Economy
Hunger: Oyo youths protest high cost of living
Nigerians in Ibadan hit the streets in protests over the high cost of living under President Bola Tinubu on Monday, with chants of ‘Tinubu ole!’ and ‘renewed shege!’ rending the air.
Placards-carrying protesters at Mokola Roundabout remonstrated on the street with inscriptions like ‘End food price hike’ and ‘This is not Hope Renewed. This is shege renewed’.
“Tinubu is thief! Tinubu is thief!” the protesters hurled their opprobrium toward the president in a video posted on X.
This came as another episode of protests against food price hikes in the country.
Similar protests had rocked Niger, Kano, Osun and Lagos (Mr Tinubu’s home state), protesting hunger and other hardships.
In the past nine months, prices of staple foods have spiked almost 100 per cent as inflation ravages the Nigerian economy.
A market survey conducted at Mararaba Market, Nasarawa, by Peoples Gazette on February 7 showed that prices of most food items have increased by almost 100 per cent compared to what was obtainable last May.
A bag of rice, a common staple food among Nigerians, now sells for N65,000 against N35,000 for which it sold last May.
A bag of yellow garri, which sold for N25,000, has jumped to N40,000, while white garri now sells for N30,000 against N13,000 for which it sold last year.
A bag of corn that sold for N19,000 last year May now sells for N60,000, a bag of Millet sold for N18,000 now sells for N55,000, while flour for baking and pastries sells for N50,000 against N28,000 for which it sold last year May.
A ‘long slate’ of ‘Titus’ (mackerel) now sells for N105,000 against N78,000 for which it sold last year. A square cartoon of ‘Titus’ sold for N38,000 the previous year now sells for N78,000, while a 25 litre of palm oil formerly sold for N31,000 now sells for N41,000.
Urah Chidiebere, a trader at Mararaba Market, lamented the rising cost of food items, saying, “People are murmuring that things are too expensive. They don’t have money to buy. People who bought a bag before now buy half, and this has affected my sales.”
“You know, if things are cheap, we make more profit. But now, nothing like that,” Ms Chidiebere told The Gazette.
Another trader, Bartholomew Ugwujah, said the spike in the prices of food is alarming and expressed concern for poor Nigerians who might not be able to afford them.
“I don’t know whether Nigerian masses can bear what is happening in the market space now,” Mr Ugwujah said. “Formerly, a packet of Maggi is N600; now it is N1000; a ‘mudu’ of garri was formerly N300, now it is N600. A ‘mudu’ of rice formerly was N1,200; now it is N2,000.”
He added, “It has affected me in that before, I used to have 10 bags of rice, now I have three. Before, I stocked 20 cartoons of spaghetti. Now, I have two.
“Every day you go to the market, your money is depreciating. Because what you bought today for N100, tomorrow you will buy it for N300. Meaning, you can’t stock the number of cartoons you stock before.”
Inflation accelerated after President Bola Tinubu’s sudden announcement of the removal of the petrol subsidy in his inaugural speech on May 29, 2023, followed later by the CBN’s policy of floating the naira.
Though lauded by experts, the duo policies of Mr Tinubu have seen petrol prices rise from N145 per litre to N630, while the naira plunges against the naira in the parallel market, trading at about N1,500 to $1.
Nigerians have cried out over economic hardship with inflation and food prices spiking under Mr Tinubu’s watch. Earlier in the week, protests over soaring food prices rocked two northern states, Niger and Kano.
Some Yoruba market women in Ogun lambasted Mr Tinubu for promulgating economic policies that negatively affect the prices of goods and cause untold hardship for Nigerians, threatening to beat the president up if they saw him.
Mr Tinubu acknowledged the country’s prevalent hardship but urged Nigerians to show understanding.
“The financial re-engineering of our country is ongoing. We are determined to deliver Nigeria safely through the tunnel of hope, stability, and economic prosperity,” said Mr Tinubu in December.
Last week, fuji maestro Wasiu Ayinde, aka Kwam 1, also Tinubu’s praise singer during his campaign, cried out over economic hardship in the country.
“Nigerians are angry, traders are angry, why is kidnapping on the increase?” Kwam 1 sang, lamenting the naira freefall against the dollar.
