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Four electricity distribution companies have announced a tariff increase from N206.80 per kilowatt to N209.5 per kilowatt-hour (kwh) for premium customers under the Band A category, effective July 1, 2024.
This change applies to both prepaid and postpaid customers.
Kaduna, Port Harcourt, Kano, and Ikeja DisCos all confirmed the increase in separate statements, assuring Band A customers of continued 20-24 hours of daily power supply as stipulated in the service-based tariff regime.
The companies emphasized that tariffs for Bands B, C, D, and E remain unchanged.
Ikeja Electric stated that the increase aligns with the service-based tariff regime and will "further sustain the improved service delivery currently being experienced across all feeder bands within its network."
This latest adjustment comes just two months after a previous tariff modification.
On May 6, DisCos had reduced the tariff for Band A customers to N206.80 per kwh, following an increase to N225 per kwh approved by the Nigerian Electricity Regulatory Commission (NERC) in April.
As electricity prices continue to fluctuate, consumers are left wondering if these frequent changes will lead to more stable and reliable power supply in the long run.
The impact of these tariff adjustments on both customers and the overall electricity sector remains to be seen, as Nigeria struggles to balance the need for affordable power with the challenges of maintaining and improving its energy infrastructure.
Ogun State Governor, Prince Dapo Abiodun has deployed drones in massive manhunt for the perpetrators of Sunday night abduction of travellers off Ilisan – Ikenne corridor Lagos – Ore expressway.
Nigerian Newstrack had earlier reported that gunmen attacked travellers along the Ilisan – Sagamu corridor of Lagos Ore expressway, shooting one in the leg and allegedly abducting others.
Security sources said the kidnapping was an insider’s job as all the victims were foreign nationals, who arrived the country the same day the incident occurred, adding that they were probably trailed to the location where the kidnapping took place.
The gunmen riding in an unmarked Toyota Venza car first attacked a traveller in his Toyota RAV4 Jeep, grey colour with license number plate– Lagos – AGL-16-JE after they had trailed him to a failed portion of the Ilisan – Sagamu corridor near Ikenne along the expressway, riddling parts of the RAV4 Toyota with bullets before abducting him.
The assailants also attacked another fear – stricken traveller ridding in a Toyota Camry car marked AAA-04-JB while trying to make a hurried U – turn to escape the troubled spot, leaving him with gunshot wounds on his leg.
The wounded man, it was learnt, was evacuated to the Babcock University Teaching Hospital (BUTH), Ilisan where he is currently receiving treatment, even as two vehicles believed to belong to the travellers were abandoned at the scene in the ensuing commotion.
The Police Public Relations Officer in Ogun State, Superintendent of Police (SP) Omolola Odutola, confirming it to our reporter, said the gunmen fired about five rounds of ammunition from AK – 47 riffle into the vehicle of the first victim.
SP Odutola said no life was lost and that the two vehicles damaged by the attackers have been recovered.
“The Divisional Police Officer of Ikenne, Division has responded to a suspected Armed robbery incident, which occured at about 1910 hours of 30th June, 2024.
“Following information gathered, an abduction incident occurred near Delabo Junction along the Sagamu/Ijebu-Ode Expressway.
“A group of unknown armed individuals, without definite number, in their unregistered Venza Toyota car, trailed a man in his Toyota RAV4 Jeep, grey colour with license number plate– Lagos – AGL-16-JE, to a rough patch of the road, and blocked the victim’s vehicle.
“The criminals fired four rounds of ammunition believed to be from an AK-47 into the driver’s back tyre and another shot into the front tyre.
Immediately, the hoodlums alighted from their vehicle, and forced the driver of the Toyota Rav 4 into their waiting Venza Jeep, and speed off towards Ijebu-Ode.
“During the incident, the hoodlums also shot at a driver , of a Toyota Camry car, black colour, whose name is yet unknown,with license number plate– Lagos – AAA-04-JB, inflicting injury on his left leg as he attempted a U-turn.
“Additionally, a bus driver traveling from Abuja to Lagos in the Ilishan area was stopped by the criminals, and smashed his bus windscreen and collected his mobile phone after warning him to be cautious as he was not their target.
“Other injured driver has been promptly taken to Babcock University Teaching Hospital in Ilisan for treatment and he is currently responding to treatment.
“No lives were lost but the two vehicles damaged by the fleeing suspects have been recovered and towed to the police station.
“Further updates will be communicated to members of the public, as the identity of the kidnapped victim is yet unknown.
“The Commissioner of Police CP Alamutu Abiodun Mustapha psc has been briefed and he has detailed the Anti Kidnapping unit to take up the investigation.”
