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Nigeria’s economy sinks further, as inflation hits 34 per cent in one month
Despite assurances from the Federal Government, it is still a sad story for Nigerians as the national economy has taken a further dip, with headline inflation rate rising a nudge higher in just one month.
National Bureau of Statistics (NBS), said figures rose to 33.88 per cent in October 2024, up from 32.7 per cent in September 2024, reflecting a 1.18 percentage point month-on-month increase, with the Consumer Price Index (CPI) report, attributing the rise in inflation to increased transportation costs and higher food prices.
On a year-on-year basis, the rate was 6.55 percentage points higher than the 27.33 per cent recorded in October 2023, highlighting a substantial increase in inflation over the past year.
On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64 per cent representing a 0.12 per cent increase from the 2.52 per cent recorded in September 2024, indicating that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024.
The food inflation rate in October 2024 stood at 39.16 per cent year-on-year, an increase of 7.64 percentage points compared to the 31.52 per cent recorded in October 2023, the figures show, indicating that on a month-on-month basis, the food inflation rate rose to 2.94 per cent, a 0.30% increase from the 2.64 per cent recorded in September 2024.
The situation was the result of rising prices of items such as local and foreign beer in the tobacco class, vegetable oil, groundnut oil, and palm oil in the oil and fats class, as well as beef, gizzard, dried beef in the meat class, and products like Lipton, Milo, and Bournvita.
The average annual food inflation rate for the 12 months ending in October 2024 was 38.12 per cent, representing an 11.79 percentage point increase from the 26.33 per cent recorded in October 2023, the bureau stated adding that the core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 28.37 per cent in October 2024 on a year-on-year basis, reflecting an increase of 5.79 per cent compared to the 22.58 per cent recorded in October 2023.
“The highest increases were observed in the prices of items such as bus journeys within the city, motorcycle journeys, and intercity bus journeys (under the Passenger Transport by Road category); rents (both actual and imputed rentals under the Housing category); meals at local restaurants (under the Accommodation Services category); and services such as haircuts, women’s hairbrushes, and women’s hairstyling (under Hairdressing Salons and Personal Grooming Establishments), it stated.
Also on a month-on-month basis, the core inflation rate was 2.14 per cent in October 2024, slightly higher by 0.04 per cent than the 2.10 per cent recorded in September 2024.
The figures also showed that the average twelve-month annual inflation rate stood at 26.12 per cent for the 12 months ending October 2024, representing an increase of 6.14 percentage points compared to the 19.98 per cent recorded in October 2023.
On a year-on-year basis, the urban inflation rate in October 2024 was 36.38 per cent, which was 7.09 percentage points higher than the 29.29 per cent recorded in October 2023. On a month-on-month basis, the urban inflation rate stood at 2.75 per cent in October 2024, marking an increase of 0.08 percentage points compared to 2.67 per cent in September 2024.
The 12-month average urban inflation rate was 34.52 per cent in October 2024, which was 9.76 percentage points higher than the 24.76 per cent reported in October 2023, while the rural inflation rate in October 2024 was 31.59 per cent on a year-on-year basis, reflecting an increase of 6.01 percentage points compared to 25.58 per cent in October 2023.
On a month-on-month basis, rural inflation was 2.53 per cent in October 2024, up by 0.14 percentage points from 2.39 per cent in September 2024, while the 12-month average rural inflation rate was 30.24 per cent in October 2024, which was 8.01 percentage points higher than the 22.23 per cent recorded in October 2023.
Justice Muhammad Nuraddeen Bello of High Court sitting in Sokoto State has sentenced three men, including a foreign national, to death by hanging, after convicting them on charges bordering on terrorism and arms proliferation.
The convicts, Yusuf Muhammad (alias Sallau), a Nigerien; Jabbi Alhaji Yalle; and Kabiru Muhammad, were apprehended on 13th June, 2025, by the Department of State Services (DSS) Counter Terrorism Unit in connection with cross-border criminal activities bordering on arms trafficking and terrorism.
Bello, who found all three defendants guilty as charged and sentenced them to death by hanging, while also ordering the forfeiture of all monetary exhibits recovered from the convicts to the Federal Government, said: “The conviction is the latest in a series of successful prosecutions by the DSS in its sustained operations against terrorism and organised cross-border criminal networks across Nigeria.”
The sentencing is coming about two weeks after the Federal High Court sitting in Abuja sentenced each of the five suspects arrested on May 31, 2026, by the DSS for their involvement in the November 21, 2025, attack on St Mary’s Catholic School, Papiri, Niger State, to 25 years’ imprisonment.
Justice Binta Nyako, had handed down the judgment after the men, including two Nigeriens, pleaded guilty to all four terrorism-related charges, bordering on support for the commission of an act of terrorism, breaching both Section 16 of the Terrorism (Prevention and Prohibition) Act, 2022, and the Firearms Act, were pressed against them.