According to recent information from the National Bureau of Statistics (NBS), the 36 states of Nigeria collectively received a substantial allocation of N22.90 billion from the federation account allocation committee (FAAC) as an ecological fund between January and May 2025.
This ecological fund serves as a crucial component of Nigeria’s federal revenue system, specifically dedicated to addressing pressing environmental challenges that the country faces, including erosion, desertification, flooding, oil spills, and droughts.
The management of this fund falls under the jurisdiction of the Ecological Fund Office, which operates within the Office of the Secretary to the Government of the Federation.
In April, the Nigeria Hydrological Services Agency (NIHSA) issued a stark warning that 1,249 communities across 30 states and the federal capital territory (FCT) are at high risk of flooding this year.
Additionally, another 2,187 communities spanning 293 local government areas were categorized as facing moderate flood risk. States such as Abia, Benue, Lagos, Bayelsa, Rivers, and Jigawa have been identified as particularly high-risk areas.
The repercussions of flooding were severely felt in 2024, where the natural disaster tragically claimed the lives of 321 individuals, impacted over 1.37 million people, and displaced more than 740,000 across the nation.
During the five-month period in question, Kano State emerged as the largest beneficiary of the ecological fund, receiving the highest allocation of N1.29 billion.
This was closely followed by Lagos, which secured N1.09 billion, and Borno, which received N1.01 billion. Other allocations included Katsina with N997.04 million, Bauchi with N970.20 million, and Oyo with N909.73 million.
Interestingly, Bayelsa, identified as one of the high-risk states, was allocated N358.80 million.
A detailed analysis by TheCableIndex revealed regional disparities in fund allocation, with the north-west zone receiving the most significant share of N5.85 billion.
The south-west followed with an allocation of N4.59 billion, while the north-east received N4.36 billion. The south-east was granted N3.15 billion, and the north-central zone received N2.54 billion, leaving the south-south region with the smallest allocation of N2.40 billion.
Here is a list of the ecological funds allocations to states in five months (January – May 2025):
| S/N | State | Total Ecological funds in five months (N) |
| 1 | Kano | 1,286,544,379.13 |
| 2 | Lagos | 1,086,570,190.07 |
| 3 | Borno | 1,007,737,588.02 |
| 4 | Katsina | 997,035,278.84 |
| 5 | Bauchi | 970,203,089.39 |
| 6 | Oyo | 909,728,617.21 |
| 7 | Jigawa | 907,057,103.18 |
| 8 | Sokoto | 893,902,300.00 |
| 9 | Enugu | 815,695,489.05 |
| 10 | Adamawa | 807,977,549.14 |
| 11 | Zamfara | 807,143,535.75 |
| 12 | Anambra | 806,463,898.32 |
| 13 | Yobe | 805,428,208.86 |
| 14 | Ogun | 753,548,977.73 |
| 15 | Osun | 739,734,927.15 |
| 16 | Ebonyi | 725,642,920.73 |
| 17 | Ekiti | 725,233,444.67 |
| 18 | Kaduna | 531,361,448.30 |
| 19 | Niger | 480,382,255.58 |
| 20 | Benue | 454,814,057.07 |
| 21 | Kogi | 448,226,630.67 |
| 22 | Rivers | 437,368,743.17 |
| 23 | Kebbi | 428,229,139.39 |
| 24 | Plateau | 423,493,660.86 |
| 25 | Imo | 421,654,520.82 |
| 26 | Delta | 411,776,880.86 |
| 27 | Cross River | 407,812,547.55 |
| 28 | Akwa Ibom | 407,743,010.50 |
| 29 | Taraba | 390,653,979.13 |
| 30 | Gombe | 381,994,204.98 |
| 31 | Abia | 379,750,074.07 |
| 32 | Edo | 379,206,575.27 |
| 33 | Ondo | 377,520,921.32 |
| 34 | Nasarawa | 373,996,813.87 |
| 35 | Kwara | 361,000,036.84 |
| 36 | Bayelsa | 358,837,261.57 |
| Total | 22,901,470,259.06 |
Delta State Governor, Rt. Hon. Sheriff Oborevwori, on Thursday urged the Brazilian business community to seize the vast investment opportunities available in the state and maintained that Delta is strategically positioned to become a hub for trade, agriculture, energy, and industrial development in Nigeria and West Africa.