But reacting to the development on Tuesday, Governor Abiodun ordered security agents to launch a massive manhunt for perpetrators.
Security sources said the kidnapping was an insider’s job as all the victims were foreign nationals who arrived the country the same day the incident occurred, adding that they were probably trailed to the location where the kidnapping took place.
Governor Abiodun, in a statement on Tuesday, said Ogun State will not be allowed to become a den for kidnappers, even as he promised that the perpetrators would be smoked out and punished.
He said all the security agencies, including the police, army, the Nigeria Security and Civil Defence Corp (NSCDC), Amotekun, So Safe Corps and local hunters are on the trail of the kidnappers with arrays of security gadgets, including drones.
He assured the people that their security is guaranteed as the present administration has committed so much to secure the state.
“Following Sunday’s kidnapping incident that occurred in Ilishan, we want to reassure all residents that decisive action is being taken to apprehend the perpetrators and ensure the safe return of the victims.
“The security forces have launched a comprehensive manhunt and are working tirelessly to track down the kidnappers. Additional security measures and patrols have also been deployed to the affected area and across the state to prevent any further incidents.
“We understand the concerns and anxiety this incident has caused, but we want to emphasize that Ogun State remains a safe place to live, work, and visit. The government is committed to maintaining law and order and will not relent in its efforts to protect the lives and property of all citizens,” Abiodun said.
An Ikeja High Court on Monday ordered the release of a man, Kazeen Adeshina, after spending 15 years in a correctional facility without charge or trial.
The News Agency of Nigeria (NAN) reports that Justice Oyindamola Ogala, while ruling in a fundamental rights enforcement suit marked No: D/16997MFHR/24 filed by Adeshina’s counsel, Mr Ben Okeke, held that detaining of Adeshina in prison without charge or trial was unjustifiable.
Ogala, in her ruling, said the arrest and continued detention of Adeshina in the custody of the Medium Correctional Centre, Kirikiri, Lagos without a trial was wrong, illegal and unjustifiable.
She added that it was a gross violation of the applicant’s fundamental human rights as enshrined in the 1999 Constitution of the Federal Republic of Nigeria and the African Charter on Human and Peoples Rights.
(Ratification Enforcement Act, Cap.10.
“As afore-stated, there is unchallenged fact that this applicant has remained in custody for about 15 years and is yet to be arraigned before a court of competent jurisdiction.
“The presumption of innocence enshrined in our constitution remains sacrosanct and it is indeed a travesty of justice for this to occur withou administration of criminal justice, no matter where the delay emanates from.
“Counsel to the first respondent has exhibited correspondence to the police to transfer the suspect for arraignment since 2003 which has remained unattended to and it appears that this applicant has fallen through the cracks and thus remained in custody for such years without trial.
“The presumption of innocence in our constitution remains sacrosanct and it is clear to this court that no good cause has been exhibited necessitating the continued remand of the applicant and therefore this court finds that the applicant is entitled to the declaratory order sought,” she said.
The judge, thereafter, ordered the immediate and unconditional release of the applicant from the custody of the Kirikiri Medium Correctional Centre.
The applicant’s counsel, Okeke, had filed the suit against the Lagos State Attorney-General, the Commissioner of Police and the Controller, Nigerian Correctional Service, Lagos State as first to third respondent respectively.
The applicant had prayed the court for a declaration that the arrest and continued detention of Adeshina in custody without a a formal charge or trial was wrongful, illegal, unjustifiable and a gross violation of the applicant’s fundamental human rights.
The applicant’s counsel said: “An order directing the immediate and unconditional release of the applicant from the custody of the third respondent, Medium Correctional Centre, Kirikiri Lagos.
“An injunction restraining the respondents, their agents or privies from further breach of the applicants’ fundamental human rights as enshrined in the 1999 Constitution of Nigeria as amended.
“An order admitting the applicant to bail pending his arraignment in court and for such further or other orders as this Honourable Court may deem fit to make in the circumstances.
“The applicant filed in support of the application, the affidavit of urgency of six paragraphs as well as a supporting affidavit of 15 paragraphs deposed to by Joe Ameh, the Executive Coordinator in the office of Zarephath Aid dated the March 8.”
The applicant’s counsel referred the court to the provisions of Section 35 (1) of the Constitution and submitted that it was inferable that whenever a deprivation of right to personal liberty is sought pursuant thereto, such deprivation must satisfy two conditions to satisfy the approval of the constitution.
