Business
‘Change sometimes comes with pain, Please bear with me’ – President Buhari begs Nigerians
President Muhammadu Buhari last night appealed to Nigerians to bear with him over the difficulties in the land, saying Nigerians were seeing the darkest days before dawn. President Muhammadu Buhari While appealing to Nigerians who he said were known for their inner strength to soldier on, he said the change which they voted for was at the corner and about to rock every nook and cranny of the country. In a strategic move to counter the difficult times, the President ordered the release of 10,000 tons of grains from the national strategic grains reserves. The move, according to Presidential spokesman, Mallam Garba Shehu also debunked insinuations that the change mantra of the new administration was concomitant with hard times. The Presidency said a total of N9 trillion was lost by the Federal Government to the Boko Haram insurgency, lamenting that the loss worsened the economy. Noting the crippling fuel situation, the administration also observed that it inherited a N600 billion debt owed fuel importers and that it was working on ensuring that newly-licensed refineries commenced operations in 2018. While noting that the Federal Government’s social programmes, including the payment of N5,000 monthly transfers to eligible Nigerians was set to commence, the Presidency called for more understanding from Nigerians on the challenges it said it inherited. The Presidency further averred that the difficult times were caused by the economy downturn arising from “the Boko Haram insurgency, corruption and the lack of planning by the past administrations and one that should not be blamed on the Change Agenda of the Muhammadu Buhari administration.” Shehu said: “The Presidency firmly rejects the insinuations that poverty and lack are products of the Change mantra. This should be dismissed as an erroneous and misplaced opposition criticism. The President understands the pain and the cries of the citizens of this country and he is spending sleepless nights over how he can make life better for everyone. Contrary to assertions by a faction of the opposition Conference of Nigerian Political Parties, CNPP, the President’s energy and focus are on changing the lives of Nigerians, with a view to making it better than he met it. “Change is a process. Change does not happen overnight. Change can be inconvenient. Change sometimes comes with pain. Over the past year, the government has been working night and day to deliver on its promise of change to Nigerians, and the painful process is still ongoing. “This is work in progress. As life gradually returns to normal in much of the country and the northeast in particular, agriculture will resume and traders from neighbouring African countries will once again feel safe to do business with us. “It is estimated, for instance, that three Northeast states of Nigeria alone have so far lost about three trillion Naira (Nine billion US Dollars) to the Boko Haram insurgency. The previous administration at the center said Federal Government losses amounted to about USD18 billion. “It would have been a miracle for our country’s economy not to feel the effects of this. And, in addition to the thousands of lives lost to the insurgency, thousands have also lost their means of livelihood. The northeast region of Nigeria is a mostly agrarian society, which means Nigeria has lost billions of naira in agricultural produce. Many communities, which have had their yearly planting and harvesting cycle disrupted by Boko Haram attacks or occupation are still yet to return to their farms. In many of these communities, there have not been planting and consequent harvest for between two to five years. “At the time this government came to power, about 600 billion naira was owed to fuel marketers in subsidy payments. Strategic fuel reserves were depleted and local refineries not functioning. “One of the President’s first steps was to pay off the marketers, leaving an outstanding of about N150 billion which is captured in the 2016 budget. The Port Harcourt and Kaduna refineries are being brought back to life. Shortly, Nigeria will resume refining its own fuel rather than depending on imports. ” As part of the permanent solution of recurring cycle of petroleum products shortages, government is working on a plan to ensure that some of the newly-licensed independent refineries start coming on stream from 2018.” “Government is also turning its attention to the sabotage of the oil and gas infrastructure that has taken so much away from the generation and distribution of electricity.” “These are just some aspects of the change that Nigerians voted for, a change that is happening and which will soon be felt by Nigerians in every nook and cranny of our country. “Nigerians are a people renowned for our inner strength and our ability to triumph. These are just the darkest days before the dawn. The change Nigerians voted has indeed begun.”
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
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