The Governor made the call while delivering his remarks at the “Delta State-Focused Business and Investment Roundtable” in São Paulo, where he highlighted the state’s natural endowments, strategic location, and ongoing reforms aimed at creating a friendly environment for investors.
Oborevwori noted the strong ties between Nigeria and Brazil, citing similarities in population size, agricultural potential, cultural diversity, tropical climate, and a shared passion for football.
He described the roundtable as an avenue to forge strategic partnerships that would accelerate sustainable growth for both countries.
He explained that since its creation in 1991, Delta State has grown into one of the top five largest economies in Nigeria with a landmass of over 18,000 square kilometres and a population of more than six million people.
According to him, “Delta is blessed with vast natural resources and youthful human capital, making it an attractive destination for investors.
“Delta is Nigeria’s leading producer of crude oil and holds the largest natural gas reserves in the country, with two major export terminals in Escravos and Forcados”.
He also drew attention to the state’s long coastline, four seaports, and the on-going concession of the Burutu Seaport, which he said has the potential to become a major trans-shipment hub for West and South-West Africa.
He added that Delta is richly endowed with fertile soil for agriculture, with strong prospects in cassava, palm produce, rice, maize, aquaculture, and livestock.
“The state also has deposits of kaolin, silica, coal, lignite, and iron ore available for commercial exploitation,” he added.
On infrastructure, Oborevwori emphasized Delta’s advantage as a connecting point to major Nigerian markets such as Lagos, Onitsha, and Aba, while also boasting of three functional airports to enhance accessibility.
He stressed that his administration has invested massively in road networks to improve connectivity and ease of movement of goods and services.
Since assuming office in May 2023, the Governor said his administration has worked deliberately to improve the ease of doing business through tax harmonisation, the establishment of economic free trade zones in Koko and Kwale, and the enactment of business-friendly laws.
He also noted Delta’s recognition in 2024 by the Federal Ministry of Petroleum Resources as the safest state in Nigeria for oil and gas investments.
Oborevwori further disclosed that the state is advancing its agro-industrialisation drive with the development of a 180-hectare Agro-Industrial Park designed to host between 20 and 30 processing plants, along with new public-private partnership models for housing, energy, and manufacturing.
He explained that Delta has adopted a decentralized mini-grid model to boost sustainable energy and drive industrialisation.
The Governor expressed particular interest in learning from Brazil’s world-renowned ranching system, noting that Delta is eager to replicate aspects of the model to boost livestock production.
“I eagerly look forward to partnering with the business community of Brazil for our mutual benefit,” Oborevwori concluded.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has initiated a range of strategic programs aimed at fostering entrepreneurship, stimulating economic growth, and enhancing the capacities of micro, small, and medium enterprises (MSMEs) throughout the nation.
A primary component of these initiatives is the SMEDAN Conditional Grant Scheme for Micro Enterprises, specifically designed for nano and small businesses.
This scheme provides conditional financial grants to assist nano enterprises in workforce development and the procurement of essential equipment. Its objective is to promote job creation and ensure business sustainability at the grassroots level. Click link to apply
Vice President Shettima
Beneficiaries, which include kiosks, vulcanisers, recharge card vendors, and other petty traders, will receive financial assistance tailored to their specific needs. Each nano business that hires at least one employee will be eligible to receive N50,000, thereby promoting employment and bolstering local economies.
Interested entrepreneurs may apply through several designated channels, including online portals, application forms, and specific government offices. Applicants are required to submit comprehensive documentation and project proposals that comply with the program’s guidelines, with an emphasis on the necessity of hiring at least one employee. The initiative aims to support projects that enhance the competitiveness, productivity, and sustainability of MSMEs. Such projects may encompass investments in technological advancements, infrastructure development, capacity building, market expansion, and innovation initiatives.
The grant amount is firmly set at N50,000 per beneficiary. Participating micro-enterprises can expect to realize various advantages, including improved operational performance, enhanced competitiveness, increased market access, job creation, and overall enterprise growth and development. Link to apply: grant.fedgrantandloan.gov.ng.