Tantita Security Services Nigeria Limited has alleged that oil companies purchase refined Automotive Gas Oil, commonly known as diesel, from illegal refineries in various host communities in the Niger Delta region.
This claim was made on Monday during the Nigeria Oil and Gas Energy Week Conference in Abuja.
Tantita Security Services, headquartered in Warri, Delta State, specializes in providing security solutions for the oil and gas sector, including services for the Nigerian National Petroleum Company Limited.
Speaking at a session titled “Exploring Nigerian Content Solutions to Meet Energy Demand,” Warredi Enisuoh, the Executive Director of Operations and Technical at Tantita Security Services, stated that illegal refineries produce large volumes of diesel, which are bought by many downstream operators, including oil companies.
He emphasized that the crackdown on these refineries by Tantita and other security agencies has led to an increase in diesel prices.
“Why is there no scarcity of diesel while there is scarcity of PMS (Premium Motor Spirit, commonly known as petrol)? The story is simple: most of the diesel you buy is produced by the communities. About 90 percent of the diesel in the fuel stations is produced by the communities. It will also interest you to know that even the oil companies patronize the local communities. Don’t let anybody deceive you; they (oil companies) also patronize the local communities,” Enisuoh declared.
Enisuoh explained that addressing energy demand with Nigerian content solutions requires focusing on local communities. He insisted that without the intervention of security agencies like Tantita, the production of illegal diesel would continue to rise.
“The reason why the price of diesel is high today is because of the work of private security companies like my company, Tantita Security Services. This is because we have been able to cut down on a lot of the businesses of the illegal refineries. This is why you see the cost of diesel going up,” he stated.
Gunmen, suspected to be kidnappers on Sunday night abducted no fewer than 20 travellers along Sagamu-Ijebu-Ode expressway, the news frontier has reported.
The dare devil gang, who were said to have ambushed the travellers between Sagamu Area Command of the Nigeria Police and Ilisan township, shot one of their victims in the knee.
The Chairman of Ilisan Development Council, Otunba Wemmy Osude, who confirmed this to newsmen, said one of the victims of the attack who is a resident of Ilisan Remo was already receiving medical attention at the Babcock University Teaching Hospital.
He said, "Information reaching me right now confirmed a kidnapping incident between the Area Command and Ilisan City Gate (formerly Delabo).
"A resident of Ilisan was reportedly shot in the knee and is receiving medical attention at Babcock Teaching Hospital.
"Other victims were taken into the bush. While waiting for additional information, please contact your loved ones who may be plying the road at about this time to be cautious"
Osude said that he had spoken to the resident of the town who is currently receiving treatment at Babcock University Teaching Hospital and he is in a stable condition.
He said "I have spoken to the Sagamu Area Commander about this incident and hopefully we trust that all the security agents will go after these criminals and rescue these people".
It will be recalled that about two months ago, one person was killed while about six others were abudcted around this same axis of Sagamu-Ijebu-Ode expressway.
This unfortunate incident was preceded with the abduction of two other and the gruesome murder of Prof Yinka Olomojobi of Babcock University, Ilisan Remo.
at the Ajadeh Event Centre, along Iperu-Sagamu Road, Iperu Remo, in the Ikenne Local Government area.
Olomojobi, was a professor of human rights and gender law.
Efforts to get the reaction of Spokesperson of Ogun State police command, SP Omolola Odutola was unsuccessful as calls put across to her line wasn't connecting.
As part of measures to relief the people due to the prevailing economic hardship caused by various government policies in the Country, a Cash support of a million naira has been given out to 100 residents of Oke-Ona Community, in Abeokuta North Local government area of Ogun State.
A stalwart of the All Progressives Congress, APC and an aspirant of the party, who contested for the position of House of Assembly in Abeokuta North Local Government, in the 2023 elections, Sanni Sulaimon gave out this donation in Abeokuta.
Sulaimon who was represented by Shuaib Arowona said the gesture was to support the people at this trying times and give them hope of a better future.
He said the cash donation in Oke-Ona community which consists of Ago-Oko, Ilugun, Iberekodo, Elega, Ikereku and Ikija was targeted to reach artisans, the aged, party members and other beneficiaries to cut across the community.
Hon Sulaimon in his message assured the people of his support at various times.
The beneficiaries thanked the donor for remembering them at this hard time and prayed for him.
The Presidency has dismissed allegations of a planned 2024 supplementary budget, calling the claims “false” and “misinformation.”
In a statement released on Saturday by Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, the Presidency clarified that there is no intention to operate four budgets within a single fiscal year, as alleged.
