Business
AMBODE, DUKE DEMAND MORE FUNDS FOR LAGOS TO SAVE NIGERIA
…As Lagos Gov Receives Leadership Award
Lagos State Governor, Mr. Akinwunmi Ambode and former governor of Cross River State, Mr. Donald Duke on Thursday raised alarm over the danger of abandoning Lagos State to shoulder the developmental challenges posed by incessant migration from all parts of the country alone.
Warning that the continued expansion of the 24 million population within a territorial land mass of 923, 773 square kilometres is leading to huge infrastructural deficit that federal allocations and internally generated revenue have not addressed, both urged State Governments to create productive economies to stem the drift to Lagos.
Duke spoke as the guest speaker at the LEADERSHIP 2017 Annual Conference and Awards Ceremony, organized by the Leadership Newspapers at the International Conference Centre, Abuja, where Lagos State Governor Akinwunmi Ambode, represented by the Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan received the Governor of the Year Award.
Noting that the N1.4trillion budget of the State for 2018 was too meager to fund needed infrastructures, Duke said, “the leadership at the State and Federal level must recognize that a State that contributes more than 50 percent of the Gross Domestic Product and majority of industrial activity needs urgent support.”
Accepting the awards on behalf of the Governor, Lagos State Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan adopted the positions canvassed by Duke while dedicating the awards to Lagosians for working with the Ambode administration for better governance.
“Governor Ambode’s determination to put his expertise and experience at the service of the people to ensure continuous infrastructure and human development as well as sustain the economic growth of the State is not in doubt. That is his social contract with the people which he is totally committed to fulfilling,” he said.
Earlier, while declaring the Conference open, Vice President, Professor Yemi Osinbajo advocated that States must operate as if they are countries by drawing inspiration from the Western Region which executed landmark projects and programmes in the First Republic.
He said the giant strides of Lagos State since the administration of former Governor Bola Tinubu which planned the re-development of Lagos on aggressive internally generated revenue has demonstrated the importance of taxation to the provision of infrastructures.
Welcoming guests and awardees, the Chairman of Leadership Newspapers, Mr. Sam Nda-Isaiah urged Governors to act as the Chief Executive Officers of companies who must make profits for their firms to keep their jobs.
“The days when States would go cap in hand every month to the Federal Government will soon be over because the Federal Government itself will be too busy struggling to solve its own federal problems. The good news is that every State in Nigeria can survive as a rich entity, with a little imagination from its leaders,” Nda-Isaiah said.
Nda-Isaiah postulated that, perhaps, it might take the states to suffer some hard times in order to come to terms with the new reality.
“Lagos State found out the hard way that it could earn much more than its monthly allocations from Abuja when the then President Olusegun Obasanjo illegally impounded the monthly allocations of its local governments for selfish reasons.
“That was when the governor then, Bola Tinubu, knew the real definition of IGR. Since then, the State has not looked back,’’ he said.
He further averred that States needed to develop their own proprietary methods of boosting their IGR, noting that Lagos chose corporate taxes because that was where its advantages lay.
“It could be abundant mineral resources for some, and yet for others, it could be massive land resources. Any state government that gives the impression that it is waiting for a constitution amendment before it can take advantage of the state’s mineral resources is simply dumb.
“State Governments can apply to the Federal Government for mining leases in their states and simply become mineral-rich. The problem is that no state has been able to do this. Some states are succeeding with agriculture, especially rice cultivation using the CBN intervention funds. It is the same logic”, Nda-Isaiah said.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
You must be logged in to post a comment Login