|
The Big Story
|
|
Nigeria’s Cost-of-Living Plan: 90 Days, Five Priorities, No Details Yet
|
“The cost of reaching a livelihood should never consume the livelihood itself.” Vice President Kashim Shettima [Premium Times] |
|
The National Economic Council (NEC) has endorsed a 90-day economic action plan to ease the cost of living, but has published no specific details. Finance Minister Taiwo Oyedele presented the plan at the council’s 161st meeting on Thursday, chaired by Vice President Kashim Shettima. It lists five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support. NEC also approved a national dashboard to track projects across the federation and show how proceeds from fuel subsidy removal are being used. Oyedele named single-digit headline inflation and interest rates by 2027 as key goals. The council directed that savings from gas-powered and electric transport must reach commuters as lower fares, and agreed a joint federal and state financing framework for the programme. Premium Times notes that most Nigerians still face higher food costs than when President Bola Tinubu took office, even as reserves and foreign investment have risen. [Premium Times]
|
|
What Else Is Happening
|
| ▪ |
Government Says No Restrictions on Large Gatherings for Now as Ebola Patient Recovers
Health Minister Muhammad Pate said there is no indication that requires changing large gatherings already planned, and that any restriction would follow evidence and expert advice. He said the woman at the centre of Nigeria’s first Ebola case is recovering and her laboratory results are improving. High-risk contacts are quarantined in a facility, and others are isolated and monitored. More than 14,000 travellers have entered Nigeria during five months of enhanced border checks. [Premium Times]
|
|
| ▪ |
Reps Summon MTN, Airtel and Glo CEOs Over Poor Network Quality
A House of Representatives committee has ordered the chief executives of MTN, Globacom, Airtel, MAFAB Communications and other operators to appear on 28 October to explain declining service quality, and warned that arrest summons could follow if they stay away. Chairman Olumide Osoba said earlier invitations drew lower-ranking staff. The Nigerian Communications Commission has been directed to ensure the chief executives attend. [Nairametrics]
|
|
| ▪ |
Extra School Charges Still Strain Parents Despite Federal Limits on Graduations
A Premium Times special report found extra school charges still being billed in Abuja, Lagos, Kaduna, Katsina and Benue, covering graduations, textbooks, costumes, feeding and extra lessons. In Abuja, one parent paid almost NGN100,000 for three children to graduate on top of tuition. The federal government limited graduations to Primary 6, Junior Secondary 3 and Senior Secondary 3 in January, but enforcement varies. School owners say the charges cover real costs. [Premium Times]
|
|
| ▪ |
Ogun Gives 3,050 Corps Members a One-Off NGN50,000 Palliative
Ogun State has approved a one-off NGN50,000 cash palliative for 3,050 members of the National Youth Service Corps (NYSC) 2026 Batch C Stream I at the Sagamu orientation camp, a total of NGN152.5 million. Commissioner for Sports Development Wasiu Isiaka said disbursement began on Monday 19 October to ease financial pressure during orientation. The state also approved 500 mattresses for the camp, citing a rise in the number of corps members posted to Ogun. [Pulse Nigeria]
|
|
|
Market Watch
|
| FX |
The naira strengthened marginally, with the official rate at NGN1,334.40 per dollar on 22 October, down 0.02% from NGN1,334.72 on 21 October, so a dollar costs almost the same as a day earlier. Since 31 December 2025 the rate is down 9.53%. [CBN]
|
| Equities |
The NGX All-Share Index slipped 0.07% (159.55 points) to 244,956.94 on 22 October from 245,116.49 on 21 October. That is 1.04% below its 16 October close of 247,539.73. The index is still up 57.41% since 31 December 2025. [NGX Group]
|
| Macro |
Credit to Nigeria’s private sector, the money banks have lent to businesses and households, fell to NGN83.93 trillion in September from NGN84.47 trillion in August, a drop of NGN537.6 billion or 0.64%, CBN data show. It is still up 15.7% on a year earlier. Nairametrics notes the data do not show whether the fall reflects weaker demand, tighter lending or repayments. [Nairametrics]
|
|
|
Quick Hits
|
| → Rivers police say they arrested four suspects in Emohua over the 4 August shooting of Inspector Womoma at a checkpoint and the 23 July killing of Joseph Onyeka. Two AK-47 rifles and 58 rounds were recovered. The command says the suspects confessed. [Premium Times] |
| → FIFA has approved a Normalisation Committee to run the Nigeria Football Federation until fresh elections, after leaders resigned in August. FIFA and the Confederation of African Football will pick the members, who cannot stand in the elections and serve until 31 May 2027 at most. [Premium Times] |
| → Kelina Hospital says its Lagos branch now does robotic surgery every week, the only hospital in Nigeria to do so, with over 50 robotic prostate cancer operations since September 2025. It says treatment abroad costs $15,000 to $20,000 per patient. These are its own figures. [ThisDay] |
|
|
On a Lighter Note
|
|
Nigeria Wins Bid to Host 2028 Table Tennis Africa Championships. Nigeria beat Tunisia by 23 votes to 15 at the International Table Tennis Federation (ITTF) Africa meeting in Tangier to host the 2028 Africa Championships in Lagos. Lagos will also host the 2027 African Para Championships, giving it two continental tournaments in two years. [Pulse Sports Nigeria]
|
|
Why It Matters
|
| |
Mrs Kuburat in Abuja paid almost NGN100,000 this year for her three children to graduate from nursery, junior secondary and senior secondary school, on top of their tuition. In Lagos, a mother spent NGN154,000 getting her nine-year-old ready for a primary school graduation that already cost NGN45,000 at the school. In Katsina, a father paid NGN3,000 for his daughter’s speech and prize day while struggling to raise her NGN27,000 school fee. The federal government limited graduation ceremonies to three classes in January, yet Premium Times found the extra charges still being billed across Abuja and four states. The council’s 90-day plan aims at the same squeeze, with food affordability and regulated household support among its five priorities, but its statement gives no figures or dates. The council also says savings from gas-powered and electric transport must reach commuters as lower fares, and that a dashboard will show how fuel subsidy savings are being used. In Ogun, 3,050 corps members received a one-off NGN50,000 this week.
|
|
|
|
|
Produced with AI assistance using open-source web content. Edited by Tomiwa Afolabi. Sources have not been independently verified by Frontier Brief Media. Readers are encouraged to consult original sources before acting on any information herein.
|