The statement emphasized that the National Assembly only approved the extension of the capital components of the 2023 budget and the 2023 supplementary budget to December 2024.
"Our country cannot achieve sustainable development if Federal, State, and Local governments focus solely on consumptive expenditures, which primarily represent recurrent expenditures," the statement read.
"It is the capital expenditures that drive economic growth, strengthen private sector output, and create employment opportunities for citizens."
The Presidency criticized BudgIT, a civic organization, for raising what it described as a “false alarm” based on rumors. It also accused Peter Obi, a former presidential candidate, of leveraging these unfounded claims to spread further misinformation.
The statement urged BudgIT to adopt a more responsible and accurate approach to its reporting, stating, “BudgIT cannot afford to be flippant and unduly sensational.”
Earlier, BudgIT had issued a statement on Friday, warning against the extension of the implementation period for the 2023 approved budget and the 2023 supplementary budget from the original end date of December 31, 2023, to December 31, 2024.
The 2023 approved budget of N21.83 trillion, signed into law by President Muhammadu Buhari in January 2023, was intended to run for 12 months, following global practice. Additionally, the 2023 supplementary budget of N2.17 trillion was passed by the National Assembly and assented to by President Bola Ahmed Tinubu shortly before the end of the 2023 fiscal year.
Reacting to these developments, Peter Obi accused the federal government of running four national budgets simultaneously, describing it as a “betrayal of democracy.”
Peter Obi, former presidential candidate of the Labour Party in the 2023 election, has sharply criticized the federal government for concurrently operating multiple budgets.
In a post on X on Saturday, Obi decried this practice as a blatant violation of fiscal responsibility, transparency, and accountability. Presently, the federal government is executing the 2023 budget, 2023 supplementary budget, and the 2024 budget. Additionally, President Bola Tinubu announced on May 29 that a 2024 supplementary appropriation bill would soon be presented to the national assembly.
Obi warned that this approach is a recipe for chaos, confusion, and catastrophe. "All available evidence has confirmed that the Nigerian government is implementing four national budgets concurrently," he stated. "This is in blatant disregard for fiscal responsibility, transparency, and accountability. It is also a recipe for chaos, confusion, and catastrophe."
He added that such recklessness would lead to unnecessary expenditures in approved budgets, competing with essential projects for limited resources, thereby worsening the plight of the Nigerian populace.
Obi criticized Nigerian leaders for being disconnected from reality and lacking the competence to manage the nation’s finances effectively. He said, "It indicates that the leaders are out of touch with reality and lack the competence to manage our nation’s finances effectively. Unfortunately, this deliberate act of fiscal recklessness is being undertaken by elected representatives of the people, thereby betraying one of the cardinal pillars of democracy. Leaders are elected to responsibly manage public resources in an organized way."
He called for an immediate reversal of the situation in favour of a more responsible and transparent approach to budgeting. "We must prioritize the needs of the Nigerian people, not the selfish interests of a few. This is a call to action for all leaders to desist from actions that will further drive the country into economic chaos."
At least 18 people were killed and 30 others injured after a series of attacks by suspected female suicide bombers in Nigeria's Northeastern Borno state on Saturday, the head of the local state emergency management agency said.
Borno is at the centre of a 15-year Islamist insurgency that has killed thousands of people and displaced millions more. Although the Nigerian military has degraded the capabilities of the militants, they still carry out deadly attacks against civilians and security targets.
Barkindo Saidu, director general of the Borno State Emergency Management Agency, said suspected suicide bombers separately attacked a wedding, funeral and hospital, killing and injuring several people in the town of Gwoza.
Saidu said 18 deaths had been confirmed, a toll that included children, adults and pregnant women. "The degree of injuries ranges from abdominal ruptures, scull fractures, and limb fractures," he said.
No one has claimed responsibility for the attacks.
Borno state police were not immediately available for comment.
Boko Haram and its splinter group, Islamic State West Africa Province (ISWAP), are the most active militant groups in Borno, a large swathe of rural hinterland the size of Ireland.
..maintain it's a family crisis, not religious
..cite tradition of monarchy appointing chief imams since 1818
Muslim leaders in Ogbomoso, Oyo State, under the aegis of the Ogbomoso Committee on Islamic Affairs have warned those speaking against the Soun of Ogbomoso, Oba Afolabi Ghandi Olaoye, to desist from doing so in a Sahara reporters news story.
There is a rift between the monarch and the Chief Imam of the town, which was escalated following a query issued by the Soun of Ogbomoso to the Islamic cleric.
