineries. Although crude oil production has risen under his watch, Ishiekwene argues that Ojulari’s pledge to unions risks repeating decades of failed, costly “turnaround maintenance” projects that enriched contractors and politicians while leaving refineries idle. He notes that past rehabilitation efforts — including billions paid under Buhari’s administration — delivered little, while refinery workers still drew huge salaries. Instead of making hasty promises, Ishiekwene urges Ojulari to publish the ongoing refinery review and avoid falling prey to vested interests. #NNPCL #RefineryCrisis #NigeriaEconomy

The National Economic Council (NEC) has endorsed the Renewed Hope Development Plan (2026–2030), designed to consolidate reforms and drive Nigeria towards a $1 trillion economy by 2030. Chairing the 151st NEC meeting at the Presidential Villa, Vice President Kashim Shettima said the plan will build on the National Development Plan (2021–2025), align with Nigeria Agenda 2050, and ensure policy continuity. Shettima stressed that the plan will be participatory, involving states, local governments, the private sector, civil society, and youth groups. He also highlighted new interventions, including NASENI’s rollout of solar-powered irrigation pumps to cut farmers’ energy costs and boost food security. #NEC #RenewedHope #NigeriaEconomy #Shettima #Agenda2050 #BreakingNews

News Brief: Tinubu Orders Immediate Ban On Raw Shea Nut Export President Bola Tinubu has approved a six-month ban on the export of raw shea nuts to boost local processing and grow Nigeria’s shea industry. Vice President Kashim Shettima, who announced the directive, said the move is aimed at securing raw materials for processors, creating jobs, and generating about $300 million annually in the short term. Nigeria, which produces nearly 40% of the world’s shea, currently accounts for less than 1% of the $6.5 billion global market. Officials say the ban will help curb informal exports, expand value addition, empower rural women, and position the country as a major player in the global shea trade. #SheaIndustry #NigeriaEconomy #Tinubu

EXCLUSIVE: NNPC Boss Charters Private Jets For Brazil Trip August 24, 2025 NNPC Limited CEO, Bashir Ojulari, has come under fresh criticism after chartering private jets for a Brazil trip, barely two months after the company’s board held a lavish retreat in Kigali, Rwanda. At the Kigali retreat, the NNPC board, chaired by Ahmadu Musa Kida, lodged at the Marriott Hotel, reportedly booking the entire facility with insiders claiming at least five private jets were arranged for executives. The spending spree comes as the Senate probes NNPC over financial discrepancies amounting to more than ₦210 trillion in its audited accounts between 2017 and 2023. Lawmakers described the irregularities as “mind-boggling” and warned of serious accountability concerns. #NNPC #NigeriaEconomy #Accountability

Workers’ Group Condemns Planned Salary Hike For Politicians August 24, 2025 The Solidarity Network for Workers’ Rights (SNWR) has slammed the Revenue Mobilisation Allocation and Fiscal Commission’s (RMAFC) plan to increase salaries for the President, governors, legislators, and other political office holders, calling it a “callous insult” to Nigerians. SNWR said the proposal comes amid rising inflation, poverty, and strikes by workers demanding fair wages, accusing the government of rewarding politicians while neglecting ordinary citizens. It urged labour unions, students, and civil groups to mobilise protests to resist the move. #WorkersRights #NigeriaEconomy #SayNoToSalaryHike

Nigeria Risks Energy, Trade Instability in Russia-Ukraine War – Prof Akinyemi Former External Affairs Minister, Prof. Bolaji Akinyemi, has warned that Nigeria could face energy and trade disruptions if it gets entangled in the Russia-Ukraine war. Speaking on Channels Television, Akinyemi said global power play between the US, Russia, and Europe will affect oil markets, tariffs, and trade flows, with direct consequences for Nigeria’s economy. He advised African nations to avoid being pawns in conflicts between global powers, stressing that Nigeria must narrowly define its national interests to safeguard stability. According to him, while Russia seeks to reassert Soviet-era influence, Nigeria should focus on energy security, trade resilience, and non-alignment in global rivalries. #NigeriaEconomy #RussiaUkraineWar #EnergySecurity #GlobalPolitics

JUST IN: Nigeria’s Inflation Eases to 21.88% in July Amid Harvest Season Boost Nigeria’s headline inflation rate has slowed to 21.88% in July, marking a slight relief for consumers as the harvest season helps ease food prices. Economic analysts say the seasonal supply boost could provide temporary stability, though challenges like currency pressures and production costs remain. #NigeriaEconomy #InflationRate #HarvestSeason #EconomicUpdate #BusinessNews #CBN #FoodPrices

Tinubu Declares Ajaokuta Steel a ‘National Failure’ — Vows to Revive Nigeria’s Steel Industry President Bola Ahmed Tinubu has described the Ajaokuta Steel Company as both an economic failure and a threat to Nigeria’s sovereignty, pledging bold reforms to transform the country into a steel powerhouse. Speaking at the inaugural Stakeholders’ Summit on Steel Development in Abuja, themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness”, Tinubu — represented by Vice-President Kashim Shettima — said Ajaokuta symbolises decades of wasted potential. > “Steel is more than an industrial input—it is the material expression of national strength. It builds our bridges, powers our industries, supports our defence, and lays the foundation for a modern economy. No nation has achieved true development without mastering steel, yet for decades, Nigeria has failed to do so,” he said. Tinubu emphasised that the steel sector is now a “national imperative” for industrial growth, job creation, and sustainable development. The Ministry of Steel Development, created in August 2023, has been tasked with driving innovation, expanding infrastructure, and reducing dependence on imports. Despite Nigeria’s vast deposits of iron ore, limestone, and coal, over 90% of the nation’s steel is still imported. Tinubu vowed to “rethink, retool, and revitalise” the industry, conserve foreign exchange, and secure Nigeria’s place as a regional steel leader by the end of the decade. #Tinubu #AjaokutaSteel #SteelIndustry #NigeriaEconomy #IndustrialGrowth #MadeInNigeria #SteelRevolution