This scheme is part of the broader intention of the Nigerian government to stimulate small business development on a national scale. Vice President Kashim Shettima recently inaugurated a cutting-edge information and communication technology center for MSMEs in Cross River State, reflecting the current administration’s commitment to equipping entrepreneurs with essential tools and skills.
During the inauguration, Vice President Shettima announced that each distinguished MSME recognized would receive an unconditional grant of N50,000. He emphasized that this financial assistance serves as a gift to facilitate their business growth rather than as a loan. Furthermore, additional initiatives include a N75 billion MSME Intervention Fund through the Bank of Industry, a N50 billion Presidential Conditional Grant Scheme targeting one million nano businesses, and N75 billion allocated to support manufacturers, enabling each eligible manufacturer to access up to N1 billion at low interest rates.
As the government implements the Presidential Conditional Grant Scheme to support nano businesses across the nation, it has earmarked significant financial resources to ensure that these initiatives benefit all local government areas. This comprehensive framework underscores a robust commitment to enhancing the entrepreneurial landscape in Nigeria.
The Governor of Delta State, Sheriff Oborevwori, has authorized the immediate allocation of N10 billion to address outstanding pension arrears owed to retirees within the state.
This announcement was made on Tuesday during a meeting with Edwin Ogidi-Gbegbaje, the Chairman of the Bureau of State Pensions, as well as Anthony Osanekwu, the State Chairman of the Association of Contributory Retirees, in Asaba, as reported by the News Agency of Nigeria (NAN).
Governor Oborevwori indicated that the purpose of the meeting was to discuss various issues pertaining to the welfare of retirees, including the settlement of backlog payments and challenges related to the migration under the Contributory Pension Scheme (CPS). He noted that his administration has thus far disbursed over N36 billion for pension services in the state. Furthermore, he highlighted that N1.4 billion has been allocated monthly for pension payments since he assumed office.
The governor emphasized that the state has consistently fulfilled its monthly pension obligations during his administration. However, he acknowledged the necessity of urgently addressing the arrears that predated his tenure. “Our retirees are individuals who have devoted their best years to service in the state. It is both just and necessary that they receive the benefits to which they are entitled, and ensuring their welfare remains a top priority under my administration,” he stated.
In conjunction with this announcement, the governor established an oversight committee to monitor the implementation of the released N10 billion, underscoring the importance of maintaining transparency in the process. He reiterated his administration’s dedication to prioritizing the welfare of senior citizens who have contributed significantly to the state.
Ogidi-Gbegbaje characterized the governor’s announcement as a “pleasant surprise,” expressing confidence that the N10 billion allocation would provide substantial relief to retirees. He assured that the funds would be exclusively utilized for pension payments, emphasizing that the system is designed to ensure transparency and accountability.
Osanekwu also expressed gratitude to the governor for this unexpected and generous decision, remarking, “You took us by surprise; our expectations were significantly lower than the N10 billion you have just approved. I am elated, and I am confident that this news will bring significant joy to pensioners across the state.”
In May, Governor Oborevwori reaffirmed his administration’s commitment to the welfare of workers, noting that Delta State was among the first to implement a new minimum wage of N77,500, exceeding the national benchmark of N70,000. This adjustment increased the monthly wage bill from N11.5 billion to N15.3 billion.
As part of its civil service reforms and engagements, the administration has facilitated three town hall meetings and a notable dinner with senior civil service staff. “We have upheld our commitments in this area. Over 8,000 public servants have received training, including 450 senior management staff who participated in a comprehensive seven-weekend training program in collaboration with the Administrative Staff College of Nigeria (ASCON), thus marking a significant advancement in leadership development,” he stated.
The governor conveyed that to enhance understanding of the MORE Agenda, the government organized a strategic retreat with Sewa Assets Management for commissioners and heads of inter-ministerial agencies.
Regarding workforce expansion, he reported that 13,497 new teaching and non-teaching staff members have been recruited across the state’s 25 local government areas to address manpower shortages. Furthermore, promotion interviews have been conducted for over 2,193 officers, reflecting the administration’s commitment to career advancement.
The African Development Bank (AfDB) has said that the continent is losing more than $580 billion every year through corruption and illicit capital outflows, a loss that continues to undermine the continent’s economic progress and deepen its debt woes, according to Nairametrics.