Last week, the monarch queried the Chief Imam of Ogbomoso, Sheikh Taliat Yunus Olusina Ayilara, for failing to notify him before embarking on the recent Hajj pilgrimage to Saudi Arabia.
But the Islamic cleric in his response to the query said his office was not under the control of the monarch.
However, the Ogbomoso Committee on Islamic Affairs in a statement on Sunday said since 1818 that the first Chief Imam was appointed, “appointment and removal of Chief Imam of Ogbomoso has been at the discretion of the Soun".
The Muslim leaders disclosed that the Soun of Ogbomoso who appointed the first Chief Imam, Muhammed Nafiu from Abogunde Compound in Laka Area of the town in 1818 was not a Muslim, and that the tradition had remained since then.
The Muslim Leaders, led by the Aare Musulumi of Ogbomoso, Alhaji Abdulganiyu Atanda Owodunni, said like other Chief Imams before now, the embattled Chief Imam Toliat Yunus Olusina, was appointed by the Soun of Ogbomoso.
The Aare Musulumi of Ogbomoso, who addressed the press in Ogbomoso on Saturday, in company with the Bashorun Musulumi of Ogbomoso, Alhaji Alimi Amole Shittu Sarumi; Asoju Musulumi, Alhaji Mikhail Muhammed Bello and Parakoyi Adini, Sirajudeen Alimi, said there had been controversies on the appointment of the Chief Imam before the incumbent Soun was enthroned.
He disclosed that the Imam Ayilara family had been kicking against the candidacy of Toliat Yunus Olushina, even before his presentation and appointment by the immediate past Soun, Oba Oladunni Oyewumi.
The Aare Musulumi of Ogbomoso said, "Unknown to many, the Imam Ayilara family had been kicking against the candidacy of Toliat Yunus Olushina, even, before his presentation to the Kabiyesi but were allegedly prevented from seeing the Kabiyesi.
“A letter written to the Kabiyesi rejecting Toliat Yunus Olushina was never allowed to reach him. Despite his controversial turbaning, the Imam Ayilara family continued their agitation to His Imperial Majesty, Ajagungbade III who however joined his ancestors on the 12th December, 2021, exactly twenty–three days after Toliat Yunus Olusina was turbaned.
"Traditionally, at the demise of a Soun, the Soun-in-Council automatically assumes the administration of the town until a new Soun is installed. Unrelenting, the Imam Ayilara family took their agitation to the Soun – in – Council, which after hearing their claim conducted investigations into the matter to know the fact. The Soun–in–Council was led by the Areago of Ogbomosoland. Their findings confirmed that Imam Toliat Yunus Olusina has a doubtful relationship with the Ayilara family.
"The Soun-in-Council thereby wrote a letter to Imam Toliat Yunus Olusina to step aside and go back to the Imam Ayilara family to sort out the issue with the family. But on receiving the step-aside letter from the Soun-in-Council, Imam Toliat Yunus Olushina immediately proceeded to a High Court in Ogbomoso, rejecting the said letter. However, he later withdrew the court case he instituted against the Soun –ini–Council. But he defiantly stayed put as the imam. An uneasy calm now pervaded the atmosphere amongst the Ogbomoso Muslims.
"When a new Soun of Ogbomosoland was installed in September 2023, the Imam Ayilara family immediately took their complaint to the new Soun, who also instituted a fact-finding committee. He has the authority to do so since it is a mosque built and owned by his ancestors.
“He is eminently qualified to intervene as the traditional ruler of the ancient town. The committee that was set up in the palace was headed by High Chief Alhaji Kasali Oladipo, the Abese of Ogbomosoland. The report submitted by the Abese-led panel also confirmed the findings of the Soun –in–Council.
"At an elaborate meeting convened at the instance of His Imperial Majesty, Oba Afolabi Ghandi Olaoye, involving all the Muslim groups in Ogbomosoland, the Abese again delivered his report to the hearings of all and sundry.
“A decision was then taken by His Majesty that Imam Toliat Yunus Olushina in the light of the report of the Abese, should step aside and go back to the Imam Ayilara family to sort out the contentious issue with them, after which the Imam Ayilara family could re-present him to the palace if they eventually reached a compromise.
"To the surprise of all, instead of Imam Toliat Yunus to go back to the family, he headed to a High Court in Ogbomoso to challenge the decision of the palace based on the findings of the Abese panel of investigation. This step taken by Imam Toliat Yunus Olushina has polarized and has caused a deep division amongst the Ogbomoso Muslims.
“The social media is awash with various derogatory, abusive, insultive and defamatory remarks against the Soun, hurled by him and his cohorts, and we have witnessed reprehensible insubordination to the exalted throne of the Soun of Ogbomosoland."