Tinubu to Nigerians: Endure Economic Pain for a Stronger Future President Bola Tinubu, through Minister of Information Mohammed Idris, has urged Nigerians to remain patient as his administration pushes bold reforms aimed at rescuing the economy. Despite soaring inflation, subsidy removal, and rising costs, Tinubu insists the “temporary hardships” are necessary for lasting stability. While some citizens demand urgent palliatives, others cautiously back the reforms, urging the government to match policies with tangible relief. #Tinubu #EconomicReforms #NigeriaEconomy #InflationCrisis #FuelSubsidyRemoval #CostOfLiving

Tinubu Urges Nigerians to Endure Economic Hardship Amid Tough Reforms Minister of Information Mohammed Idris has relayed President Bola Tinubu’s call for Nigerians to remain patient through current economic pains, describing them as “temporary hardships” on the path to long-term stability. While acknowledging the strain of inflation, subsidy removal, and rising living costs, the President insists the reforms are essential to fix deep-rooted economic problems. Citizens remain divided—some demand urgent relief, while others back the reforms but call for faster palliatives. #Tinubu #EconomicReforms #NigeriaEconomy #InflationCrisis #FuelSubsidyRemoval #CostOfLiving

Tinubu Signs Nigerian Insurance Industry Reform Bill 2025 Into Law President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed at strengthening Nigeria’s financial sector and accelerating the country’s drive toward a $1 trillion economy. The Act consolidates outdated insurance laws into a modern framework, introducing stringent capital requirements, compulsory insurance policies, digitisation of the market, zero tolerance for delayed claims, and dedicated policyholder protection funds. It also encourages participation in regional schemes like the ECOWAS Brown Card System. The National Insurance Commission (NAICOM) is tasked with implementing the reforms, which are expected to boost investment, consumer confidence, and position Nigeria as a leading insurance hub in Africa. #NigeriaEconomy #InsuranceReform #NAICOM #Tinubu

Brief: Obi Accuses Tinubu of Using False Statistics to Mask Economic Hardship Labour Party’s 2023 presidential candidate, Peter Obi, has accused President Bola Tinubu of manipulating economic data to misrepresent the country’s worsening economic reality. In a post on X (formerly Twitter) on Monday, Obi recalled that Tinubu once mocked his focus on statistics during the 2023 campaign, yet now relies on questionable data to defend his administration’s economic record. He criticised the president for allegedly presenting misleading figures on unemployment, inflation, and GDP rebasing to create a false sense of progress, despite rising hunger and hardship in the country. Obi’s remarks came shortly after billionaire Aliko Dangote praised Tinubu’s economic reforms for reviving private sector confidence.#PeterObi, #Tinubu, #NigeriaEconomy, #Unemployment, #Inflation,

💰 “No Sin in Borrowing”: Presidency Defends Nigeria’s Debt Strategy In a recent statement, the Nigerian Presidency has asserted that borrowing is a necessary instrument for driving economic development. Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that when loans are utilized responsibly, borrowing should not be viewed negatively. He stated, “It is not a sin to borrow. Even developed nations like the United States of America and the United Kingdom borrow beyond their GDP. The issue is not borrowing; it is what you do with the borrowed funds.”  This clarification comes amid discussions surrounding President Bola Tinubu’s recent request to the National Assembly for approval of fresh external and domestic loans amounting to ₦34.15 trillion. The administration maintains that such borrowing is essential for funding large-scale development projects, such as highways and infrastructure, which are pivotal for economic growth.  The Central Bank of Nigeria (CBN) has previously echoed similar sentiments, stating that borrowing is part of fiscal responsibility. CBN Governor Godwin Emefiele noted, “Debt is never a crime or a sin. The private entity also borrows to survive. What matters most is the debt’s quantum and the debt usage.”  However, concerns persist regarding Nigeria’s rising debt profile and the nation’s ability to service these debts. Critics argue that while borrowing can be a tool for development, it must be managed prudently to avoid long-term economic challenges.  #NigeriaEconomy #GovernmentBorrowing #DebtManagement #EconomicDevelopment #InfrastructureFunding

Debt Drama: Tinubu’s Numbers vs CBN’s Reality President Bola Tinubu recently claimed that Nigeria’s debt service-to-revenue ratio has dropped significantly to 40%, signaling what he described as progress in fiscal management under his administration. However, this statement appears to contradict the Central Bank of Nigeria’s (CBN) latest data, which puts the figure at a staggering 112%. The discrepancy has sparked widespread concern and debate among economists, analysts, and citizens, who are questioning the accuracy of the president’s claims and the transparency of the country’s financial reporting. Experts warn that a high debt service-to-revenue ratio means a large portion of government income is being used to repay loans, leaving little room for capital projects and public services. With inflation and economic hardship already biting hard, the contrasting figures raise more questions than answers. Calls are mounting for the presidency and the CBN to clarify the conflicting statistics and provide a true picture of Nigeria’s fiscal health. #Tinubu #NigeriaEconomy #DebtCrisis #CBN #PublicFinance #DebtToRevenue