According to Count One, the men were accused of jointly conspiring to assist a terrorist by agreeing and intentionally playing various roles towards conveying 15 AK 103 rifles as well as about 1,434 rounds of 7.62mm live ammunition from the Diffa region, Republic of Niger, to one Malam Ahmad, a member of the Boko Haram terrorist group based in Borgu, Niger State, and thereby committed an offence contrary to Section 26(1) of the Terrorism (Prevention and Prohibition) Act, 2022.
Primate Elijah Ayodele, is on the verge of coughing out a whopping N10billion, if he fails to offer unrestrained apology to Rabiu Musa Kwankwaso, former Governor of Kano State within the next 24 hours, and retract his claim that the former Minister of Defence is bidding his time to betray Peter Obi, to whom he is to contest the 2027 presidential election as a running mate.
Without doing so, the controversial cleric, should be ready for a major court battle with the vice-presidential candidate of the Nigeria Democratic Congress (NDC), the platform on which the pair is to contest the election.
In a letter indicating a legal action against Ayodele of the INRI Evangelical Spiritual Church over defamatory remarks, Kwankwaso, through Magaji Mato Ibrahim, SAN & Co., his lawyers demanded an immediate retraction and apology from the cleric over the allegations.
Details of the letter, dated June 11, and unveiled through the X platform of the legal team, was based on a viral video recorded during a live-streamed church service, where the preacher made allegations targeting Kwankwaso’s integrity as Peter Obi’s running mate under the NDC.
Quoting the cleric as stating: “KWANKWASO IS A FAKE TO OBI, KWANKWASO WILL BETRAY YOU. KWANKWASO HAS BEEN PAID TO BE VICE PRESIDENT TO OBI AMONG OTHER LIBELOUS COMMENTS WHILE PRETENDING TO BE A PREACHER,” the former governor said the comments were unprovoked, grossly unfounded, and carefully designed to create a rift within the ranks of the political party and its supporters.
Handing Ayodele a 24-hour ultimatum to publish a full and unequivocal retraction across all social media platforms and news outlets with the same prominence as the original video, they also demanded a written undertaking that he would cease and desist from making any further malicious statements against their client, warning that failure to comply, would lead to full legal actions.
The letter stated: “We shall claim substantial damages to the tune of Ten Billion Naira and cost of the action on a full indemnity basis amongst other reliefs.”
President Bola Ahmed Tinubu on Tuesday demanded the immediate end to the exportation of minerals from countries in Africa in their raw forms, which he said had led to massive exploitation of the continent.
The President, told member countries of the African Minerals Strategy Group (AMSG), a forum of Ministers in charge of Mining and Solid Minerals on the continent to speak with one voice to promote, collective interests, ensure value addition, and prevent the continent from becoming merely a source of raw materials for the rest of the world.
As the Grand Patron of the group, chaired by Dele Alake, Nigeria’s Minister of Solid Minerals Development, gave the charge while receiving a delegation of AMSG in the State House, Tinubu told the delegation that the group had a critical role to play in strengthening Africa’s bargaining power in the global mineral market and ensuring that the continent derives maximum value from its natural resources.
His words: “ What we should do is avoid bureaucracy and deceit; we must put an end to exploitation. The rest of the world won’t mind if your country is a cesspit of dams and rubbish and excavates your raw materials without giving value.
“It is our responsibility to collaborate and cooperate to ensure that these metals and minerals bring value to us, bring technology to us, and we can do it. It is how much each country will put into the research, development and refinery. I don’t see reasons we cannot demand centralisation of that conversation somewhere on the continent. So why not utilise that in our research and development and knowledge-based economy to enhance the quality of life and bring prosperity to our people.”
Emphasising that Africa possessed enormous mineral wealth that should be strategically harnessed to drive industrialisation, create jobs and accelerate economic transformation across the continent, the President, said the era of exporting raw minerals without local processing and beneficiation must give way to a new model that encourages investment in local industries, technology transfer and the development of value chains that retain wealth within Africa.
Alake, who had earlier expressed gratitude to the President for his exemplary leadership under the Renewed Hope Agenda, said the gesture had shown support for Nigeria’s mineral sector, especially in the local value-addition and economic diversification drive, where artisanal miners are empowered.
He told the President: “You encouraged us to look at the focal point of the establishment of this group, which is to ensure that the African natural resources, especially with regards to minerals, critical matters, are localised, the beneficiation coming directly to Africans generally.
“You charged us that we should set our sails very high and ensure that local value addition is a pivot around which all the objectives of this organisation should revolve.
“So, sir, we have gone implemented your charge and we are quitted that today local value addition is reverberating all over Africa.”
He added that some member countries have gone ahead to ban the export of raw minerals.
He explained members of the body were in Abuja for the Fifth edition of the African Natural Resources and Energy Investment Summit (AFNIS 2026), to push for a new continental approach to resource management and industrial development.
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