Going memory lane on the appointment and installation of the Chief Imam of Ogbomoso, the Ogbomoso Committee on Islamic Affairs said the first Chief Imam, Muhammed Nafiu, was appointed in 1818 by the Soun.
The Muslim leaders called on the public to discountenance false accusations being made against Oba Ghandi Olaoye, adding, "We shall not allow some extraneous forces to cause disaffection amongst us in Ogbomoso."
They said, "In every family compound in Ogbomoso, there are Christians, Muslims and traditional worshippers enjoying strong bonds, and banded in harmonious relationship that has ensured we never had any division amongst us.
“We intermarry and celebrate every festival together as one united family. Any ruling house in Ogbomosoland whose turn it is to produce a candidate for the throne of Soun can present any candidate of their choice, be it a Christian, Muslim, or traditional worshipper. That is how we are made. But some people are attempting to destroy this foundation of harmony but this will fail."
Earlier reports have it on Saturday that Justice K.B. Olawoyin of the Oyo State High Court in Ogbomoso had barred the Soun of Ogbomoso and kingmakers from removing Ayilara as the Chief Imam.
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Nigerians are bracing up for the most expensive Sallah holidays in over 30 years as prices of essential food items such as rice, tomatoes and ram hit record highs, as highlighted in a Nairametrics report.
Nigeria is currently experiencing its highest inflation rate in over 30 years with food inflation notching a near 40-year high.
The country has not had things this bad in decades.
For most Nigerians, the Muslim Eid-el-Kabir (Sallah) festive period is a time of vibrant celebrations, hearty food sharing, and generous gift-giving within their neighbourhoods.
The homes of the Muslim faithful and local mosques come alive with the traditional slaughtering of the Ileya ram, a cherished part of the festivities.
This year, however, Sallah might be remembered as one of the most expensive ever, thanks to a severe economic downturn and soaring inflation, which have driven up the prices of rams, tomatoes, rice and other food items across the country.
For instance, Bakare Akinyele, speaking to Nairametrics, highlighted the challenges he faces in purchasing the Ileya ram this year.
Akinyele, who supports two wives and six children, usually buys both a ram and a cow to celebrate with extended family and friends.
“It’s going to take a miracle to get my hands on the traditional Ileya ram,” he lamented, noting that prices have surged past N300,000 in Lagos.
Bakare considered sourcing a ram from the far north or north-central regions, but the cost of transporting the livestock—now exacerbated by the removal of fuel subsidies—would match or even exceed the prices in Lagos.
For him, the dream of having both a cow and a ram for Sallah is no longer feasible. This year, he’s settling for just the essential ram, scaling back his usual grand celebration and limiting the guest list.
“I’ve managed to save enough for the ram, but the cow is out of reach now, priced at over N1 million. We simply can’t afford that,” he said.
A recent market survey
The troubling story of Akinyele is far from an isolated case; it echoes the harsh realities of today’s market.
A recent survey by Nairametrics in Lagos and Abuja revealed a staggering 200% increase in livestock prices over the past year, fueled by food inflation, subsidy removal, and other economic pressures.
In Lagos’ bustling Agege abattoir, vendors and butchers paint a grim picture. Rams that once sold for N100,000 to N150,000 now command prices between N300,000 and N400,000, marking a sharp 150% surge.
Dare, a seasoned seller, gestures towards a medium-sized ram. “Last year, this would have gone for N100,000. Now, I can’t sell it for less than N300,000. It just doesn’t pay,” he tells Nairametrics. “Everything has gone up.”
The story is much the same for tomatoes and bags of rice.
In an Abuja market, a basket of tomatoes goes as high as N120,000 to 150,000.
Ibrahim, a dealer in the pepper and tomato business, told our correspondent that a basket of tomatoes in this season can go as high as N200,000 “Most people can’t afford these things anymore,” he admits.
Last month, the same basket would have gone for N40,000 or even less.
Similar trends were observed in Lagos’ Mile 12, Igando, Iyana Iba, and Ayobo markets when it comes to the price of other foodstuffs.
A bag of rice now sells between N79,000 and N90,000, depending on the type of rice one is purchasing.
The same was observed when it comes to a paint bucket of garri which was sold for around N600 last year but is now selling between N3,800 and N4,200, with an increase of over 400%.
Low Patronage Deflate Market Morale
Meanwhile, Nairametrics found that not only buyers but also sellers are feeling the pinch this festive season.