AfDB President, Akinwumi Adesina, who stated this in a Bloomberg interview, said the losses are so severe that they outweigh the continent’s ability to finance infrastructure and development, even as Africa’s total debt burden nears $2 trillion.
“It doesn’t matter how much water you pour into a bucket if the bucket is leaking. If you’re able to reduce the leakages to illicit capital, also corruption and all of these things, Africa will be able to keep a lot of these resources and meet the amount of infrastructure it needs,” Adesina said.
$1.6 billion lost daily
The AfDB estimates that Africa loses about $1.6 billion every single day to what it calls “financial leakages.”
This includes $90 billion annually in illicit financial flows, $275 billion lost through profit-shifting by multinational corporations, and $148 billion siphoned off due to corruption.
These losses come at a time when the continent is grappling with an annual infrastructure financing gap of up to $170 billion, a shortfall that must be addressed if Africa is to unlock economic growth and create jobs for its youthful population. Instead of channelling resources into such projects, many African governments are overwhelmed by soaring debt-service costs.
A joint study by the Boston University Global Development Policy Center and the Institute for Economic Justice recently found that debt servicing in Africa has climbed to its highest level since the early 2000s debt crisis.
Shockingly, more than half of African governments now spend more on interest payments than on public healthcare.
Adesina stressed that while access to concessional financing and debt restructuring are important, curbing corruption and illicit outflows remains the single most crucial step to safeguarding Africa’s resources and reducing its reliance on debt.
What you should know
The AfDB, in its recently released 2025 African Economic Outlook, had expressed concern about Nigeria’s rising debt costs, stating that the country is projected to spend 75% of its revenues on interest payments in 2025.
According to the Bank, a country’s debt-to-GDP ratio may be low and still face high debt burdens if substantial shares of revenue are channeled towards debt service payments.
The AfDB further explained that while many African countries experienced declining debt levels in 2022–2023 due to favorable interest-growth differentials, this trend remains vulnerable.
A slowdown in economic growth or a rise in interest rates, the Bank noted, could reverse recent gains. Moreover, reckless fiscal behavior and excessive borrowing, especially on commercial terms, could undermine progress.
President Bola Tinubu’s assumption of office on May 29, 2023, came at a critical juncture in Nigeria’s history, characterised by many challenges.
His declaration, “Subsidy is gone,” has sparked significant backlash against his administration, particularly as his tough policies have led to increased hardship for many Nigerians.
Former Nigerian military leader Ibrahim Gbadamosi Babangida has provided a comprehensive analysis of President Bola Tinubu‘s administration. …CONTINUE READING.
Fresh prophecy reveals who wins 2027 election as Tinubu warned
Babangida, a man of immense power and wealth, Babangida ruled the country as military Head of State from 1985 to 1993, leaving behind a legacy of economic reforms, political controversies, and an empire of investments that continues to fuel speculation decades later.
His administration was marked by sweeping economic policies, including introducing the Structural Adjustment Program (SAP), which aimed to stabilize the economy through privatization, foreign investment, and currency devaluation.
According to BusinessDay report, IBB has urged Nigerians to exercise patience and resilience during this challenging period, emphasizing that the difficult decisions being made by Tinubu are necessary for the long-term economic advancement of the nation. Babangida believes that these measures, while tough in the short term, are crucial for positioning Nigeria competitively on the global economic stage.
His insights reflect a hope that with perseverance, the country will ultimately reap the benefits of these strategic reforms.
The Nigerian people will reward that kind of strength, Babangida announced.
He acknowledged the challenges that Nigerians are experiencing as a result of the financial reforms currently being implemented, but he insisted that Tinubu’s policies would be validated by the long-term benefits. Pain does not last forever.
He said, “I have witnessed governments in the past making difficult decisions, and I am confident that Nigerians will see the results if patience is managed effectively.”
He emphasized that Tinubu’s ability to navigate complex political challenges has positioned him favorably for continued leadership, highlighting the significance of his past achievements and adaptability in the ever-changing political arena.
It is said that Tinubu is an expert in political survival. Despite the fact that he has been subjected to pressure, criticism, and enormous challenges, he continues to move forward.
Fresh prophecy reveals who wins 2027 election as Tinubu warned
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