Politics
Alarming Trends: Nigeria Witnesses 11th Inflation-Increase In 2023, Reaching 6.68% Rise
As the festive season unfolds, ominous signs suggest that Nigerians may face a somber yuletide, marked by the country’s inflation surging to 28.20% in November—the highest since August 2005….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
According to the National Bureau of Statistics, this marks the eleventh occasion in 2023 where Nigeria’s inflation rate has seen an increase. From January to November this year, the nation’s inflation rate has risen by 6.68%, the fastest pace since the 2016 recession.
Prices for essential goods and services such as food items, accommodation, clothing, electricity, and education fees have sharply risen. A detailed examination reveals that the primary driver of the country’s escalating headline inflation rate is food inflation, which spiked to 32.84% in October.
For instance, the cost of a 50kg bag of rice has surged from N38,000 to N55,000 compared to the previous December, 25 liters of vegetable oil now sell for N42,000 from N32,000, and the price of a chicken (layer) has jumped from N3,000 to N6,000 in the past year.
Beyond the realm of food, transportation costs and other services have doubled nationwide. This is largely attributed to the adverse effects of fuel subsidy removal and foreign exchange fluctuations.
President Bola Ahmed Tinubu’s policies of fuel subsidy removal and Naira floating in June led to an increase in fuel prices to over N617 per liter and a surge in the forex rate to over N800/$1. Despite the purported gains of these policies, the negative impact on Nigerians persists.
Out of the 15 million households targeted for the N25,000 cash transfer from the $400 million World Bank loan to ease the fuel subsidy removal, only 1.5 million have received it. The ongoing scarcity of the Naira nationwide compounds the challenges, with individuals and point-of-sale operators expressing concerns about the shortage of banknotes.
Reflecting on the situation, Prof Godwin Oyedokun from the Lead City University in Ibadan emphasized that the soaring inflation rate is likely to significantly affect Nigerians during the festive season. He highlighted the potential constraints on purchasing power, increased financial strain, and challenges faced by small businesses.
Other experts, including Mr. Idakolo Gbolade and Mazi Okechukwu Unegbu, anticipate a continued rise in inflation, pointing to pressures on the Naira against the US Dollar and the inadequacy of current economic policies. Dr. Uju Ogunbunka underscored the dependence on imported goods as a factor contributing to inflation, while Prof. Segun Ajibola expressed skepticism about the effectiveness of monetary measures in curbing the inflationary pressure.
Former Vice President and 2023 presidential candidate, Atiku Abubakar, has issued a seven-day ultimatum to President Bola Tinubu, demanding an independent investigation into the scandal surrounding the Presidential Foreign Intervention Promotion Council (PFIPC). Speaking through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that a transparent probe is necessary to clear suspicions of high-level government involvement in the alleged fraud.....KINDLY READ THE FULL STORY HERE▶
Atiku’s critique centers on the perceived lack of institutional credibility regarding the government’s current explanation of the scandal:
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Implausible Narrative: Atiku criticized the Presidency’s account—provided by Bayo Onanuga—as illogical, questioning how one individual (Adeniyi Adeyemi) could unilaterally secure government office space, conduct high-level meetings with foreign delegations, and process official staff salaries without internal collaboration or negligence.
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Systemic Failure: He emphasized that while Adeyemi should face legal consequences if guilty, the government must address how such an operation bypassed standard institutional oversight.
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Budgetary and Civil Service Inconsistencies: Atiku highlighted that the PFIPC reportedly appeared in the 2026 Appropriation Act with a multi-billion naira budget, and that the Office of the Head of the Civil Service allegedly approved the recruitment of over 300 staff members, both of which are structured processes that cannot occur by accident.
The Demand for Accountability
Atiku argued that the Presidency cannot deflect blame onto a single individual while ignoring the structural systems that facilitated the alleged fraud. Given that Adeyemi has denied the allegations and claimed that influential figures are attempting to silence him, Atiku contends that an independent inquiry is urgently required. He concluded by warning that failure to launch a comprehensive investigation would lead to public perception of “complicity by silence” on the part of the President.
On Thursday, June 2, 2026, Justice J.O. Abdulmalik of the Federal High Court in Abuja ordered the final forfeiture of ₦150 million to the Federal Government. The funds, linked to Nicholas Mutu, a serving member of the House of Representatives, were seized following an application by the Economic and Financial Crimes Commission (EFCC).....KINDLY READ THE FULL STORY HERE▶
The ruling was secured under Section 44(2) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Related Offences Act. The court had previously issued an interim forfeiture order and mandated public notice in a national newspaper. As no party provided sufficient evidence to challenge the forfeiture during the interim period, Justice Abdulmalik granted the final order, rejecting arguments presented by counsel for Mutu and his company, Airworld Technologies Ltd.
The EFCC’s Findings
The EFCC’s investigation detailed how the funds were obtained:
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Kickback Scheme: While serving as Chairman of the House Committee on the Niger Delta Development Commission (NDDC), Mutu allegedly received over ₦400 million in kickbacks from an NDDC consultant, Starline Consultancy Services.
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Laundering: The money was reportedly funneled through Heritage Bank accounts belonging to two of Mutu’s companies, Airworld Technologies Ltd and Oyien Homes Ltd, which are owned and operated by the lawmaker and his immediate family.
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The “Consultancy” Ruse: Investigators revealed that after the Committee helped the NDDC recover over ₦100 billion from oil firms, Mutu pressured the consultant to issue a fake subcontract to his company to justify the kickbacks. The consultant later admitted that no actual work was performed by Mutu’s firm.
Mutu’s Defense and Ongoing Legal Status
During the investigation, Mutu returned ₦150 million to the EFCC, though he later argued in court that the payment was involuntary and that the funds resulted from legitimate business dealings. The court ultimately dismissed these claims, ruling that the money constituted proceeds of unlawful activity.
This civil forfeiture follows a separate, ongoing legal battle; the EFCC is currently appealing a previous judgment by Justice F.O.G. Ogunbanjo, which had acquitted Mutu in a related criminal money laundering trial.
Prof. David Salifu, a former Secretary to the Benue State Government (SSG), has reportedly died following an attack by suspected kidnappers. While traveling toward Makurdi on Thursday, Salifu was shot during the incident in Wukari, Taraba State. Although he managed to escape the scene and was rushed to a hospital in Makurdi for emergency treatment, he was pronounced dead on Thursday night. As of this report, security authorities and the Benue Command Police Public Relations Officer have not yet released an official statement regarding the attack.....KINDLY READ THE FULL STORY HERE▶
Simultaneously, the Peoples Democratic Party (PDP) is facing an intensified leadership crisis, marked by the issuance of Certificates of Return to two separate candidates for the 2027 Benue State governorship election.
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Michael Aondoakaa (SAN), a former Minister of Justice and Attorney-General of the Federation, was presented with a Certificate of Return at the party’s national headquarters in Abuja as the candidate for the faction aligned with FCT Minister Nyesom Wike. He was accompanied to the event by his running mate, Oyije Ochaekiti Ogbenjuwa, along with various party stakeholders.
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In a conflicting move, a rival faction led by former Minister of Special Duties, Kabiru Tanimu Turaki (SAN), declared Emmanuel Agbo, the Director-General of the PDP Governors’ Forum, as the winner of its primary and presented him with a separate Certificate of Return.
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