Typically, ram sellers eagerly anticipate this period as a peak time for business.
However, this year, enthusiasm and morale seem markedly low.
Ridwan, a seller in Lagos, shared his concerns with Nairametrics. “By now, customers ought to have been flooding this place. You should have seen them in numbers. But I guess the economy is touching everyone,” he lamented. “We hardly sell four or six rams per day here now. Believe me, it’s like the season is not yet upon us.”
When asked about the reasons behind the spike in livestock prices, Ayodeji, another livestock dealer, pointed to the soaring cost of feed. “First, it’s the feeds. In 2023, a bag of feed for cows and rams was just N7,000. Ask anybody—they’ll tell you. But now, we buy it for about N20,000 to N22,000,” he explained.
The combination of higher costs and decreased customer spending is creating a challenging environment for both buyers and sellers as the festive season approaches.
High Food Inflation Dampens Festive Celebration
According to the Nigeria Bureau of Statistics (NBS), food inflation in Nigeria is above 40%,making it extra difficult for many to purchase food items.
In a recent survey done by Nairametrics, a price of basket of tomatoes was priced as high as N150,000 in May while it sold for N40,000 in April.
“Inflation is malignant to any economy,” Olufemi Idris, a Lagos-based economist said. “Until something is done about the high cost of food production, the malignancy will eat deep into the pocket of anyone, whether you’re celebrating Sallah or not.”
For the president of All Farmers Association, Ibrahim Kabir, who spoke to our correspondent in a phone conversation, the problems are multifaceted. But more specifically, government interventions particularly for farmers have been remarkably low.
“The federal government needs to invest more in farming. Whether it’s livestock or crops, the most important thing is capital. Once farmers start getting low-interest loans, they will have more money, more resources to grow their farms,” Kabir said.
Seplat Energy is pursuing a swift conclusion to its $1.28 billion acquisition of ExxonMobil's Nigerian shallow water oil assets, it said on Friday after being notified that NNPC had halted a legal challenge to the deal.
State oil company NNPC had challenged Exxon's sale of the assets to Seplat, saying it had first right of refusal. The deal was further held up by regulatory issues.
"Seplat Energy commends the open cooperation and progress achieved by all stakeholders, and will diligently engage (with) all key stakeholders, including the government, in progressing towards a swift completion of the acquisition," a Seplat statement said.
An NNPC spokesperson was unable to provide immediate comment.
Analysts have said that the Exxon-Seplat deal would inject much-needed capital into Nigeria's oil industry, potentially leading to improved output. It would also signal to investors that similar deals, such as Shell's asset saleto Renaissance in January, are likely to gain regulatory approval.
Nigeria, Africa's biggest oil producer, relies on crude oil for more than 90% of its foreign exchange and half its budget. However, output has declined in recent years owing to underinvestment and theft.
Oil majors operating in Nigeria, including Shell and TotalEnergies, have been exiting their onshore shallow water operations to focus on deepwater drilling operations.
... says no amount of explanation can cover fraud
The People’s Democratic Party (PDP) in Ogun State has severely criticized Governor Dapo Abiodun and the All Progressives Congress (APC) over the controversial Prince Court Estate housing project, located along Kobape-Siun expressway.
The opposition party accused the ruling party of fraudulent practices and reneging on agreements with subscribers who have fully paid for homes in the estate.
Nigerian Newstrack had earlier reported that 200 applicants have remained stranded two years after paying N5,500,000 for 2 bedroom bungalows in the estate.
Asiwaju Akinloye Bankole, the PDP’s Publicity Secretary in Ogun State, issued a statement highlighting the party’s outrage over the administration’s actions.
Since 2022, Gateway Mortgage Bank, under the state government, has collected full payments from approximately 200 subscribers, yet none have received their allocated homes.
The PDP’s primary concern is the government’s justification for this delay in a reaction by the Housing Commissioner, Mr. Jamiu Omoniyi who attributed the failure to rising inflation.
The PDP who dismissed this as a flimsy excuse, accused the Dapo Abiodun led administration of deceptive practices while trying to shift the goalposts.
The opposition party asking critical questions querried why inflation was not factored into the agreements when subscribers completed their payments and why the government failed to inform depositors of potential inflation impacts, including a relevant clause in the contract?
The party also asked whether the government used the deposits to part-finance the project, which it deems fraudulent.
The PDP contrasts the current administration’s actions with its own record in power, citing its previous housing projects, such as the Laderin Workers Estate, where civil servants received homes at highly subsidised rates with manageable payment plans.
The PDP accuses the APC government of exacerbating economic hardships in Ogun State and failing to show compassion and responsiveness to the people’s needs.
“In line with the growing need to address the issue of housing problems of the people, which has progressively grown in recent years in Ogun state, it is not out of place for the government to provide decent shelter for the people.
“It is, however, appalling to see the administration of Prince Dapo Abiodun, who has the constitutional responsibility of providing decent shelter to the people using the same challenges to swindle the people who made full payments for Prince Court Estate, a government housing scheme located at the Kobape-Siun express way of their hard-earned money after about 2 years of payment.
“For the Peoples Democratic Party, PDP in Ogun state, the most terrifying concern is around the government official explanations given, on behalf of the government by the Commissioner of Housing, Mr. Jamiu Omoniyi, that, it is the galloping inflation in the control that informed government decisions to renege on its terms of agreement with the subscribers. Oh, what an excuse!
“Foremost, it is on record that the state government, through its agency, the Gateway Mortgage Bank, had collected full payment for the housing estate from about 200 subscribers without a single allocation to any of them since 2022.
“For us, this is a clear case of changing the goal post in the middle of a match. It is only a swindler that does that! Is the Dapo Abiodun-led administration not defrauding the good people of Ogun state with its yellow roof again? the statement reads”
Moreover, the PDP calls for the development of new housing schemes for civil servants displaced from Ibara government quarters, emphasising that the Prince Court Estate should be made available to its legitimate subscribers without further delay.
In a strong call to action, the PDP urges all patriotic citizens and individuals of good conscience to join them in holding Governor Abiodun accountable and preventing any fraudulent actions from further tainting the state’s governance.
.. NAOSS OAU chapter President denies half of students have received the N50,000 cash
Some students of Ogun State origin in tertiary institutions have complained about non-receipt of the Educash award promised by the state government to cushion the current economic crisis.
The award, tagged: “Educational Cash Award for Student Help,” is an intervention programme for students in all public primary and secondary schools, as well as public and private tertiary institutions across Nigeria to cushion the effects of the current economic challenges on their studies and their parents.
This gesture was announced by Governor Dapo Abiodun as part of the state’s palliative measures.
According to him, each student of Ogun State origin is entitled to N50,000 cash from the state government.
But some students of the state origin, especially in Obafemi Awolowo University (OAU), Ile-Ife, Osun State, who spoke with The Guardian, said they had not received the money.
According to them, only a few students claimed to have received the N50,000 cash award.
Similarly, some students of the University of Ibadan (UI) and Olabisi Onabanjo University (OOU), Ago-Iwoye, said they had not received the money. They also claimed that few of them had received the money.
However, in a telephone chat with The Guardian, the state’s Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, said that no fewer than half of the indigent students in every institution had received the cash award.
He said that the disbursement of the educash payment was being done in batches.
Meanwhile, the President of the National Association of Ogun State Students (NAOSS), OAU chapter, Mariam Adeleye, yesterday, said that only a few students of Ogun State origin in the institution had received the money.
Adeleye, who said she could not say that it is a propaganda or scam, however, refuted the claim by the state’s Commissioner for Education that half of the students of the state origin in OAU had received the cash award.
The NAOSS OAU chapter President said that out of the 3,000 names compiled and sent to the state government, only 200 students had been paid. She also said that none of the executive members of NAOSS in OAU had received the cash award.
It would be recalled that the Ogun State government had said that an estimated 60,000 students from the state in all tertiary institutions across the country would benefit from the N50,000 palliative of the state government.
Arigbabu, who corroborated the governor’s educash award stance in March when he assured that students in public and private tertiary institutions would benefit from the cash award, said: “The state government is targeting 10,000 indigent students in public primary and secondary schools in the three senatorial districts to also get N10,000 each too.
“Some students have confirmed receiving the N50,000, even as they showered encomium on the governor for the gesture.
“No fewer than 30,000 students in tertiary institutions across the country had so far benefited from the Educash transfer of N50,000 to cushion the current economic crisis.
“I can tell you that for one of the tertiary institutions, we have done 20,000 as of today, and the total for the tertiary institution beneficiaries is a little bit less than 50,000. Hopefully, by the end of next week, we will have reached half of that, which is about 25,000 beneficiaries.
“I want to assure those who have not received theirs, for instance, Olabisi Onabanjo University (OOU), as a list of a little bit over 12,000 was sent to us. As of now, we have paid just a little less than 6,000.
“The same thing at Tai Solarin University of Education (TASUED), where we have a little bit less than 8,000. We have tried to make sure we are targeting between 45 per cent to 50 per cent in all the schools.”